AI assistant
Hindalco Industries Ltd. Interim / Quarterly Report 2022
59187_rns_2021-11-12_f71d9392-0f89-4a8d-885a-62a7c3b059c5.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
12th November, 2021
| BSE Limited | National Stock Exchange of India Limited |
|---|---|
| Phiroze Jeejeebhoy Towers | Exchange Plaza, 5th Floor |
| Dalal Street | Plot No. C/1, G Block |
| Mumbai: 400 001 | Bandra Kurla Complex |
| Scrip Code: 500440 | Bandra (East) |
| Mumbai –400 051 | |
| Scrip Code: HINDALCO | |
| Mr. Daniel Schammo | |
| Banque Internationale A | |
| Luxembourg | |
| Societe Anonyme | |
| 69, Route d'Esch | |
| L-2953 Luxembourg | |
| Fax No. 00 352 4590 2010 | |
| Tel. No. 00 352 4590-1 |
Dear Sir,
Sub: Outcome of Board Meeting of Hindalco Industries Limited ('the Company") held on 12th November, 2021
Re: Regulation 33 & 30 of the Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations)
This is to inform that the Board of Directors of the Company at their meeting held today i.e on 12th November, 2021 approved the following:
i. Unaudited Standalone and Consolidated Financial Results for the Quarter and six months ended 30th September, 2021.
The meeting commenced at 12:15 p.m and concluded at 14:15 p.m (IST)
Hindalco Industries Limited
6th & 7th Floor, Birla Centurion, Pandurang Budhkar Marg, Worli, Mumbai – 400030, India T:+91 22 66626666/62610555 | F:+912262610400/62610500 | W: www.hindalco.com Registered Office : Ahura Centre, 1st Floor, B wing, Mahakali Caves Road, Andheri (East), Mumbai – 400093, India Corporate ID No: L27020MH1958PLC011238
Pursuant to Regulation 33 of Listing Regulations, enclosed are the following documents :
-
- Press Release
-
- Investor Presentation
-
- Unaudited standalone and Consolidated Financial Results for the quarter and six months ended 30th September, 2021 and Limited Review Report
The same is also available on our website www.hindalco.com.
Further, the Trading Window for dealing in securities shall remain closed until 48 hours from this announcement. The same has been duly communicated to all the Designated Persons.
Thanking you,
Yours faithfully,
For Hindalco Industries Limited
Anil Malik President & Company Secretary
Encl: As above
Hindalco Industries Limited
6th & 7th Floor, Birla Centurion, Pandurang Budhkar Marg, Worli, Mumbai – 400030, India T:+91 22 66626666/62610555 | F:+912262610400/62610500 | W: www.hindalco.com Registered Office : Ahura Centre, 1st Floor, B wing, Mahakali Caves Road, Andheri (East), Mumbai – 400093, India Corporate ID No: L27020MH1958PLC011238
Media Release
Hindalco Reports Consolidated Q2 FY22 Results
Integrated portfolio strategy supported by stable operations and strong macros delivers another record-breaking performance
Net Profit at all-time high of ₹3,417 crore, up 8.8x
Key Highlights of Q2 FY22
- All-time high Consolidated EBITDA at ₹8,048 crore, up 56% YoY and 19% QoQ
- All-time high Consolidated PAT at ₹3,417 crore, up 783% YoY and 23% QoQ
- Novelis quarterly Adjusted EBITDA at $553* million, up 22% YoY
- Novelis quarterly Adjusted EBITDA per ton at $571*, up 16% YoY
- Novelis Net Income from continuing operations at $239* million, up 66% YoY
- All-time high quarterly India Business EBITDA at ₹3,715 crore, up 152% YoY; 48% increase QoQ
- All-time high quarterly Aluminium India EBITDA at ₹3,247 crore, up 173% YoY and 38% QoQ; EBITDA margins of 42%, highest in more than a decade
- All-time high quarterly India Business PAT at ₹1,815 crore, up 455% YoY; 75% increase sequentially
- Consolidated Net Debt to EBITDA improved further to 1.93x as of September 30, 2021 vs 2.59x as of March 31, 2021
- Hindalco to acquire Polycab's 100% equity stake in Ryker Base Pvt Ltd. to increase its Copper value-added portfolio
*As per US GAAP
MUMBAI, November 12, 2021
Hindalco Industries Limited, the Aditya Birla Group metals flagship, reported its highest net profit in Q2 FY22, surpassing all previous quarterly performances. The Company's consolidated PAT surged 783% to ₹3,417 crore, a multifold rise of nearly nine times YoY.
The results were driven by an exceptional performance by Novelis and India Business, supported by favorable macros, strategic product mix, higher volumes, and stability in operations. Novelis continued to report a high quarterly EBITDA, as a result of an upswing in demand for innovative and sustainable aluminium products, high recycled contents and an outstanding operational performance despite challenges in the automotive segment due to the global semiconductor chip shortage impacting the automotive industry.
| Particulars | Q2 FY21 | Q1 FY22 | Q2 FY22 | H1FY21 | H1 FY22 |
|---|---|---|---|---|---|
| Revenue from Operations | 31,237 | 41,358 | 47,665 | 56,520 | 89,023 |
| Earning Before Interest, Tax, Depreciation & Amortisation (EBITDA) | |||||
| Novelis* | 3,392 | 4,090 | 4,100 | 5,311 | 8,190 |
| Aluminium | 1,188 | 2,352 | 3,247 | 2,161 | 5,599 |
| Copper | 242 | 261 | 352 | 307 | 613 |
| All Other Segments | 6 | (6) | 3 | 7 | (3) |
| Business Segment EBITDA | 4,828 | 6,697 | 7,702 | 7,786 | 14,399 |
| Unallocable Income/ (Expense) - (Net) & GAAP Adjustments | 343 | 9 3 | 346 | (256) | 439 |
| EBITDA | 5,171 | 6,790 | 8,048 | 7,530 | 14,838 |
| Finance Costs | 982 | 820 | 1,291 | 1,974 | 2,111 |
| PBDT | 4,189 | 5,970 | 6,757 | 5,556 | 12,727 |
| Depreciation & Amortisation (including impairment) | 1,838 | 1,649 | 1,735 | 3,389 | 3,384 |
| Share in Profit/ (Loss) in Equity Accounted Investments (Net of Tax) | - | 2 | - | 3 | 2 |
| Profit before Exceptional Items and Tax | 2,351 | 4,323 | 5,022 | 2,170 | 9,345 |
| Exceptional Income/ (Expenses) (Net)# | 7 1 | 230 | 2 0 | (348) | 250 |
| Profit Before Tax (After Exceptional Item) | 2,422 | 4,553 | 5,042 | 1,822 | 9,595 |
| Tax | 637 | 1,299 | 1,615 | 606 | 2,914 |
| Profit/ (Loss) from Continuing Operations | 1,785 | 3,254 | 3,427 | 1,216 | 6,681 |
| Profit/ (Loss) from Discontinued Operations | (1,398) | (467) | (10) | (1,538) | (477) |
| Profit/ (Loss) After Tax | 387 | 2,787 | 3,417 | (322) | 6,204 |
| EPS (₹/Share) | 1.7 | 12.5 | 15.4 | (1.4) | 27.9 |
| *As per US GAAP ;# Exceptional Income / (Expenses) for Q1FY22, exclude ₹346 crore (net of litigation cost of ₹9 crore) which represents the principal portion on PIS and COFINS related tax credit income as it isincluded in the Novelis segment result.Commenting on the results, Mr. Satish Pai, Managing Director, Hindalco Industries, said: | |||||
| "Our record-breaking performance this quarter is an affirmation of our fully integrated businessmodel,whichpowersourperformanceinHindalco reported standout performances across all business segments: Indian AluminiumBusiness set a near global industry record by achieving EBITDA margin of 42%. Copper Businessdelivered the highest-ever quarterly sales in Q2, with both smelters running optimally to meet therobust market demand. Novelis once again achieved a record EBITDA per ton driven by highervolumes and favourable metal prices.Our product-rich portfolio strategy continues to deliver results across diverse market scenarios. Itencourages us to keep building the downstream asset base and expand our market footprint. Therecent Ryker copper rod unit acquisition is in keeping with our downstream capex plans announcedearlier this year. We also continue to push our ESG agenda and goals to meet our sustainabilityvision on net neutrality, water positivity, zero discharge and more." | both | upstream | and | downstream | markets. |
Table: Consolidated Financial Highlights for the Quarter ended September 30, 2021 (₹ Crore)
Commenting on the results, Mr. Satish Pai, Managing Director, Hindalco Industries, said:
Business Segment Performance in Q2 FY22 (vs Q2 FY21)
Novelis
Novelis recorded quarterly adjusted EBITDA of $553 million (vs $455 million), up 22% YoY, on the back of higher volumes, favourable product mix and metal benefits. Novelis achieved an Adjusted EBITDA per ton of $571 in Q2 FY22, compared to $493 in the prior year, an increase of 16% YoY.
Novelis' Net Income (excluding tax-effected special items) was $244 million, up 54% YoY, driven by higher Adjusted EBITDA. Revenue was $4.1 billion (vs $3.0 billion), up 38% YoY, due to higher shipments, global aluminium prices and market premiums. Total shipments of flat rolled products (FRPs) were at 968 Kt (vs 923 Kt), up 5% YoY, with strong demand across end-product markets particularly beverage packaging and specialty products, partially offset by continued headwinds in the automotive industry on account of the semiconductor chip shortage.
Aluminium India
EBITDA was at an all-time high of ₹3,247 crore in Q2 FY22, compared with ₹1,188 crore for Q2 FY21, an increase of 173% YoY, primarily due to favourable macros, improved product mix, higher volumes and better operational efficiencies. EBITDA margins reached more than a decade high of 42% and continue to be among the best in the industry. Revenue was ₹7,812 crore in Q2 FY22 vs ₹4,796 crore in the prior year period. Aluminium India Business recorded metal production of 322 Kt vs 307 Kt in the corresponding quarter. Aluminium metal sales were up 12% YoY at 338 Kt vs 303 Kt in the prior year. Aluminium VAP (excluding wire rods) sales volumes were at 86 Kt (vs 63 Kt), up 36% YoY, driven by a sharp recovery in the domestic market. VAP sales, as a percentage of total metal sales, were 25% this quarter vs 21% in the same quarter last year, in line with market recovery.
Copper
Both smelters ran optimally during the monsoon quarter. Copper Cathode production was at 100 Kt in Q2 FY22 (vs 73 Kt in Q2 FY21), higher by 38% YoY. While overall copper metal sales were at 110 Kt (vs 75 Kt in Q2 FY21), Copper Continuous Cast Rod (CCR) sales in Q2 FY21 were up 10% YoY, at 70 Kt (vs 64 Kt in Q2 FY21), driven by market recovery. EBITDA for the Business stood at ₹352 crore compared to ₹242 crore in Q2 FY21, up 45% YoY on the back of higher volumes, better operational efficiencies and improved by-product realisations. Revenue from the Copper Business was ₹9,587 crore this quarter, up 101% YoY, primarily due to higher global prices of copper.
Consolidated Results
Hindalco reported another record quarterly financial performance in Q2 FY22 with EBITDA at ₹8,048 crore (vs ₹5,171 crore), up 56% YoY. The record results were driven by an outstanding performance by Novelis as well as India business, supported by a sharp recovery in all relevant markets, and improved macros and higher volumes. Consolidated Revenue for the second quarter stood at ₹47,665 crore (vs ₹31,237 crore), up 53% YoY. Consolidated PAT in Q2 FY22 rose to ₹3,417 crore from ₹387 crore in Q2 FY21, a jump of 783% YoY. Consolidated Net Debt to EBITDA ratio improved further to 1.93x on September 30, 2021 compared to 2.59x on March 31, 2021.
Business Updates
- Aleris Integration work continues with nearly $100 million run-rate combination cost synergies achieved through the end of Q2 FY22.
- As part of the integration, the expansion project in Zhenjiang, China, is expected to begin in early 2022 with investments of $375 million over 3 years. This includes a new cold mill, automotive casting house, recycling capabilities, hot mill upgrade, etc.
- The Guthrie, Kentucky automotive finishing plants in the U.S. and in Changzhou, China, have started production taking the total automotive finishing line capacity to over 1 million tons.
