Hindalco Profit Beats Estimates on Rupee Decline, Other Income
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Hindalco Industries Ltd., India’s second-largest aluminum maker, reported a 3.8 percent drop in third-quarter profit that beat analyst estimates as a depreciating rupee boosted earnings and income from sources other than operations more than tripled.
Net income, excluding unit Novelis Inc., declined to 4.34 billion rupees ($81 million) in the three months ended Dec. 31 from 4.51 billion rupees a year earlier, the company said today in a statement. The median estimate of 24 analysts surveyed by Bloomberg was 3.94 billion rupees. Sales gained 3 percent to 67.9 billion rupees.