Hindalco shares extend losses after Q4 results; whats worrying investors
Hindalco Industries reported a 37 per cent year-on-year (YoY) drop in consolidated net profit or profit after tax (PAT) to Rs 2,411 crore.
Hindalco Industries shares extended decline for a second day on Thursday after the Aditya Birla group company reported a 37 per cent fall in quarterly net profit. The Hindalco stock was among the top laggards in the blue-chip Nifty basket, falling as much as 2.2 per cent to Rs 398 apiece on BSE.
However, most brokerages remain upbeat on the stock, placing their targets as high as 30 per cent above the current market price.
Hindalco Q4 results
The aluminium producer reported a consolidated net profit or profit after tax (PAT) of Rs 2,411 crore for the quarter ended March 2023. The net profit, however, increased 77 per cent compared on a sequential basis. Its consolidated revenue came in at Rs 55,857 crore, according to a regulatory filing.
According to Zee Business research, the company's quarterly net profit was estimated at Rs 2,008 crore and revenue at Rs 52,309 crore.
Hindalco dividend
The Hindalco Industries board recommended a dividend of Rs 3 per share — a 300 per cent payout given the face value of Re 1 each. The dividend is subject to shareholders' approval at its ensuing annual general meeting.
Should you buy Hindalco shares?
CLSA maintained a ‘buy’ call on Hindalco shares after the company's earnings announcement but reduced its target price by Rs 20 to Rs 530 apiece.
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