Nalco Q4 Results Review - Beat On Ebitda Driven By Lower Costs: Motilal Oswal

Motilal Oswal Report

National Aluminium Company Ltd. consolidated revenue stood at Rs 36 billion (YoY/QoQ: -3%/+7%) against our estimate of Rs 39 billion. Consolidated Ebitda stood at Rs 11 billion (YoY/QoQ: +45% /+43%) and was higher than our estimate of Rs 8.4 billion. Consolidated Ebitda margin stood at 30.9% in Q4 FY24 (20.9% in Q4 FY23 and 23.1% in Q3 FY24).

During the quarter, the company recognized an exceptional item of Rs 4.3 billion due to the reversal of royalty expenses. Adjusted profit after tax for the quarter stood at Rs 6.8 billion (YoY / QoQ: +37% /+44%) against our estimate of Rs 5.4 billion in Q4 FY24.

In FY24, Nalco reported a revenue of Rs 131.5 billion ( -8% YoY) with an Ebitda of Rs 28.7 billion (+18% YoY) and adjusted profit after tax of Rs 16.7 billion (+16% YoY).

In FY24, the cast metal production stood at 463 KT (flat YoY) and metal sales stood at 470 KT (+1% YoY). The bauxite excavation grew by +2% YoY to 760 KT in FY24.

Nalco declared a final dividend of Rs 1/- per share.

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