The company`s net sales and operating revenue increased by 12 per cent at Rs 5,975 crore in Q3 FY 11 driven by better geographic mix and improved realisation, despite lower metal volumes, the company said in a press release here.
Metal volumes were impacted due to power outage at the Hirakud smelter and cooling tower outage at Dahej smelter, which in turn affected production, the release said.
The company`s EBITDA was maintained despite lower metal volume, with improved efficiencies and planned cost saving initiatives. The company benefited from higher prices in its aluminium business and better by-product realisation in copper business, it said.
The quarterly EBITDA had been impacted by Rs 200-crore of which Rs 100 crore was related to Hirakud and Dahej outages and the remaining due to higher carbon and energy cost along with lower treating and refining charges compared to Q3 FY10.
The company`s aluminium revenue grew five per cent from Rs 1,884 crore in Q3FY 10 to Rs 1,977 crore in Q3 FY 11.
Strong upward aluminium prices on the LME, coupled with an improved geographic-mix were the growth drivers for the aluminium business, it said.
In the copper business, revenues rose by 17 per cent to Rs 4,000 crore from Rs 3432 crore in Q3 FY10 mainly on account of higher copper prices.
Commenting on the outlook, the company said, the upward trends in the commodity prices and also demand in the key markets in which the company operates are encouraging.
However, higher input costs, especially the cost of coal is a concern. With aggressive cost containment, enhanced productivity, higher share of value added products and strong fundamentals, the outlook remains positive in both short term and long term, it said.
Novelis Inc, the company`s wholly-owned subsidiary and a global leader in aluminium rolled products and beverage can recycling has completed refinancing transactions to recapitalise its balance sheet.
The refinancing will provide, Hindalco and Novelis with increased flexibility to address growth opportunities to further strengthen their global footprint.