Online edition of India's National Newspaper
Thursday, Oct 19, 2006
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Online edition of India's National Newspaper Thursday, Oct 19, 2006 ePaper |
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Business
Staff Correspondent
MUMBAI: Driven by strong aluminium and copper prices, Hindalco, the flagship of the Aditya Birla Group, has announced a 90 per cent growth in net profit for the quarter ended September 2006 at Rs. 597.60 crore (Rs. 313.80 crore). Net sales were higher by 74 per cent at Rs. 4,634.2 crore (Rs. 2,659.3 crore) and other income rose to Rs. 110.80 crore (Rs. 92.80 crore). Earnings before interest, depreciation and tax were up 89 per cent at Rs. 1,097.20 crore (Rs. 580.60 crore). Revenues from the aluminium business rose 31 per cent to Rs. 1,852 crore (Rs. 1,412.60 crore) while that from the copper business by 123 per cent to Rs. 2,782.50 crore.
Brownfield expansion
The company's brownfield expansion from 1.10 lakh tonnes annually to 4.50 lakh tonnes at Muri alumina refinery is in its final stages of completion and is expected to be commissioned by the first quarter of next fiscal. The commissioning of Phase-I (65,000 tpa to one lakh tpa) of the expansion of aluminium capacity at Hirakud has begun and a total of 150 pots will be commissioned by the year-end. The second phase to raise capacity from one lakh tpa to 1.43 lakh tpa is on schedule. The expansion of alumina refining capacity in Belgaum from 3.50 lakh tpa to 6.50 lakh tpa is awaiting the allotment of leases for bauxite mining. Work on the 1.5 million tpa greenfiled alumina refinery in Orissa is on track while the greenfield 1.5 million tpa alumina refining and 3.25 lakh tpa aluminium smelting project in Orissa are on course.The bauxite mining plan has been approved and land acquisition and relocation packages are progressing. Hindalco has signed an MoU with the Madhya Pradesh Government for a 3.25 lakh tpa aluminium smelter and a 750 MW power plant at Bargawan.
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