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Bloomberg
Indian billionaire Kumar Mangalam Birla’s Hindalco Industries Ltd. reported a jump in quarterly profit driven by higher revenue at its aluminum operations even as it flagged risks from higher raw-material costs and rising imports.
Net income, including that of its Utkal Alumina unit, rose to 7.3 billion rupees ($100 million) in the three months through September from 4.7 billion rupees a year earlier, the Mumbai-based company said.
Hindalco’s US unit Novelis Inc. reported a drop in second-quarter earnings from a year earlier, when the company benefited from a one-time gain due to a stake sale in Ulsan Aluminum. Through Novelis, Hindalco has been aggressively expanding its presence globally this year. It agreed to buy US-based Aleris Corp. for about $2.6 billion after announcing a $300 million investment in an automotive finishing plant in Kentucky. It has also pledged investments of $180 million in China and 200 million euros in Europe. The company said it secured commitment from banks for financing the Aleris acquisition and that it has broken ground for a new automotive finishing line in Changzhou, China.