Hindalco Industries Ltd
NSE Symbol HINDALCO
The Q3 FY 2011 results of HINDALCO (STAND ALONE) are analyzed below :
Net Sales are Rs.5917.85 cr – up by 1.98% from previous qtr(Q2 FY 11) and by 11.95% from corresponding qtr of previous year(Q3 FY 10).
Total Expenditure is Rs.5405.14 cr – up by 1.35% from Q2 FY 11 and by 14.15% from Q3 FY 10.
Profit from Operations is Rs.569.47 cr – up by 8.15% from Q2 FY 11 and down by 1.81% from Q3 FY 10.
Net Profit is Rs.460.34 cr – up by 6.12% from Q2 FY 11 and up by 7.78% from Q3 FY 10.
On a Face Value of Rs.1, the Basic EPS is Rs.2.41 – compared to Rs.2.27 in Q2 FY 11; Rs.2.79 in Q1 FY 11; and Rs.2.41 in Q3 FY 10.
Thus, the Q3 FY 11 results are more or less on same level as earlier.
STAND ALONE RESULTS TABLE :
| HINDALCO | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | 31-Dec-09 |
| Net Sales | 591785 | 580276 | 514551 | 535846 | 528610 |
| Net Sales | 591785 | 1.98 | 15.01 | 10.44 | 11.95 |
| Other Opertng Income | 5676 | 5718 | 3274 | 4594 | 2918 |
| Incr./decre. in SIT / WIP | -41617 | -2693 | 19420 | 23799 | 9359 |
| Raw Materials | 476997 | 426402 | 333802 | 361628 | 387931 |
| Traded Goods | 18630 | 21006 | 9898 | 6 | - |
| Employees Cost | 25143 | 28427 | 22786 | 22258 | 21995 |
| Depreciation | 17065 | 17177 | 16909 | 16841 | 16761 |
| Other Expenditure | 44296 | 43017 | 48673 | 49212 | 37484 |
| Total Expenditure | 540514 | 533336 | 451488 | 473744 | 473530 |
| Total Expenditure | 540514 | 1.35 | 19.72 | 14.09 | 14.15 |
| Profit from Operations | 56947 | 52658 | 66337 | 66696 | 57998 |
| Profit from Operations | 56947 | 8.15 | -14.15 | -14.62 | -1.81 |
| Other Income5 | 6061 | 8210 | 6892 | 7766 | 4958 |
| Interest6 | 5160 | 5263 | 5933 | 7054 | 7294 |
| Profit before tax | 57848 | 55605 | 67296 | 67408 | 55662 |
| Tax expense | 11814 | 12224 | 13856 | 1016 | 12952 |
| Net Profit | 46034 | 43381 | 53440 | 66392 | 42710 |
| Net Profit | 46034 | 6.12 | -13.86 | -30.66 | 7.78 |
| Face Value (In Rs | 1 | 1 | 1 | 1 | 1 |
| Paid Up Equity | 19146 | 19137 | 19137 | 19137 | 19136 |
| Basic EPS | 2.41 | 2.27 | 2.79 | 3.47 | 2.41 |
| Diluted EPS | 2.4 | 2.27 | 2.79 | 3.47 | 2.41 |
| Public holding (%) | 0 | 59.45 | 59.46 | 59.29 | 59.29 |
Highlights
Net profit up 8%(YoY) and 6% (QoQ) amidst cost pressures and certain operational setbacks
Hirakud operations had lingering effect of July fire, almost stabilized by January
Cooling tower problem in Cu-III; operations re-started in just 17 days
Highest ever alumina production at Muri
Improved financial strength to maintain growth momentum
HINDALCO
Confluence of one-off disturbances
Hirakud
• July fire incident continued to affect production
• Q3 output higher by 11kt vs. Q2, but 9 kt lower on YOY basis
Operations normalized now and Q4 volumes expected to reach pre-accident level
Dahej
• Breakdown of cooling tower of SAP-3
• Cathode production down by about 10 kt in Q3
Innovatively resumed production within 17 days
Downstream Plants
•Metal movement affected by lower availability from H’kud plants
Downstream operations almost back to normal now
Concerns –
High inflation with possible effect on consumption
Hardening of interest rates
Delays in project approvals
All energy prices up sharply
International coal > 20%
CP coke > 45%
Furnace oil, natural gas > 15%
Greenfield Projects Update
Mahan Aluminium, MP :
Major approvals in place, Major orders placed, 17000 people at site, contractors mobilized fully, 90% of project cost committed, syndication for rupee term loan launched; Expected date of completion :October 2011.
