Hindalco is down among the top three losers on the BSE since the opening bell today at Novelis, its subsidiary, reported a poor show for Q2.

The company’s earnings:

• Net income attributable to our common shareholder of $128 million, down 18% YoY; Net income attributable to our common shareholder excluding special items was $179 million, down 1% YoY

 • Adjusted EBITDA of $462 million, down 5% YoY; up 1% excluding negative $25 million net impact from Sierre flooding • Rolled product shipments of 945 kilotonnes, up 1% YoY

• Adjusted EBITDA per tonne shipped of $489, down 6% YoY

• Restarted production at Sierre, Switzerland, plant following severe flooding in June 2024

The company said that strong demand for beverage packaging sheet was mostly offset by lower shipments to some specialty end markets as well as lower automotive shipments due primarily to the impact from the flooding-related production interruption at its Sierre, Switzerland, plant during the second quarter this year.

The current year period includes $61 million in charges associated with the production interruptions at Sierre, as well as higher restructuring and impairment expense and lower operating performance, partially offset by a favorable change in metal price lag and unrealized derivatives year-over-year.

The stock price has reacted negatively; from its close of Rs.708.25, it opened 3.5% lower at Rs.682.95 and slipped down further to an intraday low at Rs.657.55, down more than 7%.