Hindalco Q2 Profit Down 29%

India's Hindalco Industries

reported a 29% drop in its second-quarter profit. Hindalco's quarterly net profit fell to 3.6 billion rupees ($66 million) for its Indian operations, from 5.02 billion rupees, in the year-ago period. However, analysts were expecting a profit of 3.67 billion rupees. Its net sales declined around 2% to 62.2 billion rupees.