Utkal Alumina, Orissa
>7,000 people at site, erection of major equipments started; 87% of project cost committed; Financial closure achieved, Rs. 1,500 Cr. Drawn; Expected date of completion : Early 2012;
Aditya Aluminium, Orissa
All approvals in place, Orders placed, Site activities in progress, 77% project cost committed. Around 3,000 people working at site; Expected date of completion :End 2012;
Aditya Refinery, Orissa
Majority land acquired, water drawl agreement in place, Construction power line energized, Railway siding clearance obtained; expected completion by End 2014
Jharkhand Aluminium
Land acquisition started, DFR ready, process begun for clearances ; Expected completion Date : Mid 2015.
Hirakud Canstock Plant :
Progressing well Around 1 800 people working on site; Expected completion Date : Oct 2011
ANNOUNCEMENTS
TO THE NSE
23-02-2011 Hindalco Industries Limited has informed the Exchange vide its letter dated February 23, 2011 that "Due to protracted acts of indiscipline by workmen at our Alupuram Plant, the Company was forced to declare a lock - out there. We do not expect any adverse impact on the company's financials due to the aforesaid lock - out." -
12-02-2011 Hindalco Industries Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 591785 lacs for quarter ending on 31-DEC-2010 against Rs. 528610 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 46034 lacs for the quarter ending on 31-DEC-2010 against Rs. 42710 lacs for the quarter ending on 31-DEC-2009.
13-12-2010 Hindalco Industries Limited has informed the Exchange vide its letter dated December 13 ,2010 regarding a press release titled "Novelis Inc. Announces Pricing of $2.5 Billion Senior Unsecured Notes".
09-11-2010 Hindalco Industries Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-SEP-2010 as follows: Net Sales of Rs. 580276 lacs for quarter ending on 30-SEP-2010 against Rs. 489256 lacs for the quarter ending on 30-SEP-2009. Net Profit / (Loss) of Rs. 43381 lacs for the quarter ending on 30-SEP-2010 against Rs. 34405 lacs for the quarter ending on 30-SEP-2009. -
08-11-2010 Hindalco Industries Limited has informed the Exchange that due to breakdown of cooling tower of Sulfuric Acid Plant-3 of the Copper Plant located at Dahej, Gujarat, there is a disruption of production in Smelter-3. The repair of the cooling tower is expected to be completed within a couple of weeks and after which normal production from Smelter-3 is expected to commence. This may cause loss of cathode production of around 8000MT.The Company has adequate insurance policy covering the loss due to such breakdown and loss of profit.
03-08-2010 Hindalco Industries Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 517825 lacs for quarter ending on 30-JUN-2010 against Rs. 387090 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 53440 lacs for the quarter ending on 30-JUN-2010 against Rs. 48056 lacs for the quarter ending on 30-JUN-2009.
03-08-2010 Hindalco Industries Limited has informed the Exchange vide its letter dated August 03, 2010 regarding "Utkal Alumina International Limited financing".
20-07-2010 Hindalco Industries Limited has informed the Exchange vide its letter dated July 20, 2010 that heavy rains and continuous bad weather including lightning have affected the operations of the Hirakud Aluminium Smelter of the Company.
04-06-2010 Hindalco Industries Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 6056255 lacs for year ending on 31-MAR-2010 against Rs. 6541461 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 392547 lacs for the year ending on 31-MAR-2010 against Rs. 48531 lacs for the year ending on 31-MAR-2009. -
04-06-2010 Hindalco Industries Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 1940802 lacs for year ending on 31-MAR-2010 against Rs. 1805297 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 191563 lacs for the year ending on 31-MAR-2010 against Rs. 223027 lacs for the year ending on 31-MAR-2009.
04-06-2010 Hindalco Industries Limited has informed the Exchange that at the Meeting of the Board of Directors of the Company held on June 4, 2010 have recommended the payment of Dividend on Equity Shares of the Company for the Financial Year commencing on April 1, 2009 up to March 31, 2010 to Equity Shareholders @ Rs. 1.35 per Equity Share of the face value of Re. 1/- each i.e. 135% per share.
11-05-2010 Hindalco Industries Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 535846 lacs for quarter ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 66392 lacs for the quarter ending on 31-MAR-2010.
03-03-2010 Hindalco Industries Ltd. has informed the Exchange that "Due to labour problems in our Mouda unit, the management has suspended operations of the Unit with immediate effect. This will not effect servicing the market since the Unit was delivering low production since few months".
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