- Novelis' expansion of recycling, casting, and rolling facilities in Pinda, Brazil, have started production and are ramping up well.
- Novelis successfully refinanced $1.5 billion unsecured senior notes ($750 million each at a coupon of 3.250% and 3.875%) due in 2026 and 2031, with an annualized interest savings of $35 million.
- Novelis announced $130 million investment for plant upgrades at Oswego US, resulting in additional 124Kt hot mill capacity and enhanced finishing capabilities for automotive sheets.
- 500 Kt expansion project in Utkal Alumina started commercial production in Q2 FY22 and has already achieved rated capacity, taking its total capacity to 2.1 million tons per annum.
- Hindalco signed a definitive agreement with Polycab to acquire its 100% equity stake in Ryker Base Pvt. Ltd. which has a 225Kt cast and rolled copper wire rods manufacturing facility.
About Hindalco Industries Limited
Hindalco Industries Limited is the metals flagship company of the Aditya Birla Group. An $18 billion metals powerhouse, Hindalco is the world's largest aluminium company by revenues, and a major player in copper. It is also one of Asia's largest producers of primary aluminium.
Guided by its purpose of building a greener, stronger, smarter world, Hindalco provides innovative solutions for a sustainable planet. Its wholly-owned subsidiary Novelis Inc. is the world's largest producer of aluminium beverage can stock and the largest recycler of used beverage cans (UBCs).
Hindalco's copper facility in India comprises a world-class copper smelter, downstream facilities, and a captive jetty. The copper smelter is among the world's largest custom smelters at a single location. Hindalco's global footprint spans 48 manufacturing units across 10 countries. Registered Office: Ahura Centre, 1st Floor, B Wing, Mahakali Caves Road Andheri (East), Mumbai 400 093; Website: www.hindalco.com; E mail: [email protected];Corporate Identity No. L27020MH1958PLC011238
Disclaimer: Statements in this "Media Release" describing the company's objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the company's operations include global and Indian demand supply conditions, finished goods prices, feed stock availability and prices, cyclical demand and pricing in the company's principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries within which the company conducts business and other factors such as litigation and labour negotiations. The company assume no responsibility to publicly amend, modify or revise any forwardlooking statement, on the basis of any subsequent development, information or events, or otherwise.
Hindalco Industries Limited
Q2 FY22 Earnings Presentation 12th November, 2021
Certain statements in this report may be "forward looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the company's operations include global and Indian demand supply conditions, finished goods prices, feed stock availability and prices, cyclical demand and pricing in the company's principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries within which the company conducts business and other factors such as litigation and labour negotiations. The company assume no responsibility to publicly amend, modify or revise any forward looking statement, on the basis of any subsequent development, information or events, or otherwise.
Table of Content
-
- Sustainability Updates
-
- Key Highlights Q2 FY22
-
- Economy & Industry Updates Global & Domestic
-
- Business Performance : Operational & Financial Q2 FY22
- Novelis
- Aluminium (India)
- Copper
- Consolidated
- Annexures :
- Consolidated Key Financials
- Hindalco (India) Business Key Financials
- Alumina Production Trend
• Novelis
• Aluminium (India)
• Copper
Sustainability Updates
Hindalco : Focus on Conservation: Waste, Water, Biodiversity
| Environment | Total Bauxite Residue(% Recycled from 3/4 Refineries) | |
|---|---|---|
| Waste Recycling | •84%of waste recycled and reused in H1 FY22•90% of Red Mud from three out of four Alumina Refiners reused majorly inCement Industries in H1 FY22.•Utkal is conducting pilot projects for mine backfilling and roads.•90% of Ash from Power Plants reused in alternate applications in H1 FY22 | 100%90%67%16% |
| ZLD & Water | •rd3Party assurance of 7/23 mine sites for water accounting conductedinlinewith ISO 14046•Water Audit completed at Hirakud; Identified new projects for Water Savingopportunities of ~ 5,000 Kilo Litres/Day•Rain-Water Harvesting projects completed at 3 plant locations in H1FY22•11/15 sites are ZLD; adding one site per year, Committed toZLD at all sites by2025. | FY 19FY 20FY 21FY 22- H1 YTDWater Consumed & Recycled (million m3) |
| Green Cover&Biodiversity | •Biodiversity Management Plan (BMP) completed for 2 plants & 2 mine sites;under preparation for 4 mine sites.•Enhanced the green cover by 236 acres in H1 FY22; cumulative green coveracross all sites is spread over 4,909 acres•Normalized Differential Vegetation Index study completed at Hirakud todetermine green belt health and ensure green cover | ConsumptionRecycled79.778.471.736.418.918.616.07.7FY 19FY 20FY 21FY 22- H1 YTD |
Hindalco : Focus on Renewables & Safety
Business Performance Key Highlights - Q2 FY22
Hindalco Industries Limited
Key Highlights : Q2 FY22
| ▪ | Shipmentsof968Kt(923Kt),up5%YoYdrivenbystrongdemandacrossallbusinesssegments | ||
|---|---|---|---|
| ▪ | AdjustedEBITDAat$553million($455million),up22%YoYonthebackofhighervolumesandfavorablemetalcost | ||
| ▪ | RecordAdjustedEBITDApertonat$571($493/t)up16%YoY | ||
| ▪ | NetIncomefromcontinuingoperationsat$239million(vs$144millioninQ2FY21)up66%,YoY;NetIncome(excludingspecialitems#)at$244million($158million)up54%,YoY | ||
| Novelis* | ▪ | Achievedannualinterestsavingsof$35millionbyrefinancingof5.875%,$1.5billionseniornotesbyissuingthefollowingunsecuredseniornotes: | |
| ◊3.250%,$750millionnotesduein2026 | |||
| ◊3.875%,$750millionnotesduein2031. | |||
| ▪ | Announced$130millioninvestmentforplantupgradesatOswego,US,resultinginadditional124Kthotmillrollingcapacityandenhancefinishingcapabilitiesforautomotivesheets | ||
| ▪ | RecordquarterlyEBITDAat₹3,247crore(₹1,188crore)up173%,onaccountoffavorablemacros,highervolumesandbetteroperationalefficiencies | ||
| ▪ | EBITDAmarginof42%(25%)whichisthehighestoveradecadeandcontinuestobeoneofthebestintheindustry | ||
| Aluminium | ▪ | AluminiumMetalsalesat338Kt(303Kt),up12%YoYinlinewiththemarketrecovery | |
| (India) | ▪ | AluminiumVAP(excludingwirerods)salesat86Kt(63kt)up36%YoY,onaccountofsharprecoveryinthedomesticdemand | |
| ▪ | 500KtUtkalAluminacommercialproductionhasstartedinQ2FY22andalreadyachieveditsratedcapacity |
Note : Numbers in parenthesis() represent Q2 FY21 unless specified *as per the US GAAP #Tax-effected special items include loss on extinguishment of debt, restructuring & impairment and metal price lag, in Novelis
Key Highlights : Q2 FY22 ...Contd.
| Copper | ▪BothSmeltersranoptimallydespiteQ2beingamonsoonquarter▪Cathodeproductionwasat100Kt(73Kt)up38%YoY;CCRodsproductionwasmaintainedYoYat65Kt▪Metalsalesvolumeat110Kt(75Kt)up47%YoY;CCRodssalesat70kt(64Kt),up10%YoYwiththemarketrecovery▪EBITDAat₹352crore(₹242crore)up45%YoY,onthebackofhighervolumes,betteroperationalefficienciesandimprovedby-productrealizations.▪SignedadefinitiveagreementwithPolycabtoacquireits100%equitystakeinRykerBasePvt.Ltd.whichhasmanufacturingfacilitytomake225Ktcastandrolledcopperwirerods |
|---|---|
| Consolidated | ▪Recordquarterlyfinancialperformancesupportedbyimprovedmacros,thrustonoperationalefficiencies,costoptimizationandastrongmarketrecovery▪RecordquarterlyEBITDAat₹8,048crore(₹5,171crore),up56%YoY▪PATfromcontinuingoperationsat₹3,427crore(vs₹1,785crore)up92%YoY▪StrongTreasuryBalanceof$659millioninNovelisand₹13,737croreinHindalcoIndiaattheendofSept.2021▪NetDebttoEBITDAhassignificantlyimprovedto1.93xasatSept.30,2021(vs2.59xasatMarch31,2021) |
Note : a) Numbers in parenthesis() represent Q2FY21 unless specified
Economy & Industry Updates Global & Domestic
Economy Updates
- Global growth is gradually gaining pace, however, supply chain disruptions have led to higher inflation
- Going forward global economic recovery will continue to be supported by vaccine administration and monetary policy actions as supply shortages wane
- GDP growth contracted 3.1% in CY20 and is expected to rebound to 5.9% in CY21 and 4.9% in CY22 (Source : IMF, October 2021)
- Risks Supply chain disruptions and rising global inflation, slow pace of vaccine administration in developing countries
- Indian economy is picking up steam although recovery remains uneven.
- Amidst rising pent up demand, manufacturing sector activity data has shown strong sequential recovery, surpassing pre-covid levels in some sectors
- Step up in vaccination and slump in new cases and mortality rates has rebuilt confidence in economic activity
- IMF and RBI maintain their FY22 GDP growth estimates at 9.5%, after a contraction of 7.3% in FY21.
- RBI closely monitoring India's inflation growth dynamics, expected to maintain an accommodative stance until growth picks up sustainably
Global Aluminium Industry
YTD CY21 (vs YTD CY20)
- Global production grew by 5%, consumption increased by 12%, leading to deficit of 0.9 Mt
- China: Production increased by 7%, consumption grew by 8%, resulting in deficit of 1.1 Mt
- World Ex-China: Production was up by 3%, consumption rebounded by 17%, causing deficit of 0.2 Mt
Q3 CY21 (vs Q3 CY20)
- Global production expanded by 4%, consumption grew by 5%, leading to overall deficit of 0.3 Mt
- China: Production rose by 3%, while consumption increased by 1%, resulting in a deficit of 0.7 Mt
- World Ex-China: Production grew by 5%, consumption improved by 12%, leading to surplus of 0.4 Mt
Global aluminium prices continued to improve
- Q3 CY21 prices improved to $2,647/ton up from $2,400/ton in Q2 CY21.
- Global aluminium prices in QTD (Q4CY21) is $2934/ton
Domestic Aluminium Industry
- In Q2 FY22 the Domestic demand is likely to record 943 KT (26% growth YoY) due to low base effect. Sequentially there was an increase of 4%.
- Sequentially domestic markets recovered marginally due to improved Packaging, Electrical, Building & Construction, Consumer Durables, Industrial Machinery. However, auto demand softened due to semiconductor shortage which led to 1% degrowth in scrap imports (Q1 to Q2 FY22)
Aluminium Flat Rolled Products (FRP) Industry
▪ The global FRP Demand is estimated to grow by ~9% in CY21 (vs CY20 contraction of ~4%) on account of demand recovery and base effect.
In Q2FY22, India FRP Demand is estimated to grow 34% YoY due to low base effect. Sequentially, the demand grew by 5% QoQ
- Demand remains strong in packaging, consumer durables. B&C demand improved due to Government projects. However, auto sector faced some headwinds.
- Demand is likely to grow in Q3 FY22 due to strong packaging, Consumer durable, and B&C demand.
Copper Industry (Global)
World ex-China China
YTD CY21 (vs YTD CY20)
- Global copper production grew by 5.7% and Consumption grew by 6.9% YoY
- China production grew by ~9% and consumption grew by ~5% YoY
- World Ex China production grew by ~4% YoY, where as consumption grew by ~9% YoY
Q3 CY21 (vs Q3 CY20)
- Global copper production grew by 6.4% and consumption grew by 4.3% YoY
- China production grew by 7% YoY while consumption remained same due to lower physical demand.
- World Ex China Production grew by 6% YoY whereas the consumption grew by 10% YoY on account of faster recovery of the market
Copper Industry (Domestic)
- Domestic market demand grew by 7% YoY at 160 KT in Q2 FY22 vs 150 KT in Q2 FY21.
