Novelis, a wholly-owned subsidiary of Hindalco Industries Ltd, on Wednesday posted a 179.3 per cent rise in internet earnings to USD 176 million for the quarter ended March 31, 2021.
The corporate had posted a internet earnings of USD 63 million within the year-ago interval, Hindalco Industries mentioned in a submitting to BSE.
“Novelis Inc, the world chief in aluminum rolling and recycling…reported internet earnings attributable to its frequent shareholder of $176 million within the fourth quarter of fiscal yr 2021, and internet earnings from persevering with operations of $180 million, up 179 % and 186 %, respectively, versus the prior yr,” the submitting mentioned.
The corporate’s internet gross sales throughout the quarter elevated to USD 3,631 million, over USD 2,726 million within the year-ago interval.
Web gross sales elevated 33 per cent over the prior yr to USD 3.6 billion for the fourth quarter of fiscal 2021, primarily pushed by a 21 per cent development in shipments, beneficial product combine and better common aluminum costs, it mentioned.
“Guided by our objective and pushed by the resilience of our folks and the energy of our partnerships, we safely navigated this extraordinary yr to realize excellent outcomes,” Novelis Inc President and CEO Steve Fisher mentioned.
“With the continued profitable integration of Aleris, a various and revolutionary product portfolio, and unmatched geographic footprint, we’ve confirmed our skill to ship sustainable aluminum options to prospects in a means that resulted in report monetary efficiency.
“Wanting ahead we’ll proceed to pursue development alternatives by means of natural funding, whereas working in the direction of making a extra sustainable and round future for our enterprise, business, and society,” Fisher added.
Novelis’ major focus stays the well being and well-being of its staff. The corporate continues to carefully monitor the altering panorama with respect to the COVID-19 pandemic and is taking actions to handle its enterprise and help prospects, it added.
Novelis has bolstered its environmental well being and security protocols to align with steerage from world well being authorities and authorities companies throughout firm operations to assist guarantee the security of its staff, prospects, suppliers, communities and different stakeholders.
Buyer demand has recovered to pre-COVID ranges in most finish markets, and Novelis will proceed to work carefully with prospects to leverage its world manufacturing footprint and modify manufacturing ranges to fulfill their wants, it mentioned.
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