Novelis Inc. Announced Q3 Fiscal Year 2023 Results

SEATTLE (Scrap Monster): Atlanta-based Novelis, Inc. reported third quarter fiscal year 2023 results.

The company reported net profit of $12 million for the December quarter, down 95 percent on-year. The adjusted EBITDA declined by a third over the last year to total $341 million. The net sales of the company recorded 3% dip year-on-year to $4.2 billion for the third quarter, primarily driven by lower aluminum prices and dip in flat-rolled product shipments, said the company new release. The flat-rolled products shipments totalled 908 kilotonnes during the quarter.

The results were affected by several factors including extraordinary inflationary environment and higher energy costs.

Commenting on the results, Dev Ahuja, Executive Vice President and CFO, Novelis Inc. said that the company has been navigating a challenging period. Some of the inflated costs are likely to settle down gradually. A disciplined approach to capital expenditures and working capital will help the company deliver a strong balance sheet in future, he added.