- Refined Copper demand improved by 36% sequentially in Q2 FY22 and reached Q4 FY21 levels of 161 KT
Business Performance : Q2 FY22
Novelis
Hindalco Industries Limited
Operational Performance – Novelis
H1 FY22 - Shipments Mix (%)
- Continued exceptional quarterly financial performance backed by favorable markets and operational excellence in Q2 FY22
- Beverage packaging and specialty product shipments benefited from continuing strong market demand across all regions; Automotive demand continue to be impacted by the semiconductor chip shortage
- Recently completed expansion project updates:
- 100Kt Pinda, rolling & recycling expansion commercial production has started and is ramping up
- 200Kt Guthrie & 100Kt China Auto finishing lines to increase the total automotive finishing capacity to approximately 1 million tonne
- Aleris Integration updates:
- Integration work continues with nearly $100 million run-rate combination cost synergies already achieved in Q2-FY22 (Total Potential to exceed $120 million)
- Expansion project in Zhenjiang, China which is part of the integration, is expected to begin in early 2022 with capital investments of $375 million over 3 years.
- Strategic synergies from China integration total potential is over $100 million
- New Investments in strategic organic capital expansion projects to capture market growth:
- Announced $130 million investment for plant upgrades at Oswego, US, resulting in additional 124kt hot mill rolling capacity and enhance finishing capabilities for automotive sheets
Financial Performance – Novelis
- Net sales in Q2 FY22 stands at $4.1 billion up 38% YoY driven by increase in shipments and higher average aluminum prices
- Adjusted EBITDA at $553 million in Q2 FY22, up 22% YoY, on the back of higher volume and favorable metal benefits, partially offset by inflationary cost pressures.
- All time high adjusted EBITDA per ton at $571/t in Q2 FY22, up 16% YoY.
Aluminium (India)
Hindalco Industries Limited
Aluminium Metal & VAP - Production and Sales in Kt
- Aluminium Metal Production up 5% YoY and 1% QoQ
- Aluminum VAP production was higher by 36% YoY in Q2 FY22
- Alumina production in Q2 FY22 was at 793 Kt up 13% YoY and 10% QoQ
- Sales: Aluminium Metal (Kt) Sales: Aluminium VAP# (Kt) Domestic Sales as % of total metal sales was 49% in Q2 FY22 (vs 38% in Q2 FY21)
- VAP sales were 25% as a % to total metal sales in Q2 FY22 (vs 21% in Q2 FY21.)
Hindalco Industries Limited
# VAP includes Flat Rolled Products, Foils & Extrusions
Financial Performance - Aluminium (India)
▪ Aluminium revenues were up 63% YoY, with higher global prices of aluminium in Q2 FY22 vs Q2 FY21
1,188 2,352 3,247 2,161 5,599 Q2 FY21 Q1 FY22 Q2 FY22 H1FY21 H1FY22
- Record EBITDA at ₹3,247 crore, up 173% YoY in Q2 FY22 on account of favorable macros, better efficiencies, higher volumes and a strong market recovery
- More than a decade high EBITDA margins of 42%; continues to be one of the best in the industry
Copper
Copper Metal & VAP - Production and Sales in Kt
70
Q2FY21 Q1FY22 Q2FY22 H1 FY21 H1 FY22
95
117
▪ Cathode Production was higher by 38% YoY in Q2 FY22 whereas Copper Rods Production was maintained YoY
- in Q2 FY22 up 47% YoY
- CC Rod sales were up 10% YoY in Q2 FY22
Q2FY21 Q1FY22 Q2FY22 H1 FY21 H1 FY22
Financial Performance – Copper Business
▪ Revenues were up by 101% YoY in Q2 FY22, on account of higher global prices of copper compared to the corresponding quarter of the last year
▪ EBITDA at ₹352 crore in Q2 FY22 compared to ₹242 crore in the corresponding quarter, up 45% YoY on the back of higher volumes, better operational efficiencies and improved by-product realizations.
Consolidated Financial Performance
Consolidated Financial Performance
28
(₹ Crores)
| Particulars | As | As | As | As | As |
|---|---|---|---|---|---|
| on | on | on | on | on | |
| 30 | 31 | 31 | 30 | 30 | |
| Sep | Dec | Mar | Jun | Sep | |
| 20 | 20 | 21 | 21 | 21 | |
| - | - | - | - | - | |
| - | - | - | - | - | |
| DebtGross | 78266, | 99671, | 65994, | 67836, | 66831, |
| CashCashEquivalents& | 20265, | 18194, | 18575, | 15923, | 18820, |
| DebtNet | 58001, | 53802, | 47419, | 51913, | 48011, |
| Adjusted | 16 | 409 | 18 | 21 | 24 |
| TTM | 491 | 17 | 293 | 997 | 865 |
| EBITDA | , | , | , | , | , |
Net Debt : EBITDA(x)
In Summary
Thank You
Annexures
Consolidated – Key Financials
| (₹ Crore)Particulars | Q2FY21 | Q1FY22 | Q2FY22 | ChangeYoY% | QoQChange% | H1FY21 | H1FY22 | ChangeYoY% |
|---|---|---|---|---|---|---|---|---|
| fromRevenueOperations | 31237, | 41358, | 47665, | 53% | 15% | 56520, | 89023, | 58% |
| EarningBeforeDepreciation&Amortisation(EBITDA)InterestTax,, | ||||||||
| Novelis* | 3392, | 4090, | 4100, | 21% | 0% | 5311, | 8190, | 54% |
| Aluminium | 1188, | 2352, | 3247, | 173% | 38% | 2161, | 5599, | 159% |
| Copper | 242 | 261 | 352 | 45% | 35% | 307 | 613 | 100% |
| AllOtherSegments | 6 | (6) | 3 | 7 | (3) | |||
| BusinessSegmentEBITDA | 4828, | 6697, | 7027, | 60% | 15% | 7867, | 14399, | 85% |
| Income/Unallocable(Expense)- (Net)Adjustments&GAAP | 343 | 93 | 346 | 1% | 272% | (256) | 439 | |
| EBITDA | 5171, | 6790, | 8048, | 56% | 19% | 7530, | 14838, | 97% |
| FinanceCosts | 982 | 820 | 1291, | -31% | -57% | 1974, | 2111, | -7% |
| PBDT | 4189, | 5970, | 6757, | 61% | 13% | 5556, | 12727, | 129% |
| (includingimpairment)Depreciation&Amortisation | 1838, | 1649, | 1735, | %6 | -5% | 3389, | 3384, | %0 |
| Profit/Share(Loss)Accounted(NetofTax)ininEquityInvestments | - | 2 | - | 3 | 2 | |||
| ProfitbeforeExceptionalandItemsTax | 2351, | 4323, | 0225, | 114% | 16% | 2170, | 9345, | 331% |
| Income/Exceptional(Expenses)(Net)# | 71 | 230 | 20 | (348) | 250 | |||
| ProfitBefore(AfterExceptionalItem)Tax | 2422, | 4553, | 5042, | 108% | 11% | 1822, | 9595, | 427% |
| Tax | 637 | 1299, | 1615, | 606 | 2914, | |||
| Profit/(Loss)fromContinuingOperations | 1785, | 3254, | 3427, | 92% | %5 | 1216, | 6681, | 449% |
| Profit/(Loss)fromDiscontinuedOperations | (1398), | (467) | (10) | (1538), | (477) | |||
| Profit/(Loss)AfterTax | 387 | 2787, | 3417, | 783% | 23% | (322) | 6204, | |
| (₹/Share)EPS | 17 | 125 | 154 | (14) | 279 |
*As per US GAAP ; # Exceptional Income / (Expenses) for Q1FY22, exclude ₹346 crore (net of litigation cost of ₹9 crore) which represents the principal portion on PIS and COFINS related tax credit income as it is included in the Novelis segment result.
Hindalco Industries Limited 34
Hindalco (India) Business – Key Financials
| (₹ Crore) | |
|---|---|
| -- | ----------- |
| Particulars | Q2FY21 | Q1FY22 | Q2FY22 | YOYChange% | QoQChange% | H1FY21 | H1FY22 | Change% |
|---|---|---|---|---|---|---|---|---|
| fromOperationsRevenue | 9565, | 13349, | 17393, | 82% | 30% | 17029, | 30742, | 81% |
| EBITDA | ||||||||
| Aluminium | 1188, | 2352, | 3247, | 173% | 38% | 2161, | 5599, | 159% |
| Copper | 242 | 261 | 352 | 45% | 35% | 307 | 613 | 100% |
| OtherSegments | 1 | 1 | 3 | 200% | 200% | 2 | 4 | |
| BusinessSegmentEBITDA | 1431, | 2614, | 3602, | 152% | 38% | 2470, | 6216, | 152% |
| Income/Unallocable(Expense)(Net) | 46 | (101) | 113 | 145 | 12 | |||
| EBITDA | 1477, | 2513, | 3715, | 152% | 48% | 2615, | 6228, | 138% |
| FinanceCosts | 389 | 373 | 378 | 3% | -1% | 846 | 751 | 11% |
| PBDT | 1088, | 2140, | 3337, | 207% | 56% | 1769, | 5477, | 210% |
| Depreciation | 642 | 525 | 607 | 5% | -16% | 1156, | 1132, | 2% |
| ProfitbeforeExceptionalandItemsTax | 446 | 1615, | 2730, | 512% | 69% | 613 | 4345, | 609% |
| Income/Exceptional(Expenses)(Net) | 70 | - | - | 31 | - | |||
| ProfitBefore(AfterExceptionalItem)Tax | 516 | 1615, | 2730, | 429% | 69% | 644 | 4345, | 575% |
| Tax | 189 | 578 | 915 | 233 | 1493, | |||
| Profit/(Loss)AfterTax | 327 | 1037, | 1815, | 455% | 75% | 411 | 2852, | 594% |
Production – Alumina
- Total Alumina production was up 13% YoY and 10% sequentially in Q2 FY22
- Record Quarterly production at Utkal Alumina refinery at 504 Kt in Q2 FY22
For Further Queries Please Contact :
Subir Sen, Investor Relations Telephone- +91 22 6662 6666 E mail: [email protected] Website: www.hindalco.com
Registered Office Ahura Centre, 1st Floor, B Wing Mahakali Caves Road Andheri (East), Mumbai 400 093 Telephone- +91 22 6691 7000 Website: www.hindalco.com E mail: [email protected] Corporate Identity No. L27020MH1958PLC011238
The Board of Directors Hindalco Industries Limited Ahura Centre, 1st Floor, B Wing Mahakali Caves Road Andheri (East) Mumbai - 400093
- We have reviewed the standalone unaudited financial results of Hindalco Industries Limited $\mathbf{1}$ . (the "Company") for the quarter ended September 30, 2021 and the year to date results for the period April 1, 2021 to September 30, 2021, which are included in the accompanying 'Statement of Standalone Unaudited Financial Results for the Quarter and Six Months ended September 30, 2021', the Statement of Standalone Assets and Liabilities as on that date and the Statement of Standalone Cash Flows for the half year ended on that date (the "Statement"). The Statement has been prepared by the Company pursuant to Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes.
- This Statement, which is the responsibility of the Company's Management and approved by the $2.$ Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
- We conducted our review of the Statement in accordance with the Standard on Review $\mathbf{R}$ Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
- Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.
For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 304026E/E-300009
rage. Sarah George
Partner Membership Number: 045255
UDIN: 21045255AAAALF8203 Place: Mumbai Date: November 12, 2021
Price Waterhouse & Co Chartered Accountants LLP, Nesco IT Building III, 8th Floor, Nesco IT Park Nesco Complex, Gate No. 3 Western Express Highway, Goregaon East, Mumbai – 400 063 $T: +91(22) 61198000, F: +91(22) 61198799$
Registered office and Head office: Plot No. Y-14, Block EP, Sector V, Salt Lake Electronic Complex, Bidhan Nagar, Kolkata 700 091
Price Waterhouse & Co. (a Partnership Firm) converted into Price Waterhouse & Co Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-4362) with effect from July 7, 2014. Post its conversion to Price Waterhouse & Co Chartered Accountants LLP, its ICAI registration number is304026E/E-300009 (ICAI registration number before conversion was 304026
. . . . . . . . . . . . . . . . . . . .
