Hindalco posts Rs451 crore Q3 net profit; to issue 150 million warrants to promoters

Aditya Birla Group flagship Hindalco Industries Ltd has posted a net profit of Rs450.69 crore for fiscal third quarter ended 31 December 2011, against a net profit of Rs460.34 crore in the same quarter of the previous fiscal.

The board of directors, which met to consider the company's financial performance for the quarter, also approved a proposal to issue 150 million warrants to promoters and promoter group companies.

The company, an industry leader in aluminium and copper, said its net sales rose 11 per cent to Rs6,647 crore during the quarter from Rs5,975 crore in the October-December quarter of the previous financial year.

The higher incomes were, however, offset by rising cost of raw materials. 

''The benefits of higher volume and realisation have been negated by the cost surge of over Rs300 crore,'' the company said in a release.

Aluminium business contributed Rs2,236.19 crore to the topline and copper business accounted for the remaining Rs4,418.15 crore, it said.