In addition, the Board also approved the appointment of Anjani Kumar Agrawal and Sukanya Kripalu as Additional Independent Directors.
The decisions were made at the board meeting, where the company also announced its first-quarter results. Profit was below estimates, hurt by higher expenses linked to disruptions at the Swiss plant of its Novelis unit.
The Aditya Birla Group-owned company’s consolidated net profit rose 25% to Rs 3,074 crore. Novelis, which is on the verge of going public and accounts for over 60% of the company’s total, revenuesuffered a net cash impact of $80 million from the closure of its Switzerland-based plant.
Hindalco’s total expenses rose over 4% to Rs 52,261 crore. However, its bottom line was boosted by strong sales and rising revenues. product prices at Novelis and its second largest businesscopper. During the quarter, global prices of base metals, including aluminum and copper, experienced a strong rebound amid supply Analysts said shortages and rising demand. Hindalco expects strong demand for copper and aluminium in India, its managing director Satish Pai said in a post-earnings call. Pre-tax profit at Novelis rose 21% to Rs 4,170 crore, while overall revenue from operations grew nearly 8% to Rs 57,013 crore. Revenue from its copper business rose 16%.
“I don’t see many issues for the next quarter. Aluminum prices are a bit lower now due to geopolitical concerns, so that’s the only negative I see. Demand seems to be strong and copper should have another good quarter,” Pai said.
The company was trying to find new sources of copper concentrate, but Pai said it would take two years before the supply and demand situation improves.
On Tuesday, Hindalco actions closed down 1.3% at Rs 621.4 on the NSE.
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