Chennai, Nov 10 (IANS): Aditya Birla Group's Hindalco Industries Ltd on Friday said it closed the second quarter with a higher net profit of Rs 847 crore on a standalone basis.

In regulatory filing, Hindalco said for the quarter ended 30.9.2023 it has earned an operational revenue of Rs. 20,676 crore (Q2FY23 Rs.18,382 crore) and an after tax profit of Rs.847 crore (Rs.548 crore).

During the quarter under review, the Company signed a Binding Memorandum of Understanding (MoU)with a buyer for sale of land situated at Kalwa, Maharashtra at a consideration of Rs.595 crore to be received in multiple tranches over a period of time and 1.5 per cent of the Sales Revenue from the project as defined in the MoU.

According to the company, it has brought forward capital losses which were not recognised as Deferred Tax Assets previously, now recognised in the quarter to the extent of Rs.129 crore, as there is reasonable certainty of realising losses against the future capital gain resulting from this transaction.

The Hindalco also during the second quarter of FY24 prepaid two term loans of Rs. 1,870 crore and Rs.250 crore which were originally scheduled to be repaid from June 2024 to September 2030 and October 2023 to January 2032, respectively.