Hindalco net profit up 38% at Rs 3,397 cr

Aditya Birla Gr flagship Hindalco reported jump in net on good show by subsidiary,Novelis.

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Aditya Birla Group flagship Hindalco today reported a 38 per cent rise in consolidated net profit in FY’12 at Rs 3,397 crore on good show by subsidiary,Novelis and copper business in India.

“Net profit,attributable to the shareholders,increased to Rs 3,397 crore,up by 38 per cent over FY’11. The increase is primarily attributable to the strong performance at Novelis and copper business in India,” Hindalco said in a statement.

Hindalco had reported Rs 2,456.4 crore net profit in the 2010-11 fiscal.

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Consolidated turnover during 2011-12 rose by 12 per cent over the previous fiscal at Rs 80,821 crore in which Aluminium business contributed Rs 62,119 crore and copper,the rest.

Net sales at Novelis were up by five per cent at USD 11.1 billion compared to USD 10.6 billion reported a year ago. The company attributed the growth mainly to increase in average aluminium prices.

The copper business in India put up a good show during the year mainly due to “higher copper LME and by-product credits” on the back of strong performance of custom smelting operations.

The company’s board has recommended dividend of Rs 1.55 per share aggregating to Rs 344.89 crore,including dividend distribution tax of Rs 48.14 crore for FY’12.

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Shares of Hindalco rose 1.30 per cent to Rs 116.75 apiece on the BSE.

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