The net sales have gone up by 38.3 per cent to Rs 418 crore from Rs 302 crore. The gross profit is higher by 51.4 per cent to Rs 191 crore from Rs 126 crore same period last year. The company has made a higher provision of Rs 29 crore (Rs 18 crore) for depreciation and Rs 37 crore (Rs 17 crore) for the taxation during the year. The earning per share (EPS) on an annualised basis amounted to Rs 67.1 as against Rs 48.5.

Addressing shareholders here today, Hindlaco's Chairman, Kumar Mangalam Birla said the company will derive the full benefits of the completed expansion and modernisation programme in the current fiscal. Additionally, higher volumes -- a larger share for value added products within the higher volumes, improved diversity and quality, will yieldbetter realisations.

Lower costs coupled with self sufficiency in power, will consolidate the company's competitive strengths and complement the higher realisation to ensure improved profitability. Given these elements, the outlook for Hindalco is extremely bright, said Birla.

Briefing shareholders on the greenfield integrated aluminium complex in Orissa -- Aditya Aluminium, Birla informed that substantive progress has been made. To conduct a detailed techno-economic feasibility study for this project, Kaiser Bechtel has been retained. A final decision for the proposed project will follow the completion of the study in September 1998.

Currently, the process of evaluation and selection of available technology for both the alunina refinery and aluminium smelting operations is on. To minimise project implementation time, the company is also working on related activities such as CEA approval for the power plant obtaining of a coal linkage and environmental clearance and evaluation of Bauxite reserves.

Onthe setting up of the aluminium alloy wheel plant at Silvassa considerable progress has been made as well. Most equipment for the plant has been purchased and shipments is to commence shortly. Civil and structural work is in progress. The target for commissioning the plant is first quarter of 1999-2000, he added.