Addressing the 64th Annual General Meeting of Hindalco Industries Limited, Chairman Mr. Kumar Mangalam Birla, while sharing his thoughts on the resurgence of India's growth story, declared that Hindalco Industries will be investing Rs. 2,000 crores to establish the first copper and e-waste recycling facility in India, addressing the global challenge of e-waste.

The company's commitment to reducing its ecological footprint and fostering sustainable growth has led to pioneering strategies, cutting-edge technologies, and impactful initiatives. Novelis, an independent subsidiary of Hindalco Industries, has made significant strides towards a more green economy, recycling 2.3 million tonnes of aluminum scrap in fiscal 2023 and increasing the recycled content in its products to 61%. In a run for a greener push, Hindalco's renewable energy integration has risen by over 54% in FY23 and currently stands at 150 MW, against our target of 300 MW by 2025.

The company also showed how it would leverage its strengths and investments to contribute to India's emergence as a manufacturing powerhouse. Starting with Indian Railways, a lifeline connecting the nation, which aims to become net zero while doubling its freight capacity. Hindalco is working towards the cause by commercializing India's first all-aluminum lightweight rake, saving over 14,500 tonnes of CO2 over its lifetime. The company plans to introduce three more designs of freight wagons targeting specific end-use applications like bagged cement and food grains. Hindalco is also planning to partner with Indian railways and the passenger coach manufacturing ecosystem for the high-speed Vande Bharat trains, with an investment of Rs. 2,000 crore and technology tie-ups.

While announcing the company's performance, the chairman said that the year was marked by heightened geopolitical and macroeconomic headwinds, but the company delivered a resilient performance and noteworthy achievements.

Hindalco's consolidated revenue touched a record high of Rs. 2,23,202 crore for FY23, making a 14% increase over the previous year, driven by growth in value-added products across all businesses.

For the quarter ending June 2023, Hindalco posted a 41% year-on-year drop in consolidated profit at Rs 2,454 crore for the June quarter. However, the company reported a 1.78% increase in Q-o-Q profit, driven by a recovery in Novelis and Aluminium India downstream businesses and backed by a steady performance by the copper business. Revenue from operations declined 9% year-on-year to Rs. 52,991 crore in Q1 FY24, down 7% quarter-on-quarter. The company attributed the drop in revenues to unfavorable macros and subdued volumes.

Novelis delivered a solid performance, achieving record net sales of $18.5 billion, an 8% increase over the previous year. Quarterly revenues were reported to be 7% down at $4.1 billion due to lower average aluminum prices and subdued shipments. Operating cash flow stood at a record $1.2 billion, an increase of 12% year-on-year, supported by diligent working capital management.

The business has set up a new legal entity in Japan to serve customers in Far East Asia as a local company. It has also commissioned a 33 TPH bio-mass-based boiler and turbine at Belagavi, which caters to nearly half of the energy requirement of the unit.

The script was following an upward trajectory during the session and was trading at Rs. 463 at the time of reporting.