Hindalco Industries Limited
NSE Symbol HINDALCO
HINDALCO has announced its results for FY 2011 and Q4 of FY 2011. The consolidated results for FY 2011 are reviewed below :
Net Sales have gone up to Rs.71800.80 cr – up by 18.56% from FY 2010 and up by 9.76% from FY 2009.
Total Expenditure has gone up to Rs. 66826.19 cr – up by 24.30 Cr from FY 2010 and by a mere 1.74% from FY 2009.
Profit from Operations is Rs.5251.68 cr in FY 2011 against Rs.6962.19 cr in FY 2010 (a decrease of 24.57%) and against a loss of Rs.60.42 cr in FY 2009 (a huge improvement over 2009). FY 2009 expenditure had exceeded the Net sales income for that Year. But, compared to FY 2010, FY 2011 has registered lesser OPT by 25%.
Due to Higher Interest burden in FY 2011, the Profit before tax has come down to Rs.3843.19 cr from Rs.6180.76 cr in FY 2010 (a reduction of 37.82%) – and compared to the loss in FY 2009 of Rs.604.92 cr.
Net Profit therefore stands at Rs.2879.35 cr in FY 2011 – against Rs.4351.85 cr in FY 2010 (a reduction of 33.84%) and against Rs.348.83 cr in FY 2009 (an increase of 725.43%).
This was mainly due to the Tax Expense if Rs.963.84 cr in FY 2011 – against Rs.1828.91 cr in FY 2010 and against a negative expense of Rs.(-)953.75 cr in FY 2009.
Consolidated Net Profit is Rs.2456.37 cr in FY 2011 – against Rs.3925.47 cr in FY 2010 (a decrease of 37.42%) and against Rs.485.31 cr in FY 2009 (an increase of 406.14%). This again is due to the lower Minority interest in FY 11 and negative minority interest in FY 2009.
Basic EPS on a face value of Rs.1 is Rs.12.84 in FY 2011 – against Rs.21.58 in FY 2010 in FY 2010 and a mere Rs.2.85 in FY 2009.
Thus, overall consolidated performance in FY 2011 is much lower than FY 2010, though higher than FY 2009. Higher expenditure and higher interest burden have dented the profitability in FY 2011.
Standalone Results for FY 2011 are as follows:
Net Sales of Rs. 23626.87 Cr for FY 2011 - against Rs. 19408.02 Cr for FY 2010.
Net Profit of Rs. 2136.92 Cr for FY 2011 - against Rs. 1915.63 Cr for FY 2010.
Thus, while the Indian operations are reasonably advancing, the overall picture shows a decline in profits.
Results table :
| FY11CS | |||
| Net Sales | 7180080 | 6,056,255.00 | 6,541,461.00 |
| Other Operating Income | 27707 | 15,956.00 | 21,054.00 |
| Increase in SIT / WIP | -89331 | -170,119.00 | 276,177.00 |
| Raw Materials | 5110307 | 4,144,552.00 | 4,841,944.00 |
| Traded goods | 52232 | 7,380.00 | 11,672.00 |
| Employees Cost | 559328 | 506,501.00 | 495,435.00 |
| Depreciation | 275001 | 278,360.00 | 303,777.00 |
| Other Expenditure | 775082 | 609,318.00 | 639,552.00 |
| Total Expenditure | 6682619 | 5,375,992.00 | 6,568,557.00 |
| Profit from Operations | 525168 | 696,219.00 | -6,042.00 |
| Other Income | 43085 | 32,271.00 | 68,783.00 |
| Profit before I & EI | 568253 | 728,490.00 | 62,741.00 |
| Interest | 183934 | 110,414.00 | 123,233.00 |
| Profit after I BB EI | 384319 | 618,076.00 | -60,492.00 |
| Profit before tax | 384319 | 618,076.00 | -60,492.00 |
| Tax Expense | 96384 | 182,891.00 | -95,375.00 |
| Net Profit | 287935 | 435,185.00 | 34,883.00 |
| Minority Interest | 36587 | 42,370.00 | -17,178.00 |
| Shares of Associates | 5711 | 268 | 3,530.00 |
| Consolidated Net Profit | 245637 | 392,547.00 | 48,531.00 |
| Face Value (in Rs.) | 1 | 1 | 1 |
| Paid-up Equity | 19146 | 19,137.00 | 17,005.00 |
| Reserves | 2882429 | 2,134,620.00 | - |
| Basic EPS | 12.84 | 21.58 | 2.85 |
QUARTERLY Results
(NON-CONSOLIDATED)
Net Sales has gone up in Q4 FY 11 to Rs.6760.75 cr – an increase of 14.24% over Q3 FY 11(Previous qtr) and 26.17% over Q4 FY 10 (Corresponding qtr).
Total Expenditure has increased to Rs.6107.88 Cr – up by 13% from Q3 FY 11 and by 28.93% from Q4 FY 10.
Profit from Operations has gone up to Rs.738.53 cr – up by 29.69% from Q3 FY 11; and by 10.73% from Q4 FY 10.
Profit before tax has gone up to Rs.787.25 cr – up by 36.09% from Q3 FY 11; and up by 16.79% from Q4 FY 10.
