Kumar Mangalam Birla, Chairman of Hindalco Industries said the impact of rupee depreciation on the company’s balance sheet would be minimal as it does not have much of foreign currency loan.
Addressing shareholders at the companyÂ’s 54th annual general meeting, Birla said the firm has a foreign loan of only $100 million and so the impact of rupee devaluation will be extremely marginal.
In fact, the company would benefit from the weakening of the rupee against the dollar, as copper and aluminium prices are dollar-denominated, he said.
The company exported 30 percent of its output thereby earning Rs 7,500 crore in 2012-13.
Further, he said the firm took a conscious decision of selling more in the domestic market.
The firm expects to double its revenue to Rs 16,000 crore from Rs 8,000 crore at present once its three new projects are completed.
This would also raise the earnings before interest, taxes, amortisation and depreciation to Rs 6,000 crore from Rs 2,000 crore at present.
The projects include the Mahan aluminium smelter in Madhya Pradesh and Utkal alumina refinery and Aditya Aluminium smelter.
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