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Hindalco's nine-month net up 16 pc at Rs 4.24 billion

Hindalco Industries Limited, an Aditya Birla group company and the country's largest aluminium producer, has recorded 16.2 per cent higher net profit of Rs 4.24 billion during the nine-month period ending December 31, 1998 as against Rs 3.65 billion of the corresponding period last year.

The net sales have grown by 21.9 per cent to Rs 12.96 billion during the same period from Rs 10.63 billion of the previous year.

The gross profit went up by 30.1 per cent to Rs 6.28 billion. The depreciation was 54 per cent higher at Rs 890 million and taxation was 91.7 per cent higher at Rs 1.15 billion.

The company expects to reap the numerous benefits of expanding capacities, improved cost competitiveness, higher volumes with a larger share for value-added products within those volumes and an enlarged product mix on improved quality.

Production is gradually stabilising at the company foil plant located at Silvassa. Output during April-December 1998 was 1086 mt and is expected to increase with a larger share of value added converted products.

Construction work on the aluminium alloy wheel plant is progressing as per schedule. The company has retained a reputed international consultant for conducting a techno-economic feasibility study for the company's proposed integrated greenfield project in Orissa of which the report is expected shortly.

A final decision for the project will be taken after detailed analysis of the report and will be entirely influenced by the corporate tenet of enhancement of shareholder value, the company said in a statement.

UNI

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