Hindalco Industries reported mixed financial results for the quarter ended June 30, with aluminium business coming in-line while the copper business disappointing. Hindalco Industries Q1 consilidated net profit fell 27.9 percent to Rs 1,062.89 crore, while total income declined to Rs 30,268.20 crore from Rs 31,205.61 crore a year ago.

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Managing director Satish Pai talked to CNBC-TV18 about the impact of the Muri plant shutdown and also their business outlook. “This was the annual planned maintenance shutdown that we take. That shutdown lasted 18 days, it is finished and the start-up was much smoother than we expected. So going forward in Q2, you will see our sales volumes come up to the 90-100 kt. So that shutdown is over,” he said.

When asked what Muri shutdown’s impact will be in this particular quarter, he replied, “You should just see the sort of residual operational impact of about Rs 40-50 crore. The Muri story for us – the negative impact is largely over.”

In terms of Aleris, “When you are dealing with governmental regulatory bodies, we cannot control the time exactly. So I think that we are now fairly confident, we will close it in Q3.”

“We are still confident that by Q3, we will have worked out all the details with the European regulators and the US and we will hopefully close the acquisition by Q2,” he further mentioned.

Speaking about investments in group companies like Vodafone Idea, he mentioned, “Before the rights issue of Vodafone Idea, we had been very transparently communicating to our investors that Hindalco has historically held at 2.6 percent and then we would invest the money required to keep it at 2.6 percent. So we invested Rs 650 crore. Also we should mention that our chairman has been very categorial that Hindalco will not be doing any further investments.”