Aditya Birla Group flagship Hindalco Industries Limited is planning to make an investment of Rs 2,000 crore to establish the first-of-its-kind copper and e-waste recycling facility in India. The move addresses the mounting challenge posed by e-waste, recognised as the foremost waste stream on a global scale, said Aditya Birla Group Chairman Kumar Mangalam Birla while addressing shareholders of Hindalco at the 64th annual general meeting (AGM) on Tuesday, August 22.

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He said the hazardous nature of e-waste is compounded by improper handling, leading to a significant loss of valuable materials. "At present, due to lack of advanced metal extraction and refining technologies domestically, a substantial volume of e-waste is exported to other nations. Bringing this cutting-edge technology to India marks a transformative step towards offering a tangible solution, aligned with your company and in fact, our nation’s circular economy agenda," Birla added.

Hindalco's copper business achieved an all-time high EBITDA of Rs 2,253 crore in FY23, reflecting a 62 percent year-on-year increase, driven by robust market demand, stable operations and higher value-added product sales. "Our copper business has now emerged as a top three copper rod player globally (outside of China)," the Hindalco chairman said.

Hindalco Q1 numbers

Hindalco, the world's s largest aluminium company by revenue, posted a 41 percent year-on-year drop in consolidated profit at Rs 2,454 crore for the June quarter compared with a profit of Rs 4,119 crore in the same quarter last year. The Aditya Birla Group's metals flagship said its profit grew 2 percent sequentially, driven by recovery in Novelis and Aluminium India downstream business, and backed by a steady performance by the copper business.

"Unfavourable macros and subdued volumes weigh on performance," said Shreyansh Shah, Research Analyst, StoxBox.

Consolidated revenue from operations rose to Rs 52,991 crore against Rs 58,018 crore in the corresponding quarter last year. Consolidated net debt to EBITDA stood at 1.73 times as of June 30 against 1.39 times as of March 31, the metals producer said.

Novelis reported a sequential improvement in quarterly adjusted EBITDA and EBITDA per tonne, reflecting favourable product-mix and record automotive shipments.

First Published:Aug 22, 2023 6:16 PM IST