MUMBAI, Aug. 16 -- National Aluminium Co., India's second-biggest producer of the metal, said profit more than doubled in the first quarter as an economic recovery led a surge in demand and prices.
Net income climbed to 2.84 billion rupees ($60.7 million) in the three months ended June 30 from 1.26 billion rupees a year earlier, the Bhubaneswar-based company said today in a statement. Sales rose to 14 billion rupees from 10.4 billion rupees.
Rising income levels lifted India's car sales by more than 30 percent each month in the April-to-June period. The country also added 1,815 megawatts in the first quarter. The average price of aluminum gained 39 percent in the latest quarter to $2,126 a ton on the London Metal Exchange. The company also benefited from higher output in the period compared with last year.
Hindalco Industries Ltd., India's largest aluminum producer, earlier this month said first-quarter profit rose 11 percent.
National Aluminium shares rose 2.1 percent to 439.05 rupees in Mumbai trading yesterday. The shares have advanced 5.1 percent this year, compared with a 4 percent gain in the Bombay Stock Exchange's benchmark Sensitive Index.