Hindalco Industries Limited, an Indian aluminum and copper manufacturer, reported that its consolidated net profit dropped sharply by 63% year on year to 13.62 billion rupees in the third quarter of the fiscal year 2023 (October 1 to December 31, 2022). The decline was more than expected, mainly due to higher costs and falling aluminum prices during the period.
Besides, Novelis, a unit of Hindalco in the US, posted decreases in its profit and the aluminum upstream segment.
However, Satish Pai, the Managing Director of Hindalco, expressed his confidence for the fourth quarter result.
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