The Board of Directors Hindalco Industries Limited Ahura Centre, 1st Floor, B Wing Mahakali Caves Road Andheri (East) Mumbai-400093
-
- We have reviewed the consolidated unaudited financial results of Hindalco Industries Limited (the "Parent"), its subsidiaries (the parent and its subsidiaries hereinafter referred to as the "Group") and its share of the net profit after tax and total comprehensive income of its joint ventures and associate companies for the quarter ended September 30, 2021 and the year to date results for the period April 1, 2021 to September 30, 2021 which are included in the accompanying 'Statement of Consolidated Unaudited Financial Results for the Quarter and Six Months ended September 30, 2021', the Statement of Consolidated Assets and Liabilities as on that date and the Statement of Consolidated Cash Flows for the half-year ended on that date (the "Statement"). The Statement is being submitted by the Parent pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"), which has been initialled by us for identification purposes.
-
- This Statement, which is the responsibility of the Parent's Management and has been approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
- We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.
Price Waterhouse & Co Chartered Accountants LLP, 252, Veer Savarkar Marg, Shivaji Park, Dadar (West) Mumbai - 400 028
.......................................
$T: +91(22) 66691500, F: +91(22) 66547804 / 07$
Registered office and Head office: Plot No. Y-14, Block EP, Sector V, Salt Lake Electronic Complex, Bidhan Nagar, Kolkata 700 091
Price Waterhouse & Co. (a Partnership Firm) converted into Price Waterhouse & Co Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-4362) with effect from July 7, 2014. Post its conversion to Price Waterhouse & Co Chartered Accountants LLP, its ICAI registration number is304026E/E-300009 (ICAI registration number before conversion was 304026
The Board of Directors Hindalco Industries Limited Page 2 of 3
- The Statement includes the results of the entities listed in Annexure -1. $\mathbf{A}$
- Based on our review conducted and procedures performed as stated in paragraph 3 above and $5.$ based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
- We did not review the interim financial information of two subsidiaries and consolidated interim 6. financial information of one subsidiary included in the consolidated unaudited financial results, whose interim financial information reflect total assets of Rs. 126,446 crores and net assets of Rs. 35,061 crores as at September 30, 2021 and total revenues of Rs. 31,136 crores and Rs. 59,849 crores, total net profit after tax of Rs. 1,970 crores and Rs. 3,861 crores and total comprehensive income of Rs. 616 crores and Rs. 2,881 crores, for the quarter ended September 30, 2021 and for the period from April 1, 2021 to September 30, 2021, respectively, and net cash outflows of Rs. 2,563 crores for the period from April 1, 2021 to September 30, 2021, as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also includes the Group's share of net profit after tax of Rs. * crore and Rs. * crore and total comprehensive income of Rs. * crore and Rs. * crore for the quarter ended September 30. 2021 and for the period from April 1, 2021 to September 30, 2021, respectively, as considered in the consolidated unaudited financial results, in respect of one joint venture and three associate Companies, whose interim financial results have not been reviewed by us. These interim financial information / financial results have been reviewed by other auditors in accordance with SRE/ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity and their reports, vide which they have issued an unmodified conclusion, have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint venture and associate Companies is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of the above matters.
* represent figures below the rounding convention used in this report.
Chartered A PIN AAC-4383 304026E/E Mumbai
The Board of Directors Hindalco Industries Limited Page 3 of 3
- The consolidated unaudited financial results includes the interim financial information of ten subsidiaries which have not been reviewed by their auditors, whose interim financial information reflect total assets of Rs. 616 crores and net assets of Rs. 405 crores as at September 30, 2021 and total revenue of Rs. 61 crores and Rs. 147 crores, total net profit/(loss) after tax of Rs. (7) crores and Rs. (26) crores and total comprehensive income / (loss) of Rs. 25 crores and Rs. 80 crores for the quarter ended September 30, 2021 and for the period from April 1, 2021 to September 30, 2021, respectively, and net cash outflows of Rs. 4 crores for the period from April 1, 2021 to September 30, 2021, as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also includes the Group's share of net profit after tax of Rs. * crore and Rs. 2 crores and total comprehensive income of Rs. * crore and Rs. 2 crores for the quarter ended September 30, 2021 and for the period from April 1, 2021 to September 30, 2021, respectively, as considered in the consolidated unaudited financial results, in respect of one joint venture and one associate Company, based on their interim financial information which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group. Our conclusion on the Statement is not modified in respect of the above matter.
* represent figures below the rounding convention used in this report.
For Price Waterhouse & Co. Chartered Accountant LLP Firm Registration Number: 304026E/E-300009
arah George
Sarah George Partner Membership Number: 045255 UDIN: 21045255AAAALG5910
Place: Mumbai Date: November 12, 2021
$\begin{array}{c} \textbf{Hindalco}\textbf{ Industries}\textbf{ Limited}\ \textbf{Page 1 of 3} \end{array}$
Annexure 1
$\sim$
$\langle\langle\hat{\mathbf{u}}^{\prime}\rangle\rangle$
V.
| Sr. No. | Name |
|---|---|
| Subsidiaries | |
| $\mathbf{1}$ | Utkal Alumina International Limited |
| $\overline{2}$ | Minerals & Minerals Limited |
| 3 | AV Minerals (Netherlands) N.V. |
| $\overline{4}$ | Dahej Harbour & Infrastructure Limited |
| 5 | Hindalco Almex Aerospace Limited |
| 6 | East Coast Bauxite Mining Company |
| 7 | Renuka Investments & Finance Limited |
| 8 | Renukeshwar Investments & Finance Limited |
| 9 | Lucknow Finance Company Limited |
| 10 | Suvas Holdings Limited |
| 11 | Hindalco Jan Seva Trust |
| 12 | Copper Jan Seva Trust |
| 13 | Utkal Alumina Jan Seva Trust |
| 14 | Utkal Alumina Social Welfare Foundation |
| 15 | Kosala Livelihood and Social Foundation |
| 16 | A V Metal Inc. |
| 17 | Hindalco do Brasil Industria e Comercio de Alumina Ltda |
| 18 | Novelis Inc. |
| 19 | Novelis do Brasil Ltda |
| 20 | Brecha Energetica Ltda |
| 21 | 4260848 Canada Inc. |
| 22 | 4260856 Canada Inc. |
| 23 | 8018227 Canada Inc. |
| 24 | Novelis (China) Aluminum Products Co. Ltd. |
| 25 | Novelis (Shanghai) Aluminum Trading Company |
| 26 | Novelis Lamines France S.A.S. |
| 27 | Novelis PAE S.A.S. |
| 28 | Novelis Aluminum Beteiligungs GmbH |
| 29 | Novelis Deutschland GmbH |
| 30 | Novelis Sheet Ingot GmbH |
| 31 | Novelis (India) Infotech Ltd. |
| 32 | Novelis Aluminum Holding Unlimited Company |
| 33 | Novelis Italia SpA |
| 34 | Novelis de Mexico S.A. de C.V. |
| 35 | Novelis Korea Limited |
| 36 | Novelis AG |
| 37 | Co CharteNovelis Switzerland S.A.Rednonse |
| 38 | PIN AACNovelis MEA Ltd. |
$\star$
Mumbai
$\begin{array}{c} \bf HindalcoIndustriesLimited \ \bf Page2of~3 \end{array}$
Annexure 1
$\sim$
$\tilde{\mathbf{a}}$
| Sr. No. | Name |
|---|---|
| 39 | Novelis Europe Holdings Limited |
| 40 | Novelis UK Ltd. |
| 41 | Novelis Services Limited |
| 42 | Novelis Corporation |
| 43 | Novelis South America Holdings LLC |
| 44 | Novelis Holdings Inc. |
| 45 | Novelis Services (North America) Inc. |
| 46 | Novelis Global Employment Organization, Inc. |
| 47 | Novelis Services (Europe) Inc. |
| 48 | Saras Micro Devices, Inc. |
| 49 | Novelis Vietnam Company Limited |
| 50 | Aleris Asia Pacific International (Barbados) Ltd. |
| 51 | Aleris Aluminum (Zhenjiang) Co., Ltd. |
| 52 | Aleris (Shanghai) Trading Co., Ltd. |
| 53 | Aleris Asia Pacific Limited |
| 54 | Aleris Aluminum Japan, Ltd. |
| 55 | Aleris Aluminum Denmark ApS |
| 56 | Aleris Aluminum France S.a.r.l. |
| 57 | Novelis Casthouse Germany GmbH |
| 58 | Novelis Deutschland Holding GmbH |
| 59 | Novelis Koblenz GmbH |
| 60 | Novelis Aluminum Netherlands B.V. |
| 61 | Aleris Aluminum Poland sp. z.o.o. |
| 62 | Aleris Switzerland GmbH |
| 63 | Aleris Aluminum UK Limited |
| 64 | Aleris Holding Canada ULC |
| 65 | Aleris Corporation |
| 66 | Aleris International Inc. |
| 67 | Aleris Rolled Products, LLC |
| 68 | Aleris Rolled Products, Inc. |
| 69 | Nichols Aluminum LLC |
| 70 | Aleris Rolled Products Sales Corporation |
| 71 | IMCO Recycling of Ohio, LLC |
| 72 | Nichols Aluminum-Alabama LLC |
| 73 | UWA Acquisition Co& Co CharteredMouse LIPIN AAC-4362 |
W 304026E/E-3 Mumbai
$\begin{array}{c} \textbf{Hindalco}\textbf{ Industries}\textbf{ Limited}\ \textbf{Page}\textbf{ 3 of }\textbf{3} \end{array}$
Annexure 1
$\pm 1$
$\sigma$
| Sr. No. | Name |
|---|---|
| Joint Ventures | |
| MNH Shakti Limited | |
| $\overline{2}$ | Hydromine Global Minerals (GMBH) Limited |
| Associates | |
| 1 | Aditya Birla Science & Technology Company Private Limited |
| $\overline{2}$ | Aditya Birla Renewables Subsidiary Limited |
| 3 | Aditya Birla Renewables Utkal Limited |
| 4 | Aditya Birla Renewables Solar Limited |
| 5 | Deutsche Aluminum Verpachung Recycling GMBH |
| 6 | France Aluminum Recyclage SPA |
HINDALCO INDUSTRIES LIMITEDRegd. Office: Ahura Centre, 1st Floor, B-Wing, Mahakali Caves Road, Andheri (East), Mumbai 400093Website: www.hindalco.com, Email: [email protected], Corporate Identity No. L27020MH1958P
| (र in Crore, except otherwise stated) | ||||||
|---|---|---|---|---|---|---|
| Particulars | Quarter ended | Six months ended | Year ended | |||
| 30/09/2021 | 30/06/2021 | 30/09/2020 | 30/09/2021 30/09/2020 | 31/03/2021 | ||
| CONTINUING OPERATIONS: | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) (Unaudited) | (Audited) | |
