MUMBAI, November 7: Hindalco Industries, the AV Birla group aluminium blue-chip, aided by higher average price of the metal, has posted a 12.9 per cent increase in its net profit to Rs 229.8 crore in the first six months ended September, compared with Rs 203.5 crore in the year-earlier period. Turnover, on account of higher production and sales, increased to Rs 698 crore from Rs 513.6 crore in year-earlier period, up 35.9 per cent.Production of primary aluminium during the period was at 95,449 tonnes against 79,276 tonnes last year.

Sales in volume terms increased to 97,215 tonnes against 71,079 tonnes in the same period last year.

Hindalco officials said the company had marginally revised its production target of the primary metal for the entire year from 203,000 tonnes to 206,000 tonnes. The country's largest private-sector aluminium company produced 167,000 tonnes of the base metal last year.

Interest, during the period, was lower at Rs 34.5 crore, compared with Rs 37.8 crore last year. Depreciation was significantly higher at Rs 36.4 crore against Rs 19.4 crore in the year-earlier period.

Other income during the first six months was lower at Rs 61 crore versus Rs 125.6 crore in the year-earlier period. Provision for tax was also lower at Rs 37.5 crore against Rs 68 crore in the year-earlier period.

Earnings per share (EPS) has gone up to Rs 61.69 from Rs 54.63, up 12.9 per cent, on a higher equity base of Rs 74.5 crore.

By gradually shifting to exports of more value-added products, exports grew by a record 124 per cent at Rs 95.4 crore during the first half, Hindalco claimed in a press statement. Exports in the same period of last year was Rs 42.5 crore.

Additional alumina refining capacity of 100,000 tonnes was commissioned last month. This has taken the total alumina refining capacity to 450,000 tonne. The company has initiated steps to increase the installed capacity to 242,000 tonnes (currently 210,000 tonnes).

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