Hindalco Industries Ltd has announced the Audited results for the year ended March 31, 2008.
The results for the Year ended March 31, 2008: The Company has posted a net profit of Rs 28609 million for the year ended March 31, 2008 where as the same was at Rs 25643 million for the year ended March 31, 2007. Total Income is Rs 196939 million for the year ended March 31, 2008 where as the same was at Rs 186831 million for the year ended March 31, 2007.
The consolidated results for the Year ended March 31, 2008: The Group has posted a net profit of Rs 23873 million for the year ended March 31, 2008 where as the same was at Rs 26858 million for the year ended March 31, 2007. Total Income is Rs 606688 million for the year ended March 31, 2008 where as the same was at Rs 197251 million for the year ended March 31, 2007.
On May 15, 2007, the Company acquired Novelis Inc. (Novelis), the world's largest aluminium rolled product manufacturer through its indirect wholly-owned subsidiary A V Metals Inc. (Acquisition Sub) pursuant to a plan of arrangement (Arrangement) entered into on February 10, 2007 and approved by the Ontario Superior Court of Justice on May 14, 2007. As a result of the Arrangement, Acquisition Sub acquired all of Novelis' outstanding common shares at a. price of US$ 44.93 per share in exchange for cash payments. The aggregate purchase price for Novelis' common shares was US$ 3.4 billion and immediately following the Arrangement, the common shares of Novelis were transferred from Acquisition Sub to the Company's wholly-owned indirect subsidiary A V Aluminum Inc, a Company established in Canada for this purpose. A V Aluminum Inc. is a wholly owned subsidiary of A V Metals Inc which in turn is a wholly owned subsidiary of A V Minerals (Netherlands) B.V. As such, consolidated figures of the year ended March 31, 2008 are not comparable with those of the previous year.
Upon receipt of all requisite approvals, Indian Aluminium Company, Ltd (Indal), a subsidiary of the Company, has been amalgamated with the Company with effect from April 01, 2007. Accordingly, standalone figures year ended March 31, 2008 are not comparable with those of the corresponding previous periods.
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