Aditya Birla Group’s Hindalco Ltd. on Tuesday reported its financial results for the April to June 2024 period in which its net profit more than doubled year-on-year to ₹1,471 crore, supported by favourable macros, operational efficiencies and lower input costs. The same was ₹600 crore in the year-ago period.

The aluminum and copper manufacturing company’s revenue for the quarter saw a 11% on-year increase to ₹22,155 crore from ₹19,904 crore last year.

Hindalco’s margin and earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 76% on a year-on-year basis. While EBITDA came in at ₹2,749 crore, margin rose to 12.4% from 7.8% in the first quarter of the previous fiscal.

Hindalco’s copper business delivered a new record-breaking performance in Q1, with EBITDA at an all-time high of ₹805 crore, rising 52% on-year, backed by higher average copper prices and robust operations. The figure was also higher than CNBC-TV18’s estimate of ₹615 crore.

The company’s aluminium business EBITDA stood rose 74% to ₹3,603 crore as against CNBC-TV18 poll projection of ₹3,250-3,350 crore.

Novelis also reported a strong first quarter performance with EBITDA per tonne at $525, an increase of 10%, compared to the same quarter last year.

Its consolidated net debt-to-EBITDA stood at 1.24 times as of June 30, 2024, compared to 1.73 times as of June 30, 2023.

“Our strong Q1 results ride on the back of consistent operational excellence and cost optimization which allowed us to leverage the higher average metal prices,” said Satish Pai, Managing Director at Hindalco Industries.

“Looking ahead, the major capital formation phase of the downstream business is near completion, and from here on, we will explore growth opportunities in the upstream business given our strong cash position,” Pai said.

Following the earnings announcement, shares of Hindalco Industries Ltd. were trading a percent lower at ₹623.60 apiece on the NSE. The stock has risen just 2% so far in 2024.