| INCOME | ||||||
| Revenue from Operations | 47,665 | 41,358 | 31,237 | 89,023 | 56,520 | 131,985 |
| Other Income | 398 | 267 | 291 | 665 | 710 | 1,222 |
| Total Income | 48,063 | 41,625 | 31,528 | 89,688 | 57,230 | 133,207 |
| EXPENSES | ||||||
| Cost of Materials Consumed | 30,131 | 26,049 | 18,215 | 56,180 | 31,929 | 77,630 |
| Trade Purchases | 392 | 257 | 439 | 649 | 628 | 1,098 |
| Change in Inventories of Finished Goods, Work-in-Progress and Stock-In-Trade | (1,758) | (2, 519) | (1, 249) | (4, 277) | (91) | (2, 146) |
| Employee Benefits Expense | 2,921 | 3,028 | 2,381 | 5,949 | 4,908 | 10,782 |
| Power and Fuel | 2,584 | 2,406 | 2,216 | 4,990 | 4,116 | 8,646 |
| Finance Cost | 1,291 | 820 | 982 | 2,111 | 1,974 | 3,738 |
| Depreciation and Amortization Expense | 1,640 | 1,645 | 1,708 | 3,285 | 3,252 | 6,628 |
| Impairment Loss/ (Reversal) of Non-Current Assets (Net) (Refer Note 7)Impairment Loss/ (Reversal) on Financial Assets (Net) | 95 | 4 | 130 | 99 | 137 | 138 |
| Other Expenses | 144 | 1 | 151 | (16) | (26) | |
| Total Expenses | 5,738 | 5,816 | 4,354 | 11,554 | 8,226 | 18,327 |
| Profit/ (Loss) before Share in Profit/ (Loss) in Equity Accounted Investments, | 43,041 | 37,650 | 29,177 | 80,691 | 55,063 | 124,815 |
| Exceptional Items and Tax | 5,022 | 3,975 | 2,351 | 8,997 | 2,167 | 8,392 |
| Share in Profit/ (Loss) In Equity Accounted Investments (Net of Tax) | $\overline{2}$ | $\overline{\mathbf{2}}$ | 3 | 5 | ||
| Profit/ (Loss) before Exceptional Items and Tax | 5,022 | 3,977 | 2,351 | 8,999 | 2,170 | 8,397 |
| Exceptional Income/ (Expenses) (Net) (Refer Note 8) | 20 | 576 | 71 | 596 | (348) | (492) |
| Profit/ (Loss) before Tax | 5,042 | 4,553 | 2,422 | 9,595 | 1,822 | 7,905 |
| Tax Expense | ||||||
| Current Tax Expense | 1,073 | 686 | 395 | 1,759 | 689 | 1,881 |
| Deferred Tax Expense/ (Benefit) | 542 | 613 | 242 | 1,155 | (83) | 842 |
| Profit/ (Loss) for the Period from Continuing Operations | 3,427 | 3,254 | 1,785 | 6,681 | 1,216 | 5,182 |
| II. DISCONTINUED OPERATIONS: | ||||||
| Profit/ (Loss) for the Period From Discontinued OperationsTax Expense/ (Benefit) of Discontinued Operations | (10) | (469) | (1,676) | (479) | (1,864) | (2,066) |
| Profit/ (Loss) for the Period from Discontinued Operations | (2) | (278) | (2) | (326) | (367) | |
| Profit/ (Loss) for the Period | (10) | (467 | (1, 398) | (477) | (1, 538) | (1,699) |
| Other Comprehensive Income/ (Loss) | 3,417 | 2,787 | 387 | 6,204 | (322) | 3,483 |
| Items that will not be reclassified to Statement of Profit and Loss | ||||||
| Remeasurement of Defined Benefit Obligation | 374 | (334) | 334 | 40 | ||
| Remeasurement of Defined Benefit Obligation of Discontinued Operations | 34 | (35)55 | 1,11760 | |||
| Change in Fair Value of Equity Instruments Designated as FVTOCI | 882 | 349 | 335 | 1,231 | 1,362 | 4,358 |
| Share in Equity Accounted Investments | ||||||
| Income Tax effect | (192) | 76 | (106) | (116) | (15) | (327) |
| Items that will be reclassified to Statement of Profit and Loss | ||||||
| Change in Fair Value of Debt Instruments Designated as FVTOCI | (3) | 2 | (1) | (9) | ||
| Effective Portion of Cash Flow Hedges | (1, 877) | (876) | 185 | (2,753) | (160) | (1,769) |
| Cost of Hedging Reserve | 37 | (26) | (50) | 11 | (224) | (168) |
| Foreign Currency Translation Reserve | (580) | 682 | 234 | 102 | 661 | 959 |
| Foreign Currency Translation Reserve of Discontinued OperationsIncome Tax effect | (32) | 32 | ||||
| Other Comprehensive Income/ (Loss) for the Period | 543 | 288 | (69) | 831 | 78 | 563 |
| (811) | 159 | 862 | (652) | 1,753 | 4,784 | |
| Total Comprehensive Income/ (Loss) for the PeriodProfit/ (Loss) attributable to: | 2,606 | 2,946 | 1,249 | 5,552 | 1,431 | 8,267 |
| Owners of the Company | ||||||
| Non-Controlling Interests | 3,417 | 2,787 | 387 | 6,204 | (322) | 3,483 |
| Other Comprehensive Income/ (Loss) attributable to: | ||||||
| Owners of the Company | (811) | 159 | 862 | (652) | 1,753 | 4,784 |
| Non-Controlling Interests | ||||||
| Total Comprehensive Income/ (Loss) attributable to: | ||||||
| Owners of the Company | 2,606 | 2,946 | 1,249 | 5,552 | 1,431 | 8,267 |
| Non-Controlling Interests | ||||||
| Total Comprehensive Income/ (Loss) attributable to Owners of the Company from: | ||||||
| Continuing Operations | 2,616 | 3,413 | 2,654 | 6,029 | 2,896 | 9,915 |
| Discontinued Operations | (10) | (467) | (1, 405) | (477) | (1, 465) | (1,648) |
| Paid-up Equity Share Capital (Net of Treasury Shares) (Face value ₹ 1/- per share) | 222 | 223 | 222 | 222 | 222 | 222 |
| Other Equity | 71,036 | 69,229 | 59,415 | 71,036 | 59,415 | 66,311 |
| Earnings Per Share: | ||||||
| Basic - Continuing Operations (₹) | 15.41 | 14.63 | 8.03 | 30.04 | 5.47 | 23.30 |
| Diluted - Continuing Operations (₹)Basic - Discontinued Operations (₹) | 15.39 | 14.61 | 8.03 | 30.00 | 5.47 | 23.29 |
| Diluted - Discontinued Operations (₹) | (0.05) | (2.10) | (6.29) | (2.15) | (6.92) | (7.64) |
| Basic - Continuing and Discontinued Operations (₹) | (0.05)15.36 | (2.10)12.53 | (6.29) | (2.15) | (6.92) | (7.64) |
| Diluted - Continuing and Discontinued Operations (₹) | 15.34 | 12.51 | 1.741.74 | 27.8927.85 | (1.45)(1.45) | 15.6615.65 |
| Segmentwise Consolidated Revenue, Results, Assets and Liabilities for the Quarter and Six Months ended September 30, 2021 | (₹ in Crore) | |||||
|---|---|---|---|---|---|---|
| Quarter ended | Six months ended | Year ended | ||||
| Particulars | 30/09/2021 | 30/06/2021 | 30/09/2020 | 30/09/2021 | 30/09/2020 | 31/03/2021 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |
| 1. Segment Revenue | ||||||
| (a) Novelis | 30,512 | 28,428 | 22,185 | 58,940 | 40,592 | 91,130 |
| (b) Aluminium | 7,812 | 6,267 | 4,796 | 14,079 | 9,232 | 20,495 |
| (c) Copper | 9,587 | 7,094 | 4,774 | 16,681 | 7,805 | 22,446 |
| (d) All Other Segments | 59 | 83 | 49 | 142 | 98 | 230 |
| 47,970 | 41,872 | 31,804 | 89,842 | 57,727 | 134,301 | |
| Adjustment on account of different accounting policies for Novelis Segment | (291) | (492) | (562) | (783) | (1, 199) | (2, 287) |
| Intersegment Revenue | (14) | (22) | (5) | (36) | (8) | (29) |
| Total Revenue from Operations | 47,665 | 41,358 | 31,237 | 89,023 | 56,520 | 131,985 |
| 2. Segment Results | ||||||
| (a) Novelis * | 4,100 | 4,090 | 3,392 | 8,190 | 5,311 | 12,727 |
| (b) Aluminium (Refer Note 10) | 3,247 | 2,352 | 1,188 | 5,599 | 2,161 | 5,441 |
| (c) Copper (Refer Note 10) | 352 | 261 | 242 | 613 | 307 | 869 |
| (d) All Other Segments | 3 | (6) | 6 | (3) | 7 | 26 |
| Total Segment Results | 7,702 | 6,697 | 4,828 | 14,399 | 7,786 | 19,063 |
| Adjustment on account of different accounting policies for Novelis Segment | $\overline{9}$ | 37 | 417 | 46 | 488 | 554 |
| Unallocable Income/ (Expense) (Net) (Refer Note 10) | 337 | 56 | (74) | 393 | (744) | (721) |
| 8,048 | 6,790 | 5.171 | 14,838 | 7,530 | 18,896 | |
| Finance Cost | (1, 291) | (820) | (982) | (2, 111) | (1, 974) | (3, 738) |
| Depreciation and Amortisation Expense | (1,640) | (1, 645) | (1,708) | (3, 285) | (3, 252) | (6, 628) |
| Impairment (Loss)/ Reversal of Non Financial Assets (Net) (Refer Note 7)Share in Profit/ (Loss) in Equity Accounted Investments (Net of Tax) | (95) | (4)$\overline{\mathbf{z}}$ | (130)× | (99)2 | (137)3 | (138)5 |
| Exceptional Income / (Expenses) (Net) (Refer Note 8) * | 20 | 230 | 71 | 250 | (348) | (492) |
| Profit/ (Loss) before Tax from Continuing Operations | 5,042 | 4,553 | 2,422 | 9,595 | 1,822 | 7,905 |
| Profit/ (Loss) before Tax from Discontinued Operations | (10) | (469) | (1,676) | (479) | (1,864) | (2,066) |
| Profit/ (Loss) before Tax from Continuing and Discontinued Operations | 5,032 | 4,084 | 746 | 9,116 | (42) | 5,839 |
| 3. Segment Assets | ||||||
| (a) Novelis | 101,376 | 100,938 | 93,009 | 101,376 | 93,009 | 94,141 |
| (b) Aluminium | 49,193 | 49,202 | 48,724 | 49,193 | 48,724 | 48,430 |
| (c) Copper | 16,772 | 17,299 | 13,368 | 16,772 | 13,368 | 14,982 |
| (d) All Other Segments | 794 | 595 | 384 | 794 | 384 | 486 |
| 168,135 | 168,034 | 155,485 | 168,135 | 155,485 | 158,039 | |
| Adjustment on account of different accounting policies for Novelis Segment | 12,939 | 12,890 | 13,386 | 12,939 | 13,386 | 12,565 |
| Assets of Discontinued Operations | 88 | 100 | 2,847 | 88 | 2,847 | 107 |
| Corporate/ Unallocable AssetsTotal Assets | 22,566203,728 | 17,467198,491 | 13,209184,927 | 22,566203,728 | 13,209184,927 | 18,988189,699 |
| 4. Segment Liabilities | ||||||
| (a) Novelis | 44,156 | 41,416 | 31,004 | 44,156 | 31,004 | 36,733 |
| (b) Aluminium | 8,083 | 7,418 | 5,091 | 8,083 | 5,091 | 6,565 |
| (c) Copper | 6,854 | 6,468 | 3,587 | 6,854 | 3,587 | 8,091 |
| (d) All Other Segments | 198 | 205 | 137 | 198 | 137 | 156 |
| 59,291 | 55,507 | 39,819 | 59,291 | 39,819 | 51,545 | |
| Adjustment on account of different accounting policies for Novelis Segment | 1,961 | 1,755 | 1,542 | 1,961 | 1,542 | 1,516 |
| Liabilities of Discontinued Operations | 94 | 106 | 1,969 | 94 | 1,969 | 119 |
| Corporate/ Unallocable Liabilities (including Borrowings) | 71,114 | 71,661 | 81,950 | 71,114 | 81,950 | 69,976 |
| Total Liabilities | 132,460 | 129,029 | 125,280 | 132,460 | 125,280 | 123,156 |
* Exceptional Income / (Expenses) for the quarter ended June 30, 2021 and six month period ended September 30, 2021, exclude ₹ 346 crore (net of litigation cost of ₹ 9 crore) whichrepresent the principal portion on PIS a
Notes:
| Particulars | 30/09/2021(Unaudited) | As at31/03/2021(Audited) |
|---|---|---|
| ASSETS | ||
| Non-Current Assets | ||
| Property, Plant and Equipment (Including Right-of-Use Assets) | 73,360 | 70,849 |
| Capital Work-in-Progress | 7,037 | 10,013 |
| Investment Property | 22 | |
| Goodwill | 23,547 | 23,317 |
| Other Intangible Assets | 6,431 | 6,082 |
| Intangible Assets Under Development | 245 | |
| Equity Accounted Investments | 55 | |
| Financial Assets | ||
| Investments | 8,636 | 7,670 |
| Trade Receivables | 67 | |
| Loans | 14 | |
| Derivatives | 316 | |
| Other Financial Assets | 478 | 1,147 |
| Non-Current Tax Assets (Net) | 3 | |
| Deferred Tax Assets (Net) | 961 | |
| Other Non-Current Assets | 2,042 | 1,525 |
| 123,214 | 122,071 | |
| Current Assets | ||
