HINDALCO · Metals & Mining
Hindalco Industries Ltd. reported revenue of ₹58,390 cr for October to December 2024, +10.6% on the year and +0.3% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹7,583 cr, a margin of 13.0%, +188 bps on the year and −56 bps on the quarter. Over the last 7 quarters the margin has ranged from 10.4% to 13.5%, averaging 12.0%. Operating costs grew +8.2% against revenue growth of +10.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹3,735 cr, +60.2% on the year and −4.5% on the quarter, with earnings per share of ₹16.62. Profit before other income, one-offs and tax grew 58.4%, so the profit growth came from the business itself. The tax rate of 29% is in line with its recent average.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹61.81 over the last four quarters, the stock at ₹902.70 trades at 14.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹52,808 cr | ₹55,994 cr | ₹57,013 cr | ₹58,203 cr | ₹58,390 cr | ₹64,890 cr | ₹64,232 cr | ₹66,058 cr | ₹66,521 cr | ₹78,133 cr | ₹84,825 cr | ₹91,708 cr |
| YoY | — | — | +8% | +7% | +11% | +16% | +13% | +13% | +14% | +20% | +32% | +39% |
| EBITDA margin | 11.1% | 11.9% | 13.2% | 13.5% | 13.0% | 13.6% | 12.3% | 13.6% | 12.0% | 12.8% | 16.4% | 14.0% |
| Other income, % of PBT | 8% | 9% | 2% | 10% | 9% | 11% | 11% | 11% | −73% | −91% | 11% | 9% |
| Exceptional items | — | — | — | — | — | — | — | −₹182 cr | — | — | −₹2,299 cr | ₹284 cr |
| Tax rate | 30% | 23% | 37% | 31% | 29% | 19% | 29% | 28% | 28% | 25% | 25% | 29% |
| Net profit | ₹2,331 cr | ₹3,174 cr | ₹3,074 cr | ₹3,909 cr | ₹3,735 cr | ₹5,284 cr | ₹4,004 cr | ₹4,741 cr | ₹2,049 cr | ₹2,597 cr | ₹7,013 cr | ₹7,533 cr |
| YoY | — | — | +25% | +78% | +60% | +66% | +30% | +21% | −45% | −51% | +75% | +59% |
| Core profit YoY | — | — | +62% | +86% | +58% | +55% | +7% | +18% | +1% | +13% | +110% | +56% |
| EPS | ₹10.37 | ₹14.12 | ₹13.68 | ₹17.39 | ₹16.62 | ₹23.51 | ₹17.82 | ₹21.35 | ₹9.12 | ₹11.56 | ₹31.58 | ₹33.93 |
| Flags | · | · | ✓ | ✓ | ✓ | 1 | 1 | ✓ | ✓ | ✓ | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Hindalco Industries Ltd. reported revenue of ₹58,390 cr (+10.6% on the year) and net profit of ₹3,735 cr (+60.2% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +58.4% on the year, against +60.2% for reported profit.
None of the 7 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.