Hindalco Arm Novelis Net Income Jumps 4-Fold In Q1

New Delhi: Novelis Inc, an overseas subsidiary of Hindalco Industries reported a four-fold jump in net income at $101 million for the first quarter of FY'18.

The company had posted net income of $24 million in the corresponding period of previous year, Hindalco Industries said in a filing to BSE.

"The year-over-year increase in net income is driven primarily by higher EBITDA and lower interest expense following debt refinancing actions in fiscal 2017," the flat-rolled aluminium products maker said.

Net sales increased by 16 per cent to $2.7 billion for the first quarter of FY'18.

"This was driven by a four per cent increase in total shipments of flat rolled products to 785 kilo tonnes, including a 16 per cent increase in shipments of higher conversion premium automotive products, as well as higher average aluminium prices," the filing said.

Novelis is the leading producer of flat-rolled aluminum products and the world's largest recycler of aluminium.

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