The company's operating profits declined by 46.5% to Rs 463 crore and after-tax profit declined by 33.6% to Rs 425 crore, despite materials costs declining by 26.7% and US-based Novelis (Hindalco's acquired business) posting EBITDA up 11% to $259M.

Hindalco will be looking to Novelis to provide the good financial news in the short-to-medium term as its own results are showing little sign of improvement.

Both Hindalco and Novelis are part of the Aditya Birla Group of India.