India's largest aluminium producer Hindalco Industries said its net profit grew by 8 per cent to Rs 460 crore for the quarter ended December 31,2010,as it earned better margins from higher prices of the metal. The company had posted a net profit of Rs 427 crore during the corresponding quarter of the last fiscal,it said in a statement. Net sales of the company were up by 12 per cent at Rs 5,975 crore during the quarter compared to Rs 5,314 crore,reported in Q3 of 2009-10. An industry leader in aluminium and copper,lost Rs 200 crore during the quarter as two of its aluminium smelters were shut down due to heavy rains for six months (from July to December,2010). "In both the cases,necessary steps for insurance claims have been initiated under the company's comprehensive insurance policy,covering property damage and business interruptions," the statement added. The statement further said that revenues from copper were higher,but rising input costs and lower processing charges impacted the profits. Cathode output fell 10 per cent during the quarter due to the breakdown of a cooling tower,it added. Similarly,its total alumina production was six per cent lower during the quarter on back of scheduled maintenance shutdown at its Renukoot plant. Hindalco also re-financed USD 1.7 billion loan,which was borrowed to buy American aluminum can maker Novelis Inc,the statement added.
