Novelis Q4 net income up 46% to US $73 million

Novelis Inc, an overseas subsidiary of Hindalco Industries, on Wednesday announced 46% jump in net income at US $73 million during the fourth quarter ended March 2017.

Novelis grew its fourth quarter fiscal 2017 net income 46% to US $73 million, and increased full year net income by 78% to US $233 million.

The increase in both fourth quarter and full year net income reflects the significant improvement in adjusted EBITDA, as well as lower interest expense, a result of the company’s long-term debt refinancing actions during fiscal 2017, a company statement said here.

Net sales increased 9% to US $2.6 billion for the fourth quarter of fiscal 2017, driven by higher average aluminium prices and increased shipments of higher conversion premium products, including a 26% increase in automotive shipments.

“The company’s revenue decreased by 3% to US $9.6 billion in fiscal 2017. A 2% decline in shipments to 3,067 kilo tonnes was partially offset by an increased level of higher conversion premium products, including a record level of automotive shipments,” it said.

For fiscal 2017, the percentage of the company’s shipment portfolio stemming from automotive sheet grew to 18%, up from 15% in the prior year, it said.

During FY 17, the company achieved …read more