Hindalco Q1 FY14 revenue dips at 3%

Hindalco announced its unaudited results for the quarter ended June 30, 2013. Q1 FY14 performance was achieved despite adverse macro-economic headwinds. The average aluminium LME dropped by around 7 per cent from the levels seen in Q1 FY13. This sharp fall was partially cushioned by the depreciating rupee. As in the corresponding quarter of the last year, the copper business carried out a planned shutdown in one of its smelters that resulted in a lower than normal level of production.Lower metal prices led to a 3 per cent drop in sales revenue as compared to Q1 FY13. However, EBITDA for the quarter was better than Q1 FY13 levels. The results for Q1 FY14 include nonrecurring income of Rs.103 crore and a dividend of Rs.100 crore from a subsidiary as compared with Rs. 130 crore received in Q1 FY13. Finance costs were higher on account of higher average borrowing compared with Q1 FY13.

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