Hindalco Industries Ltd, the flagship company of Aditya Birla Group, has posted a slightly lower net profit at Rs 193 crore (Rs 1.93 billion) in the first quarter ended June 30, 2003 as against Rs 196.8 crore (Rs 1.97 billion) for the corresponding quarter last fiscal.

The company's total income also dropped to Rs 1,235.4 crore (Rs 12.35 billion) during the quarter, compared to Rs 1,242 crore (Rs 12.42 billion) for the same quarter last year, Hindalco Industries said in a release in Mumbai on Thursday.

Hindalco said its first quarter results of FY03 were restated due to the merger with Indo Gulf Corporation Ltd, effective April 1, 2002.

The company said its first quarter performance has to be viewed "in the light of the planned bi-annual shutdown" of its copper division in May and June 2003. 

Its aluminium division's total income rose 13.4 per cent to Rs 664.4 crore (Rs 6.64 billion) during the quarter, from Rs 586 crore (Rs 5.86 billion) for the same period a year ago, it added.

However, its copper division's net sales dipped 19.7 per cent to Rs 491.1 crore (Rs 4.91 billion), from Rs 611.9 crore (Rs 6.12 billion), the company said, adding, the drop was mainly due to the lower output as a consequence of the "planned shutdown."

Hindalco believes the long-term fundamentals of both copper and aluminium are strong and views the future with "optimism".

The company expects to post "significant" growth in its revenues and earnings in FY04, it added.