Hindalco onboards Ananya Birla, Aryaman Birla as additional non-executive Directors

The Board of Hindalco Industries approved the appointment of Ananya Birla and Aryaman Vikram Birla as Additional Non-Executive Directors of the company.

Further, the Board has also given nod to the appointment of Anjani Kumar Agrawal and Sukanya Kripalu as Additional Independent Directors.


The decisions were taken at the Board meeting, where the company also announced its first quarter results. The profit was below below estimates, hurt by a jump in expenses tied to disruptions at its Novelis unit's Switzerland plant.

Consolidated net profit for the Aditya Birla Group-owned company surged 25% to Rs 3074 crore. IPO-bound Novelis, which accounts for more than 60% of the firm's overall revenue, incurred a net cash impact of $80 million from the shutdown of its Switzerland-based plant.

Hindalco's total expenses grew over 4% to Rs 52261 crore. However, its bottom line still got a boost from strong sales and higher product prices at Novelis and its second-biggest business, copper.

During the quarter, global prices of base metals including aluminium and copper saw a sharp uptick amid supply shortages and rising demand, analysts said.

Hindalco expects strong demand for copper and aluminium in India, its managing director Satish Pai said in a post-earnings call.

Pre-tax profit at Novelis jumped 21% to Rs 4170 crore, while overall revenue from operations grew nearly 8% to Rs 57013 crore rupees. Revenue from its copper business jumped 16%.

"Next quarter, I don't see many issues. The aluminium prices are now running a little bit lower due to geopolitical concerns so really that's the only negative I see. The demand seems to be strong, copper should have another good quarter," Pai said.

The company was trying to find new sources for copper concentrate, but Pai said it would take two years before the supply-demand situation eases.

On Tuesday, Hindalco shares settled 1.3% lower at Rs 621.4 on NSE.