Hindalco Industries has reported a 37 per cent fall in its consolidated net profit to Rs 2,411 crore for the March quarter due to a rise in operational costs.

The company had posted a net profit of Rs 3,860 crore during the January-March quarter of 2021-22. The company’s total income was Rs 56,209 crore in the quarter under review against Rs 56,057 crore in the year-ago quarter.

The expenses were higher at Rs 53,372 crore against Rs 51,026 crore a year ago due to a rise in power and fuel charges, employee benefit expenses and inventory costs.

The company’s managing director Satish Pai in a statement said, “Our copper business delivered exceptional results, recording its highest-ever EBITDA, driven by robust market demand, stable operations and higher value-added product sales.”

Biocon profit up 31%

Biotechnology major Biocon said its consolidated net profit increased 31 per cent to Rs 313 crore for the March quarter on the back of robust sales.

The company had reported a net profit of Rs 239 crore in the January-March quarter.

Total revenue increased to Rs 3,929 crore in the fourth quarter against Rs 2,476 crore in the year-ago period, Biocon Ltd said in a statement.

For the year ended March 31, the company reported a consolidated net profit of Rs 463 crore, down 29 per cent, from Rs 648 crore in 2021-22 fiscal.

Total revenue, however, increased to Rs 11,550 crore last fiscal as compared with Rs 8,397 crore in FY22.

“Biosimilars continue to be the largest business segment for Biocon, with revenues of Rs 2,102 crore, a growth of 114 per cent, exiting the year on a $1 billion revenue trajectory,” Biocon executive chairperson Kiran Mazumdar-Shaw said.