| Inventories | 37,682 | 30,668 |
| Financial Assets | ||
| Investments | 11,586 | 9,417 |
| Trade Receivables | 16,522 | 12,959 |
| Cash and Cash Equivalents | 6,014 | 8,339 |
| Bank Balances other than Cash and Cash Equivalents | ||
| Loans | 63754 | |
| Derivatives | ||
| Other Financial Assets | 2,322 | 1,495 |
| 1,891 | 1,089 | |
| Current Tax Assets (Net) | 223 | |
| Other Current Assets | 3,454 | 2,785 |
| 80,385 | 67,476 | |
| Non-Current Assets or Disposal Group Classified as Held For Sale | 129 | |
| 80,514 | 67,628 | |
| 203,728 | 189,699 | |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Equity Share Capital | 222 | |
| Other Equity | 71,036 | 66,311 |
| 71,258 | 66,533 | |
| Non-Controlling Interest | 10 | |
| 71,268 | ||
| Liabilities | 66,543 | |
| Non-Current Liabilities | ||
| Financial Liabilities | ||
| Borrowings | 48,103 | 58,985 |
| Lease Liabilities | 1,010 | |
| Trade Payables | ||
| (I) Outstanding dues of micro enterprises and small enterprises | F | |
| (II) Outstanding dues of creditors other than micro enterprises and small enterprises | ||
| Derivatives | 900 | |
| Other Financial Liabilities | 151 | |
| 7,915 | 8,146 | |
| Provisions | ||
| Contract Liabilities | 11 | 4,493 |
| Deferred Tax Liabilities (Net) | 5,137 | |
| Other Non-Current Liabilities | 2,055 | |
| 65,282 | ||
| Current Liabilities | ||
| Financial Liabilities | ||
| Borrowings | 18,721 | |
| Lease Liabilities | 315 | |
| Supplier's Credit | 1,492 | 1,53974,6636,993 |
| Trade Payables | ||
| (I) Outstanding dues of micro enterprises and small enterprises | 48 | |
| (II) Outstanding dues of creditors other than micro enterprises and small enterprises | 30,573 | |
| Derivatives | 6,483 | |
| Other Financial Liabilities | 2,579 | |
| Provisions | 2,505 | |
| Current Tax Liabilities (Net) | 2,318 | |
| Contract Liabilities | 343 | |
| Other Current Liabilities | 1,707 | |
| 67,084 | ||
| Liability Associated with Disposal Group Classified as Held For Salg | 94 | |
| 67,178 | ||
| Minouse & Co Chartered Account | 132,460203,728 | 28,2223,6012,5312,6102,1161,34148,37448,493123,156189,699 |
₩
$\bar{\kappa}$
2. Statement of Consolidated Cash Flows are given below:
×
| Six months ended | ||
|---|---|---|
| Particulars | 30/09/2021 | 30/09/2020 |
| (Unaudited) | (Unaudited) | |
| A. CASH FLOW FROM OPERATING ACTIVITIES | ||
| Profit/ (Loss) Before Tax from Continuing Operations | 9,595 | 1,822 |
| Adjustment for: | ||
| Finance Cost | 2,111 | 1,974 |
| Depreciation and Amortization | 3,285 | 3,252 |
| Impairment Loss/ (Reversal) of Non-Current Assets (Net) | 99 | 137 |
| Impairment Loss/ (Reversal) on Financial Assets (Net) | 151 | (16) |
| Non-Cash Employee Share-Based payments | 13 | |
| Share in (Profit)/ Loss in Equity Accounted Investments (Net of Tax) | (2) | |
| Unrealised Foreign Exchange (Gain)/ Loss (Net) | (40) | 403 |
| Unrealised (Gain)/ Loss on Derivative transactions (Net) | (278) | |
| Fair Value (Gain)/ Loss on Modification of Borrowings (Net) | (141) | |
| (Gain)/ Loss on Assets Held for Sale (Net)(Gain)/ Loss on Property, Plant and Equipment and Intangible Assets Sold/ Discarded (Net) | 27 | |
| Interest Income | (88) | |
| Dividend Income | (30) | |
| (Gains)/ Losses on Investments measured at Fair Value through Profit and Loss (Net) | 53 | (362) |
| Exceptional Income | (101) | |
| Changes in Cash Flow Hedges net of reclassification from OCI | (80) | (106) |
| Other Non-operating (Income)/ Expenses (Net) | (86) | (105) |
| Operating Profit before Working Capital Changes | 14,589 | 6,694 |
| Changes in Working Capital: | ||
| (Increase)/ Decrease in Inventories (Net) | (7,979) | (794) |
| (Increase)/ Decrease in Trade Receivables | (3,652) | |
| (Increase)/ Decrease in Other Financial Assets | (404) | |
| (Increase)/ Decrease in Non Financial Assets | (1,030) | |
| Increase/ (Decrease) in Trade Payables | 3,149 | (1, 857) |
| Increase/ (Decrease) in Other Financial Liabilities | 418 | (468) |
| Increase/ (Decrease) in Non Financial Liabilities (incl. contract liabilities) | 63 | (135) |
| Cash Generated from Operation before Tax | 5,154 | 4,328 |
| Refund/ (Payment) of Income Tax (Net) | (1, 576) | (327) |
| Net Cash Generated/ (Used) - Operating Activities - Continuing Operations | 3,578 | 4,001 |
| Net Cash Generated/ (Used) - Operating Activities - Discontinued Operations | (32) | |
| Net Cash Generated/ (Used) - Operating Activities | 3,546 | 3,949 |
| B. CASH FLOW FROM INVESTMENT ACTIVITIES | ||
| Payments to acquire Property, Plant and Equipment, Intangible Assets and Investment Property | (2, 335) | (2, 555) |
| Proceeds from disposal of Property, Plant and Equipment, Intangible Assets and Investment Property | 35÷. | |
| Acquisition of business, net of cash acquiredInvestment in equity accounted investees | (19, 457) | |
| (Purchase)/ Sale of Investment in Equity Shares at FVTOCI (Net) | (7)316 | |
| (Purchase)/ Sale of Other Investments (Net) | (2,063) | (773) |
| Loans and Deposits given | (88) | (126) |
| Receipt of Loans and Deposits given | (268) | |
| Interest Received | 105 | |
| Dividend Received | 30 | |
| Lease payments received from finance lease | 5 | |
| Net Cash Generated/ (Used) - Investing Activities - Continuing Operations | (4,270) | (22, 793) |
| Net Cash Generated/ (Used) - Investing Activities - Discontinued Operations | ||
| Net Cash Generated/ (Used) - Investing Activities | (4, 270) | (21, 839) |
| C. CASH FLOW FROM FINANCING ACTIVITIES | ||
| Proceeds from issue of Equity Shares (including Share Application Money) | 6 | |
| Treasury shares acquired by ESOP Trust | (34) | |
| Redemption of Debentures | (3) | |
| Proceeds from Non-current Borrowings | 11,322 | 5,989 |
| Pre-payment of Non-current Borrowings | (460) | |
| Repayment of Non-current BorrowingsIncrease/ (Decrease) in Supplier's Credit (Net) | (13, 933) | (2,878) |
| Principal Payments of Lease Liabilities | 1,235(171) | (190) |
| Proceeds from/ (Repayment of) Current Borrowings (Net) | 3,071 | 8,373 |
| Finance Cost Paid | (2, 102) | (2, 251) |
| Dividend Paid | (667) | (222) |
| Net Cash Generated/ (Used) - Financing Activities - Continuing Operations | (1,736) | 8,819 |
| Net Cash Generated/ (Used) - Financing Activities - Discontinued Operations | ||
| Net Cash Generated/ (Used) - Financing Activities | (1,736) | 8,806 |
| Net Increase/ (Decrease) in Cash and Cash Equivalents | ||
| Add: Opening Cash and Cash Equivalents | (2,460) | (9,084) |
| Add: Effect of exchange variation on Cash and Cash Equivalents | 8,339135 | 21,269 |
| Closing Cash and Cash Equivalents | 6,014 | 12,275 |
| Reconciliation of Closing Cash and Cash Equivalents with Balance Sheet: | ||
| Cash and Cash Equivalents as per Balance Sheet | 6,014 | 12,277 |
| Less: Fair Value adjustments in Liquid Investments | Schouse & Co CharteredccountryAAC-4362 | |
| Less: Temporary Overdraft Balance in Current Accounts | 12,275 | |
| Cash and Cash Equivalents as per Cash Flow Statement | 6,014 |
Notes:
-
- These statement of consolidated unaudited financial results (the "consolidated financial results") of the Company and its subsidiaries (collectively "the Group") and its interest in associates and joint ventures have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their meeting held on November 12, 2021.
- The Company has allotted 307,877 and 567,674 (includes 93,751 and 137,186 shares transferred through Hindalco Employee $4.$ Welfare Trust) equity shares of ₹1/- each to the option grantees pursuant to the exercise of options under the Employees Stock Option Schemes during the quarter and half year ended September 30, 2021, respectively.
- In August 2021, Novelis issued ₹5,563 crore ($750 million) in aggregate principal amount of 3.25% Senior Notes due on November $5.$ 2026 (the "2026 Notes") and ₹5,563 crore ($750 million) in aggregate principal amount of 3.875% Senior Notes due on August 2031. The 2026 Notes will mature on November 15, 2026 and the 2031 Notes will mature on August 15, 2031. Both these Notes are subject to semi-annual interest payments. Novelis has incurred debt issuance costs of ₹158 crore ($22 million) which will be amortized over the term of these Notes.
The net proceeds from these issuances, together with cash in hand, has been utilised to (i) fund the redemption of all of the 5.875% Senior Notes (the "foregoing Notes") amounting to $1.5 billion, due September 2026, plus the redemption premium and accrued and unpaid interest thereon and (ii) pay certain fees and expenses in connection with the foregoing Notes.
As a result of above transaction, the Group has recognised ₹ 375 crore ($51 million) towards redemption premium paid and recognised as expense ₹75 crore ($10 million) of unamortised portion of debt issuance cost related to the foregoing Notes as part of Finance cost. Further, the Group has recognised gain of ₹103 crore ($14 million) on account of modification of debt relating to certain lenders as a part of Other Income.
Additionally, during the quarter ended September 30, 2021, Novelis has prepaid ₹ 1,483 crore ($ 200 million) of its Term Loan Facility, maturing in June 2022, which resulted into a loss on extinguishment of debt of ₹8 crore ($1 million).
-
- During the quarter ended September 30,2021, A V Minerals (Netherlands) N.V., a wholly owned subsidiary of the Company has remitted $75 million (₹557 crore) towards return of capital by reducing nominal value of its shares. The foreign exchange gain arising on account of this transaction amounting to ₹212 crore has been transferred to Foreign Currency Translation Reserve in Other Comprehensive Income in the consolidated financial results.
- $7.$ (a) The Group has done a detailed assessment of its fertilizer plant in India covering structural integrity and other operational challenges, and considering the uncertainty of the future usage of the asset, the Group has recognized impairment amounting to ₹76 crore during the quarter ended September 30,2021.
(b) The Group has also impaired certain mining assets in India which were underutilized due to various reasons such as environmental clearances etc. amounting to ₹19 crore during the quarter ended September 30,2021.
