Hindustan Copper Generate Two-Fold Net Profits in Q1 Hindustan Copper enjoy a total income of INR 500 crore in Q1FY25 with net profits reaching two-folds
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Hindustan Copper reported a net profit of INR 113.41 crore, a 140 per cent jump from INR 47.29 crore in the same period last year. In a regulatory filing, the company also reported a total income of INR 500 crore, a 30 per cent increment from INR 384 crore it garnered in the same period last year. Hindustan Copper Ltd (HCL) is under the administrative control of the Ministry of Mines. The company has facilities for the production and marketing of copper concentrate, copper cathodes, continuous-cast copper rods, and byproducts.
One of the major factors for the high revenue of companies like Hindustan Copper could be because of copper being an essential element in the electric vehicle (EV) industry. Copper is a vital component in electric vehicles as it is essential in stator windings, battery management systems and wiring, underpinning the metal's durability, malleability and superior conductivity, essential for these vehicles and their charging infrastructure.
"Our expectation is that copper prices will increase by 7-8 percent for the full year," Sumit Jhunjhunwala, Assistant Vice President & Sector Head - Corporate Ratings at ICRA, said. "India saw an 11 per cent demand increase last year, and we expect similar growth this fiscal year due to ongoing projects in renewables and infrastructure."
In the June quarter, EV sales contracted 7 per cent from the year-ago period to 346,024 units, data from the Ministry of Road Transport and Highways' VAHAN portal shows. Read more
