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Mumbai, July 31 Hindalco Industries, an Aditya Birla Group company, has reported a 31 per cent drop in net profit at Rs 481 crore in the first quarter ended June 30, against Rs 697 crore logged in the same period of last year. Sales were down 16 per cent at Rs 3,899 crore (Rs 4,648 crore) in the quarter under review.

Revenue from aluminium business fell 27 per cent to Rs 1,421 crore (Rs 1,943 crore), while for copper it was down eight per cent at Rs 2,480 crore (Rs 2,707 crore).

The unprecedented 50 per cent fall in prices in the London Metal Exchange dented both the topline and bottomline. However, the impact was partially offset by the weaker rupee, higher volumes and improved product, a company release said on Friday.

The profit before interest and tax from aluminium business dipped 39 per cent to Rs 455 crore (Rs 750 crore), while it more than doubled in the case of copper to Rs 156 crore (Rs 74 crore).

The board of directors has approved a proposal to raise $500 million (Rs 2,400 crore) from the global markets by way of qualified institutional placement (QIP), GDRs (global depository receipts) and such other instruments.

More Stories on : Financial Performance | Aluminium | Hindalco Industries Ltd

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