Mumbai: Hindalco Industries Ltd registered a 44 per cent rise in net profit and 24 per cent rise in sales for the year 2003-04.

The company reported a Rs 838.9-crore profit after tax compared to Rs 582.1 crore the previous year. Net sales moved up to Rs 6,190.0 crore during 2003-04 from Rs 4,985.6 crore . Higher volumes and improved realisations contributed to the sales growth on the back of improving product mix and a higher value addition.

Aluminium margins improved but low profitability in copper proved a drag on Hindalco''s numbers, said Debu Bhattacharya, managing director of the company.

Profitability in copper was affected due to three factors - weak treatment charges/refining charges; appreciating rupee and tariff reductions. Besides, demand for copper from the jelly-filled telecom cable sector completely dried up as demand for wireless and optical fibre cable picked up, he said.

The board has recommended a dividend of Rs 16.50 per equity share taking the total outgo on account of dividend payments to Rs 172 crore.