Novelis posts 180% rise in net profit to $176 million for March quarter

Novelis, a wholly-owned subsidiary of Hindalco Industries Ltd, on Wednesday posted a 179.3 per cent rise in net income to USD 176 million for the quarter ended March 31, 2021.

The company had posted a net income of USD 63 million in the year-ago period, Hindalco Industries said in a filing to BSE.

"Novelis Inc, the world leader in aluminum rolling and recycling...reported net income attributable to its common shareholder of $176 million in the fourth quarter of fiscal year 2021, and net income from continuing operations of $180 million, up 179 percent and 186 percent, respectively, versus the prior year," the filing said.

The company's net sales during the quarter increased to USD 3,631 million, over USD 2,726 million in the year-ago period.

Net sales increased 33 per cent over the prior year to USD 3.6 billion for the fourth quarter of fiscal 2021, primarily driven by a 21 per cent growth in shipments, favourable product mix and higher average aluminum prices, it said.

"Guided by our purpose and driven by the resilience of our people and the strength of our partnerships, we safely navigated this extraordinary year to achieve outstanding results," Novelis Inc President and CEO Steve Fisher said.

"With the ongoing successful integration of Aleris, a diverse and innovative product portfolio, and unmatched geographic footprint, we have proven our ability to deliver sustainable aluminum solutions to customers in a way that resulted in record financial performance.

"Looking forward we will continue to pursue growth opportunities through organic investment, while working towards creating a more sustainable and circular future for our business, industry, and society," Fisher added.

Novelis' primary focus remains the health and well-being of its employees. The company continues to closely monitor the changing landscape with respect to the COVID-19 pandemic and is taking actions to manage its business and support customers, it added.

Novelis has bolstered its environmental health and safety protocols to align with guidance from global health authorities and government agencies across company operations to help ensure the safety of its employees, customers, suppliers, communities and other stakeholders.

Customer demand has recovered to pre-COVID levels in most end markets, and Novelis will continue to work closely with customers to leverage its global manufacturing footprint and adjust production levels to meet their needs, it said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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