Hindalco Industries Share Price Hits One-Month High As Q1 Net Profit Beats Estimates
Hindalco Industries share price advanced 5.68% to Rs 704.50 apiece, the highest level since July 3.
Hindalco Industries Ltd. hit the highest level in one month as the company reported less-than-expected decline in the net profit for the April–June period. Its consolidated net profit declined 24.2% on sequential basis to Rs 4,004 crore against the Bloomberg estimate of Rs 3,805.90 crore.
Hindalco Industries has also beat revenue estimates by reporting Rs 64,232 crore revenue for the first quarter against an estimate of Rs 59,806.50 crore.
Hindalco Q1 Highlights (Cons, QoQ)
Revenue down 1% to Rs 64,232 crore versus 64,890 crore (Bloomberg estimate: Rs 59,806.50 crore)
Ebitda down 10.5% to Rs 7,906 crore versus Rs 8,836 crore
Margin at 12.3% versus 13.6%
Net profit down 24.2% to Rs 4,004 crore versus Rs 5,283 crore. (Bloomberg estimate: Rs 3,805.90 crore)
Hindalco Industries is the top contributor to the NSE Nifty 50 index. It has reversed losses from the previous session.
Hindalco Industries share price advanced 5.68% to Rs 704.50 apiece, the highest level since July 3. It was trading 5.23% higher at Rs 702.90 apiece as of 11:21 a.m., compared to 0.40% advance in the NSE Nifty 50 index.
The stock advanced 12.19% in 12 months, and 16.45% on year-to-date basis. Total traded volume so far in the day stood at 4.9 times its 30-day average. The relative strength index was at 60.60.
Out of 29 analysts tracking the company, 20 maintain a 'buy' rating, five recommend a 'hold' and four suggest 'sell', according to Bloomberg data.
