February 12, 2019 / 8:47 AM / 7 months ago

Hindalco third-quarter profit plunges on higher input costs

A man counts Indian currency notes inside a shop in Mumbai, August 13, 2018. REUTERS/Francis Mascarenhas/Files

(Reuters) - Aluminium producer Hindalco Industries Ltd posted a 34.4 percent drop in third-quarter profit on Tuesday, hurt by increase in input costs, mainly of coal and furnace oil.

Standalone net profit after tax was 2.47 billion rupees ($34.87 million)in the quarter ended Dec.31, compared with 3.77 billion rupees a year ago, the Mumbai-headquartered company said bit.ly/2Br81rp.

The profit figure lagged analysts’ estimate of a profit of 4.07 billion rupees, according to Refinitiv Eikon data.

Revenue from operations rose 8 percent to 119.38 billion rupees, the company, which produces and sells aluminium and copper products, added bit.ly/2tr62ix.

Reporting by Chandini Monnappa in Bengaluru; Editing by Rashmi Aich

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