Hindalco Limited has announced a 18% rise in turnover for the quarter ended 30th June 2000. The company has posted a 27.5% growth in net profits. Export income during the quarter grew by 36%.The company, which logged in stagnant volume growth in sales, has benefited from a rise in realisations.
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The company has stated that it has commenced work on the brownfield expansion plan, which is slated to cost Rs 18 bn and is anticipated to be completed in the first half of FY04. The expansion will increase the company’s smelting capacity by 100,000 tonnes and alumina refining capacity by 210,000 tonnes. Under the same plan, its power capacity too will be expanded by 150MW.
The company has stated that market fundamentals continue to remain strong and expects the company to post a buoyant performance for FY01. We have anticipated a full year profit growth of 11% for the company. Topline is projected to grow by over 7%.
The stock currently trades at Rs 808, implying a P/e multiple of 8.5.
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