Net Profit has gone up to Rs.708.37 Cr – up by 53.88% from Q3 FY 11 and up by 6.7% from Q4 FY 10.
Basic EPS for Q4 FY 11 is Rs. 3.7 on a Face Value of Rs.1 – compared to Rs.2.41 in Q3 FY 11; and Rs.3.47 in Q4 FY 10. Thus the Q4 FY 11 stand alone performance shows improvement, while the consolidated performance for FY 2011 has come down.
QTRLY (SA) REASULTS TABLE :
| QTR Ended | 31-03-11 | 31-12-10 | 31-03-10 |
| Net Sales | 676075 | 591785 | 535846 |
| Other Operating Income | 8566 | 5676 | 4594 |
| Increase in SIT / WIP | -14577 | -41617 | 23799 |
| Raw Materials | 538041 | 476997 | 361628 |
| Traded Goods | 2688 | 18630 | 6 |
| Employees Cost | 28123 | 25143 | 22258 |
| Depreciation | 17597 | 17065 | 16841 |
| Other Expenditure | 38916 | 44296 | 49212 |
| Total Expenditure | 610788 | 540514 | 473744 |
| Profit from Operations | 73853 | 56947 | 66696 |
| Other Income | 10512 | 6061 | 7766 |
| Interest | 5640 | 5160 | 7054 |
| Profit before tax | 78725 | 57848 | 67408 |
| Tax expense | 7888 | 11814 | 1016 |
| Net Profit | 70837 | 46034 | 66392 |
| Face Value (In Rs | 1 | 1 | 1 |
| Paid Up Equity | 19146 | 19146 | 19137 |
| Basic EPS | 3.7 | 2.41 | 3.47 |
| Public holding (%) | 0 | 0 | 59.29 |
ANNOUNCEMENTS TO NSE
31-05-2011 the dividend on the equity shares will be paid/ dispatched to the Company's Equity Shareholders on September 28, 2011 and the warrants will be made encashable at par in accordance of arrangement made by the Company with the Bankers as per guidelines of Reserve Bank of India.
30-05-2011 Press Release titled "Hindalco Reports Robust FY 2011 Results".
30-05-2011 Hindalco Industries have recommended dividend of Rs.1.50 per share aggregatting to Rs.287.16 crore. Together with the Corporate Dividend Tax of Rs.46.59 crore, the total payout works out to Rs.333.75 crore.
30-05-2011 standalone Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 2362687 lacs for year ending on 31-MAR-2011 against Rs. 1940802 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 213692 lacs for the year ending on 31-MAR-2011 against Rs. 191563 lacs for the year ending on 31-MAR-2010.
30-05-2011 consolidated Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 7180080 lacs for year ending on 31-MAR-2011 against Rs. 6056255 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 245637 lacs for the year ending on 31-MAR-2011 against Rs. 392547 lacs for the year ending on 31-MAR-2010.
09-05-2011 standalone Results for the quarter ended on 31-MAR-2011 as follows: Net Sales of Rs. 676075 lacs for quarter ending on 31-MAR-2011 against Rs. 535846 lacs for the quarter ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 70837 lacs for the quarter ending on 31-MAR-2011 against Rs. 66392 lacs for the quarter ending on 31-MAR-2010.
31-03-2011 Hindalco Industries is setting up a Greenfield Aluminium Smelter Project in Madhya Pradesh (Mahan Project) with a capacity of 359000 TPA of aluminium supported by 900 MW captive power plant at a cost (including financing cost) of Rs. 10,500 Crs. The Company has successfully achieved financial closure of the Mahan Project with the signing of Common Rupee Loan Agreement for Rs. 7,875 crores on March 30, 2011. This constitutes the entire debt requirement of the project. The facility has a door to door tenor of 12.75 years. SBI Capital Markets Ltd, Citi Bank N.A., The Royal Bank of Scotland N.V. and Kotak Mahindra Bank Ltd. acted as Mandated Lead Arrangers and 31 bank/ insurance companies participated in the syndication.
23-02-2011 "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."
VARIOUS ONGOING GREENFIELD PROJECTS
Mahan Aluminium, MP
•Strong progress on the ground & over 90% of project cost committed
•Project finance completed (contracted debt Rs 7,875 Cr)
•Forest clearance for coal block awaited & applied for tapering linkage for coal
Expected Completion : First Metal : End 2011
UtkalAlumina, Orissa
•Progressing with ~ 90% of project cost committed
•Project finance completed (debt tied up Rs 4,906 Cr)
Expected Completion : 2012
Aditya Aluminium, Orissa
•Construction commenced till date 84% of project cost committed
•Financing option under evaluation
Expected Completion : Early 2013
Aditya Refinery, Orissa
•Majority land acquired
•DFS underway to estimate latest cost
•Financing options under evaluation
Expected Completion : 2014
Jharkhand Aluminium
•Land acquisition started
•Coal mine allotted jointly to Tata Power & Hindalco
Expected Completion : 2015
HINDALCO says – its foreign operations are also stabilizing and contributing well to the production and profits. The management is confident
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