Hindalco Industries Ltd, a subsidiary of the Aditya Birla Group, reported a considerable increase in net profit for the April to June quarter of current fiscal, even as net sales slipped.

On Tuesday, Hindalco announced that its net profit increased from Rs 425 crore in the first fiscal quarter of 2012 to Rs 474 crore in the same quarter of current year. It was a notable increase given the fact that sales slipped from Rs
5,964 crore to Rs 5,766 crore.

The increase in quarterly net profit was mainly on back on increase in the aluminium producer's other income. The company's by-product realization was lower year-on-year, but it managed to earn better treatment & refining charges.

Revenues were down mainly due to lower global prices of metals like copper and aluminium. While copper accounts for nearly 25 per cent and 65 per cent to the company's profit and revenue, respectively; aluminium contributes nearly 75 per cent and 35 per cent to the company's net profit and net sales, respectively.

But, a dividend of Rs 100 crore from a subsidiary and a non-recurring income of Rs 103 crore emerged as a big booster to the company's quarterly results.

Regarding its ongoing projects' status, Hindalco said that its Utkal alumina processing plant in Odisha has gone on stream; massive equipment at the Hirakud facility has been commissioned; while the Aditya aluminium smelter is currently in the final stage of completion.