- Exceptional Income / (Expenses) during the quarter and half year ended September 30, 2021, consists of the following:
| ₹ Crore | ||
|---|---|---|
| Particulars | Q2 FY22 | YTD FY22 |
| Recognition of benefit received as a result of multiple favourable rulings from the BrazilianSupreme Court that recognized the right to exclude certain taxes related to Program for SocialIntegration (PIS) And Contribution for the Financing of Social Security (COFINS) on grossmethodology for the years 2009 to 2017, net of litigation cost. (Principal ₹355 crore ($48 million);Interest ₹ 212 crore ($ 29 million); Litigation cost ₹ (9) crore ($ 1 million)). | 558 | |
| Reversal of Employee severance cost pursuant to restructuring program in a manufacturing unit inNovelis, Germany. | 20 | 38 |
| Total | חל | 506 |
Additional disclosures as per Clause 52 (4) and 54 of Securities and Exchange Board of India (Listing Obligations and Disclosure 9. Requirements) Regulations, 2015:
| Quarter ended | Six months ended | Year ended | |||||
|---|---|---|---|---|---|---|---|
| 5. No. | Particulars | 30/09/2021 | 30/06/2021 | 30/09/2020 | 30/09/2021 | 30/09/2020 | 31/03/2021 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
| $\mathbf{1}$ | Debenture Redemption Reserve (₹ in crore) | 1,425 | 1,388 | 1.275 | 1,425 | 1.275 | 1.350 |
| 2 | Capital Redemption Reserve (₹ in crore) | 104 | 104 | 104 | 104 | 104 | 104 |
| 3 | Net Worth (₹ in crore) | 71,268 | 69,462 | 59,647 | 71,268 | 59,647 | 66,543 |
| $\overline{4}$ | Debt-Equity ratio (in times):(Borrowings + Lease Liabilities)/ Total Equity] | 0.96 | 0.99 | 1.33 | 0.96 | 1.33 | 1.01 |
| 5 | Long term Debt to Working Capital:[(Non-Current Borrowings + Current Maturities of Long term Borrowings +Lease Liabilities)/ Working Capital excluding Current Maturities of Long termborrowings] | 2.60 | 2.82 | 2.78 | 2.60 | 2.78 | 3.04 |
| 6 | Total Debts to Total Assets Ratio (in %):(Borrowings + Lease Liabilities)/ Total Assets] | 33% | 35% | 43% | 33% | 43% | 35% |
| $\overline{7}$ | Debt Service Coverage Ratio (in times):[(Profit from Continuing Operations before Depreciation, Amortization,Impairment Loss on Non-Current Assets, Finance Cost and Tax)/ (Finance Cost(net of capitalization) + Scheduled Principal Repayment (ExcludingPrepayment))] | 5.93 | 3.77 | 1.35 | 5.2 | 1.43 | 1.95 |
| Interest Service Coverage Ratio (in times):[(Profit from Continuing Operations before Depreciation, Amortization,Impairment Loss on Non-Current Assets, Finance Cost and Tax)/ Finance Cost(net of capitalization)] | 6.25 | 8.56 | 5.34 | 7.15 | 3.64 | 4.92 | |
| 9 | Current Ratio (in times):[Current Assets/ Current Liabilities excluding Current Maturities of Long termborrowings] | 1.39 | 1.39 | 1.60 | 1.39 | 1.60 | 1.42 |
| 10 | Bad debts to Account receivable ratio (in %):[Bad Debts/ Average Trade Receivable] | 0% | 0% | 0% | 0% | 0% | 0% |
| 11 | Current liability ratio (in %):Current Liabilities (excluding Current Maturities of Long term borrowings)/Total Liabilities] | 44% | 42% | 33% | 44% | 33% | 39% |
| 12 | Debtors Turnover (in times):[Revenue from Operations /Average Trade Receivable] - Annualised | 11.83 | 11.54 | 11.96 | 12.03 | 11.18 | 11.78 |
| 13 | Inventory Turnover (in times):Revenue from Operations/ Average inventory] - Annualised | 5.12 | 4.90 | 4.82 | 5.21 | 4.58 | 4.98 |
| 14 | Operating Margin (in %):[(Profit from Continuing Operations before Depreciation, Amortization,Impairment Loss on Non-Current Assets, Interest, Tax and Exceptional ItemLess Other Income)/ Revenue from Operations] | 16% | 15% | 16% | 16% | 12% | 13% |
| 15 | Net Profit Margin (in %):[Profit after tax from Continuing and Discontinued Operations/ Revenue fromOperationsl | 7% | 7% | 1% | 7% | $-1%$ | 3% |
| 16 | Asset Coverage Ratio on Secured Non-Convertible Debentures (NCDs) (intimes):Total Assets pledged for secured NCDs/ Outstanding Balance of securedNCDs1 | 1.38 | 1.40 | 1.38 | 1.38 | 1.38 | 1.33 |
| 17 | Net Profit and Earnings Per Share details are presented on the face of Financial Results. |
- During the quarter ended June 30, 2021, in line with the changes in the internal structure for reporting financial information to the entity's chief operating decision maker (CODM), the Group has changed its segment disclosure related to segment results for Aluminium and Copper segments in the consolidated financial results as per Ind AS 108 "Operating Segments". Corporate expenses and certain other items of income/expenses like (gain)/loss on disposals of property, plant and equipment (PPE), restructuring expenses, etc., which were previously included as a part of segment results of Aluminium and Copper segments are now excluded from segment results of these segments as these are not considered to be directly related to operations of Aluminium and Copper segments. There is no change in the measure of performance with respect to 'Novelis Segment' and 'All Other Segments'. The corresponding segment information of previous periods has been restated accordingly.
Due to above, segment results for "Aluminium Segment" and "Copper Segment" have increased with corresponding change in "Unallocable Income/ (Expense) (Net)" as under:
| ₹ Crore | ||||||
|---|---|---|---|---|---|---|
| Particulars | Q2 FY22 | Q1 FY22 | Q2 FY21 | YTD Sep21 | YTD Sep20 | FY21 |
| Aluminium Segment | 174 | 142 | 122 | 316 | 239 | 586 |
| Copper | 37 | 39 | 34 | 76 | 62 | 153 |
| TNetlExp^en%e\ | 211! | (181) | (156) | (392) | (301) | '739) |
| $\sim$ |
AO2GEJE
-
- On November 3, 2021 the Group has announced acquisition of 100% equity stake in Ryker Base Private Limited (100% subsidiary of Polycab India Limited) through its wholly owned subsidiary, Renuka Investments and Finance Limited, at a purchase consideration based on an Enterprise Value of ₹ 323 crore plus actual working capital minus net debt as on the date of closing. Subject to customary closing adjustments, the purchase consideration for the equity stake is likely to be around ₹167 crore.
-
- Figures of previous periods have been regrouped/ reclassified wherever necessary to conform to current period classification.
Place: Mumbai Dated: November 12, 2021
Co Chartered $436$ Mumbai
Satish Pai Managing Director
By and on behalf of the Board
$\overline{a}$
HINDALCO INDUSTRIES LIMITEDRegd. Office: Ahura Centre, 1st Floor, B-Wing, Mahakali Caves Road, Andheri (East), Mumbai 400093Website: www.hindalco.com, Email: [email protected], Corporate Identity No. L27020MH1958P
| (र in Crore, except otherwise stated) | ||||||
|---|---|---|---|---|---|---|
| Quarter ended | Six months ended | Year ended | ||||
| Particulars | 30/09/2021 | 30/06/2021 | 30/09/2020 | 30/09/2021 | 30/09/2020 | 31/03/2021 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |
| Income | ||||||
| Revenue from Operations | 17,290 | 13,298 | 9,518 | 30,588 | 16,938 | 42,701 |
| Other Income | 163 | 101 | 166 | 264 | 412 | 650 |
| Total Income | 17,453 | 13,399 | 9.684 | 30,852 | 17,350 | 43,351 |
| Expenses | ||||||
| Cost of Materials Consumed | 10,790 | 7,637 | 6,249 | 18,427 | 10,790 | 27,324 |
| Trade Purchases | 392 | 257 | 439 | 649 | 628 | 1,098 |
| Change in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade | (430) | (245) | (1,006) | (675) | (1, 362) | (1, 821) |
| Employee Benefits Expense | 510 | 488 | 439 | 998 | 900 | 1,844 |
| Power and Fuel | 1,634 | 1,520 | 1,470 | 3,154 | 2,733 | 5,668 |
| Finance Cost | 343 | 347 | 361 | 690 | 786 | 1,469 |
| Depreciation and Amortization Expense | 424 | 442 | 427 | 866 | 852 | 1,708 |
| Impairment Loss on Non-Current Assets (Refer Note 6) | 95 | 133 | 95 | 140 | 140 | |
| Impairment Loss/ (Reversal) on Financial Assets (Net) | (3) | (7) | ||||
| Other Expenses | 1,261 | 1,543 | 939 | 2,804 | 1,687 | 4,361 |
| Total Expenses | 15,019 | 11,991 | 9,454 | 27,010 | 17,151 | 41,784 |
| Profit/ (Loss) before Exceptional Items and Tax | 2,434 | 1,408 | 230 | 3,842 | 199 | 1,567 |
| Exceptional Income/ (Expenses) (Net) | 88 | 53 | ||||
| Profit/(Loss) before Tax | 2,434 | 1,408 | 318 | 3,842 | 252 | 1,574 |
| Tax Expenses: | ||||||
| Current Tax Expense | 417 | 251 | 48 | 668 | 48 | 283 |
| Deferred Tax Expense/ (Benefit) | 409 | 247 | 72 | 656 | 46 | 298 |
| Profit/ (Loss) for the Period | 1,608 | 910 | 198 | 2,518 | 158 | 993 |
| Other Comprehensive Income/ (Loss) | ||||||
| Items that will not be reclassified to Statement of Profit and Loss | ||||||
| Remeasurement of Defined Benefit Obligation | 37 | 5 | 44 | 42 | 24 | 57 |
| Change in Fair Value of Equity Instruments Designated as FVTOCI | 844 | 276 | 331 | 1,120 | 1,346 | 4,351 |
| Income Tax effect | (108) | (26) | (15) | (134) | (8) | (20) |
| Items that will be reclassified to Statement of Profit and Loss | ||||||
| Change in Fair Value of Debt Instruments Designated as FVTOCI | $\overline{2}$ | (3) | (1) | (9) | ||
| Effective Portion of Cash Flow Hedges | (423) | (830) | 161 | (1, 253) | 307 | (757) |
| Cost of Hedging Reserve | 37 | (26) | (50) | 11 | (224) | (168) |
| Income Tax effect | 134 | 299 | (38) | 433 | (29) | 326 |
| Other Comprehensive Income/ (Loss) for the period | 523 | (302) | 430 | 221 | 1,415 | 3,780 |
| Total Comprehensive Income/ (Loss) for the period | 2.131 | 608 | 628 | 2,739 | 1,573 | 4,773 |
| Paid-up Equity Share Capital (Net of Treasury Shares) (Face value of ₹1/- per | 222 | 223 | 222 | 222 | 222 | 222 |
| share) | ||||||
| Other Equity | 51,880 | 50,450 | 46,645 | 51,880 | 46,645 | 49,842 |
| Earnings Per Share: | ||||||
| Basic (₹) | 7.23 | 4.09 | 0.89 | 11.32 | 0.71 | 4.46 |
| Diluted (₹) | 7.21 | 4.09 | 0.89 | 11.30 | 0.71 | 4.46 |
Notes:
$\sim$
- Statement of Standalone Assets and Liabilities are given below:
| As at | ||
|---|---|---|
| Particulars | 30/09/2021(Unaudited) | 31/03/2021(Audited) |
| ASSETS | ||
| Non-Current Assets | ||
| Property, Plant and Equipment (including Right of Use Assets) | 31,717 | 32.061 |
| Capital Work In Progress | 1,484 | 1,587 |
| Investment Properties | 8 | 8 |
| Intangible Assets | 325 | 321 |
| Intangible Assets Under Development | 146 | 122 |
| Financial Assets | ||
| Investment in Subsidiaries | 16,397 | 16,794 |
| Investment in Associates and Joint Ventures | 149 | 142 |
| Other Investments | 8,557 | 7,437 |
| Loans | 11 | 11 |
| Derivatives | 218 | 225 |
| Other Financial Assets | 272 | 188 |
| Non Current Tax Assets (Net) | ۷ | |
| Other Non-Current Assets | 917 | 843 |
| 60,201 | 59,739 | |
| Current Assets | ||
| Inventories | ||
| Financial Assets | 17,439 | 15,989 |
| Investments | ||
| 9,284 | 7,358 | |
| Trade Receivables | 2,234 | 1,602 |
| Cash and Cash Equivalents | 924 | 1,003 |
| Bank Balances other than Cash and Cash Equivalents | 15 | 16 |
| Loans | 48 | 49 |
| Derivatives | 709 | 495 |
| Other Financial Assets | 347 | 254 |
