Hindalco reports 11% YoY fall in Q2 net profit

Alumunium major Hindalco on Friday posted 10.66 per cent year-on-year drop in September quarter profit at Rs 392.85 crore compared with Rs 439.74 crore profit posted for the corresponding quarter last year.

Total income increased 6 per cent year-on-year to Rs 10,495.44 crore from Rs 9,898.30 crore reported for the year-ago quarter.

Market experts on an average were expecting the company to post a net profit of Rs 526 crore, according to Thomson Reuters Eikon data.

The company’s total expenditure came in at Rs 9,782.32 crore against Rs 9,351.40 crore reported for the same period last year.

Shares of Hindalco wiped off most of the day’s gain after the quarterly earnings. The scrip was trading 0.20 per cent higher at Rs 270.70 at 2.25 am.