Hindalco Misses First-Quarter Profit Estimates on Higher Expenses
Bengaluru, August 13 (Reuters) -
India's Hindalco (HALCNS) on Tuesday reported first-quarter profit below estimates due to a jump in expenses.
The company's total expenses grew over 4% to 522.61 billion rupees ($6.78 billion) in the quarter ended June 30, while revenue from operations rose about 2% to 557.18 billion rupees.
Hindalco's consolidated net profit for the quarter came in at 22.76 billion rupees, below analysts' estimates of 24.96 billion rupees, according to a Bloomberg poll.
The company's bottom line got a boost from a one-time gain of 1.64 billion rupees related to the sale of its stake in a subsidiary.
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