| Other Current Assets | 2,023 | 1,438 |
| 33,023 | 28,204 | |
| Non-Current Assets or Disposal Group Classified as Held For Sale | 3 | |
| 33,026 | 28,208 | |
| 93,227 | 87,947 | |
| EQUITY & LIABILITIES | ||
| Equity | ||
| Equity Share Capital | 222 | 222 |
| Other Equity | 51,880 | 49,842 |
| 52,102 | 50,064 | |
| Liabilities | ||
| Non-Current Liabilities | ||
| Financial Liabilities: | ||
| Borrowings | 9,186 | 15,174 |
| Lease Liabilities | 277 | 236 |
| Trade Payables | ||
| (I) Outstanding dues of micro enterprises and small enterprises; | ||
| (II) Outstanding dues of creditors other than micro enterprises and small enterprises | ||
| Derivatives | 672 | 390 |
| Other Financial Liabilities | 10 | 10 |
| Provisions | ||
| 360 | 421 | |
| Deferred Tax Liabilities (Net) | 2,316 | 1,966 |
| Other Non-Current Liabilities | 590 | 609 |
| 13,411 | 18,806 | |
| Current Liabilities | ||
| Financial Liabilities: | ||
| Borrowings | 13,523 | 4,755 |
| Lease Liabilities | 90 | 75 |
| Supplier's Credit | 1,492 | 255 |
| Trade Payables | ||
| (I) Outstanding dues of micro enterprises and small enterprises; | 42 | 52 |
| (II) Outstanding dues of creditors other than micro enterprises and small enterprises | 6,593 | 8,748 |
| Derivatives | 2,169 | 1,555 |
| Other Financial Liabilities | 768 | 937 |
| Provisions | 954 | 831 |
| Current Tax Liabilities (Net) | 1,216 | 1,168 |
| Contract Liabilities | 159 | 136 |
| Other Current Liabilities | 708 | 565 |
| MOUSE & Co Chartered Account | 27,714 | 19,077 |
| 41,125 | 37,883 | |
| 93,227 | 87,947 | |
| ٠ | ||
| RN 304026E/E-300009śMumbai |
- Statement of Standalone Cash Flows is given below:
| ₹ in Crore | ||
|---|---|---|
| Six months ended | ||
| Particulars | 30/09/2021 | 30/09/2020 |
| (Unaudited) | (Unaudited) | |
| CASH FLOW FROM OPERATING ACTIVITIES | ||
| Profit before tax | 3,842 | 252 |
| Adjustment for: | ||
| Finance costs | 690 | 786 |
| Depreciation and amortization | 866 | 852 |
| Non-Cash Employee Share-Based payments | 13 | 10 |
| Impairment Loss/ (Reversal) on Financial Assets (Net) | $\overline{2}$ | (3) |
| Impairment on Non-Current Assets | 95 | 140 |
| Other Non-Operating (Income)/ Expense (Net) | (117) | (14) |
| Unrealised Foreign Exchange (Gain)/ Loss (Net) | (43) | (31) |
| Unrealised (Gain)/ Loss on Derivative Transactions (Net) | (278) | 241 |
| Fair Value (Gain)/ Loss on modification of Borrowings (Net) | (13) | (40) |
| (Gain)/ Loss on Assets held for Sale (Net) | 3 | |
| (Gain)/ Loss on Property, Plant and Equipment and Intangible Assets Sold/Discarded (Net) | 8 | 10 |
| Interest Income | (59) | (60) |
| Dividend Income | (30) | (13) |
| Exceptional Income | (101) | |
| Changes in Cash Flow Hedges net of reclassification from OCI | (80) | (106) |
| (Gain)/ Loss on Investments measured at FVTPL (Net) | (132) | (277) |
| Operating profit before working capital changes | 4,764 | 1,649 |
| Changes in working capital: | ||
| (Increase)/ Decrease in Inventories | (2, 358) | (2, 325) |
| (Increase)/ Decrease in Trade receivables | (634) | 296 |
| (Increase)/ Decrease in Financial assets | 43 | (59) |
| (Increase)/ Decrease in Non financial assets | (557 | (90) |
| Increase/ (Decrease) in Trade payables | (1, 448) | (378) |
| Increase/ (Decrease) in Financial liabilities | (7) | |
| Increase/ (Decrease) in Non-Financial Liabilities (including Contract Liabilities) | 248 | 42 |
| Cash Generated from Operation before Tax | 60 | (872) |
| Refund/ (Payment) of Income Tax (Net) | (619) | 415 |
| Net Cash Generated/ (Used) - Operating Activities | ||
| (559) | (457) | |
| CASH FLOW FROM INVESTING ACTIVITIES | ||
| Payments to acquire Property Plant and Equipment, Intangible Assets and Investment Property | (599) | (471) |
| Proceeds from disposal of Property Plant and Equipment, Intangible Assets and Investment Property | 33 | 5 |
| Return of Capital from Subsidiary | 557 | ÷ |
| Investment in Associates and Joint Ventures | (7) | |
| (Purchase)/ Sale of Investment in Equity Shares at FVTOCI (Net) | 102 | (29) |
| (Purchase)/ Sale of Other Investments (Net) | (1,934) | (679) |
| Loans and deposits given | (88) | (91) |
| Receipt of Loans and deposits given | 2 | $\overline{2}$ |
| Interest received | 56 | 49 |
| Dividend received | 30 | 13 |
| Net Cash Generated/ (Used) - Investing Activities | (1,848) | (1, 201) |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Proceeds from issue of equity shares (Including Share Application Money) | 1 | |
| Treasury Shares acquired by ESOP Trust | (34) | |
| Prepayment of Non Current Borrowings | (460) | |
| Repayment of Non Current Borrowings | (4) | (3) |
| Principal Payments of Leases Liabilities | (40) | (33) |
| Proceeds from/ (Repayment of) Current Borrowings (Net) | 3,230 | (18) |
| Increase/ (Decrease) in Supplier's Credit | 1,235 | |
| Finance cost paid | (938) | (1,071) |
| Dividend Paid | (667 | |
| Net Cash Generated/ (Used) - Financing Activities | (222) | |
| 2,328 | (1, 346) | |
| Net increase/ (decrease) in cash and cash equivalents | (79) | (3,004) |
| Add: Opening Cash and Cash Equivalents | 1,003 | 3,231 |
| Closing Cash and Cash Equivalents | 924 | 227 |
| Reconciliation of Closing Cash and Cash Equivalents with Balance Sheet | ||
| Cash and cash equivalents as reported in Balance Sheet | 924 | 229 |
| Less: Fair value gain/ (loss) on liquid investments$R = 1.11$ | ۰ | |
| Less: Temporary Overdraft Balance in Current Accounts | × | (2) |
| & Co CharteredCash and Cash Equivalents as per Cash Flow Statement | 924 | 227 |
LPIN AAC-4362
V 304026E/E-300
Mumbai
÷
-
- The statement of standalone unaudited financial results (the "standalone financial results") of the Company have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their meeting held on November 12, 2021.
-
- The Company has allotted 307,877 and 567,674 (includes 93,751 and 137,186 shares are transferred through Hindalco Employee Welfare Trust) equity shares of ₹1/- each to the option grantees pursuant to the exercise of options under the Employees Stock Option Schemes during the quarter and half year ended September 30, 2021, respectively.
- During the quarter ended September 30,2021, A V Minerals (Netherlands) N.V., a wholly owned subsidiary of the Company has remitted 5. $75 Million (₹557 Crore) towards return of capital by reducing nominal value of its shares. The Company has accounted for the same as reduction in Company's carrying value of investment in the said subsidiary by ₹397 Crore and the foreign exchange gain arising on account of this transaction amounting to ₹160 Crore has been recognised in the standalone financial results.
-
- a) The Company has done a detailed assessment of its fertilizer plant covering structural integrity and other operational challenges, and considering the uncertainty of the future usage of the asset, the Company has recognized impairment amounting to ₹76 crore during the quarter ended September 30, 2021.
b) The Company has also impaired certain mining assets which were underutilized due to various reasons such as environmental clearances etc. amounting to ₹19 Crore during the quarter ended September 30,2021.
- Additional disclosures as per Clause 52 (4) and 54 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015:
| Quarter ended | Six months ended | Year ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
| S. No. | Particulars | 30/09/2021 | 30/06/2021 | 30/09/2020 | 30/09/2021 | 30/09/2020 | 31/03/2021 | ||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||
| $\mathbf{1}$ | Debenture Redemption Reserve (₹ in Crores) | 1.425 | 1,388 | 1.275 | 1.425 | 1.275 | 1,350 | ||
| $\overline{2}$ | Capital Redemption Reserve (₹ in Crores) | 102 | 102 | 102 | 102 | 102 | 102 | ||
| 3 | Net Worth (₹ in Crores) | 52,102 | 50,673 | 46,867 | 52,102 | 46,867 | 50,064 | ||
| 4 | Debt-Equity ratio (in times):(Borrowings + Lease Liabilities)/ Total Equity] | 0.44 | 0.43 | 0.49 | 0.44 | 0.49 | 0.40 | ||
| 5. | Long term Debt to Working Capital:(Non-Current Borrowings + Current Maturities of Long term Borrowings +Lease Liabilities)/ Working Capital excluding Current Maturities of Longterm Borrowings] | 1.37 | 1.59 | 1.74 | 1.37 | 1.74 | 1.66 | ||
| 6 | Total Debts to Total Assets Ratio (in %):(Borrowings + Lease Liabilities)/ Total Assets] | 25% | 25% | 28% | 25% | 28% | 23% | ||
| $\overline{7}$ | Debt Service Coverage Ratio (in times):(Profit before Depreciation, Amortisation, Impairment Loss on Non-Current Assets, Finance Cost and Tax)/ (Finance Cost (net oftapitalization) + Scheduled Principal Repayment (Exciuding Prepayment))] | 9.21 | 5.84 | 3.26 | 7.48 | 2.47 | 3.17 | ||
| 8 | Interest Service Coverage Ratio (in times):(Profit before Depreciation, Amortisation, Impairment Loss on Non-Current Assets, Finance Cost and Tax)/ Finance Cost (net ofcapitalization)] | 9.61 | 6.33 | 3.43 | 7.96 | 2.58 | 3.33 | ||
| 9 | Current Ratio (in times):Current Assets/ (Current Liabilities excluding Current Maturities of Long(term Borrowings | 1.52 | 1.49 | 1.60 | 1.52 | 1.60 | 1.52 | ||
| 10 | Bad debts to Account receivable ratio (in %) :Bad Debts/ Average Trade Receivable] | 0% | 0% | 0% | 0% | 0% | 0% | ||
| 11 | Current liability ratio (in %):Current Liabilities excluding Current Maturities of Long term BorrowingsTotal Liabilities] | 53% | 51% | 44% | 53% | 44% | 49% | ||
| 12 | Debtors Turnover (in times):[Revenue from Operations /Average Trade Receivable] - Annualised | 34.30 | 31.28 | 21.13 | 31.90 | 17.40 | 23.11 | ||
| 13 | Inventory Turnover (in times):Revenue from Operations/ Average inventory] - Annualised | 3.86 | 3.09 | 2.86 | 3.66 | 2.65 | 3.14 | ||
| 14 | Operating Margin (in %):(Profit before Depreciation, Amortisation, Impairment Loss on Non-Current Assets, Interest, Tax and Exceptional Item Less Other Income)/Revenue from Operations] | 18% | 16% | 10% | 17% | 9% | 10% | ||
| 15 | Net Profit Margin (in %):Profit after tax/ Revenue from Operations] | 9% | 7% | 2% | 8% | 1% | 2% | ||
| 16 | Asset Coverage Ratio on Secured Non- Convertible Debentures (NCDs)(In times):[Total assets pledged for secured NCDs/ Outstanding balance of securedNCD s 1 | 1.38 | 1.40 | 1.38 | 1,38Co Charta | 1.38 | 1.33 | ||
| 17 | Net Profit and Earnings Per Share details are presented on the face of Financial Results. |
Mumbai
-
- Since the segment information as per Ind AS 108-Operating Segments is provided on the basis of consolidated financial results, the same is not provided separately for the standalone financial results.
-
- Figures of previous periods have been regrouped/reclassified wherever necessary to conform to current period classification.
Place: Mumbal Dated: November 12, 2021
Co Chartered $8L$ PIN AAC 304026E/E Mumbai
By and on behalf of the Board SatistrPal Managing Director