Leading Indian aluminium producer Hindalco Industries expects its revenue to grow 10 percent this year, and its Novelis unit should add to earnings from the 2012/13 fiscal year, its chairman said on Friday.
Novelis, a Canadian firm which Hindalco bought in 2007 and has been a drag on results since, is expected to post earnings before interest, taxes and amortization (EBITA) of $1 billion in 2012/13 (April-March), Kumar Mangalam Birla told a shareholders meeting.
The worst is behind us as far as Novelis is concerned. We are seeing a strong demand surge in Asia, Birla said.
Hindalco expected to get 35 percent of its revenue from exports in 2009/10, and capital expenditure would be 56.2 billion rupees ($1.2 billion), Birla said.
Capital expenditure for 2010/11 financial year was expected to be 104.6 billion rupees.
(Reporting by Pratish Narayanan; Editing by John Mair)