Published on 2/11/2018 2:17:23 PM | Source: Reuters

Hindalco second-quarter profit dives 21 percent, but beats estimate

Aluminium producer Hindalco Industries Ltd posted a 21.4 pct decline in Sept-quarter net profit on Friday, dragged down by rising input costs, but marginally beat estimate.

Standalone profit after tax came in at 3.09 billion rupees ($42.50 million) in the second quarter, compared with 3.93 billion rupees a year earlier, Hindalco said.

Eleven analysts on an average had expected the Mumbai-based company to report a profit of 3.07 billion rupees, according to Refinitiv data.

Revenue from operations for the company, which also manufactures copper products and fertilisers, rose about 5 percent to 108.33 billion rupees.

($1 = 72.6975 Indian rupees)

(Reporting by Mekhla Raina in Bengaluru, Editing by Sherry Jacob-Phillips)