Hindalco Industries Ltd.'s profit declined for the second straight quarter due to a one-time loss, but matched estimates.
Aditya Birla Group's flagship standalone net profit fell 10.5 percent year-on-year to Rs 393 crore. That was below the Rs 495 crore projected by analysts surveyed by Bloomberg. The profit dropped largely because of a one-time loss of Rs 105.5 crore versus a gain of Rs 84.9 crore in the year-ago quarter.
The country's largest aluminum producer's revenue rose 14 percent year-on-year to Rs 10,308 crore. That also missed the Rs 10,700 crore estimate.
During the quarter, aluminum prices on the London Metal Exchange rose 25.6 percent over the year-ago period to $2,102 a tonne.
Hindalco's operating profit increased 20 percent on a yearly basis to Rs 1,390 crore. The operating margin expanded to 13.5 percent from 12.8 percent.
Shares of Hindalco Industries rose as much as 2.6 percent to a record of at Rs 277.7 apiece after the results announcement.
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