HINDALCO · Metals & Mining
Hindalco Industries Ltd. reported revenue of ₹64,890 cr for January to March 2025, +15.9% on the year and +11.1% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹2.38 lakh cr, +10.4% on the four before.
Operating profit (EBITDA) was ₹8,836 cr, a margin of 13.6%, +169 bps on the year and +63 bps on the quarter. It is the widest margin of the last 8 quarters (range 10.4% to 13.6%). Operating costs grew +13.7% against revenue growth of +15.9%, so more of each rupee of sales reached operating profit.
Net profit was ₹5,284 cr, +66.5% on the year and +41.5% on the quarter, with earnings per share of ₹23.51. Profit before other income, one-offs and tax grew 54.8%, so 12 points of the headline growth came from outside the core business. The tax rate was 19% against an average of 30% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹16,002 cr, +57.6% on the four before.
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 ₹71.20 over the last four quarters, the stock at ₹902.70 trades at 12.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 19.0% against 30.0% over the previous quarters, worth about ₹721 cr of profit.
Source: Quarterly statements
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹64,890 cr (+15.9% on the year) and net profit of ₹5,284 cr (+66.5% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +54.8% on the year, against +66.5% for reported profit.
1 check raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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