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Motilal Oswal Report
We attended Hindalco Industries Ltd.'s Investor day held on April 04, 2023. Below are the key highlights from the meeting:
The beverage can segment witnessed destocking in Q3 FY23, adversely impacting its Ebitda. The destocking was a result of consumption pattern changes post pandemic and supply chain bottlenecks. The segment will take few quarters to return to normalcy. The beverage can industry is expected to witness a compound annual growth rate of 3-4% in the long term. Hindalco also expects robust demand from the automobile sector, as light weight vehicles and electric vehicle gain traction.
Novelis is expected to achieve its long-term sustainable Ebitda/tonne guidance of $525/tonne by Q4 FY24.
Hindalco is undertaking $4.4 billion capex programs across USA, South America, South Korea, and India, enhancing its downstream capacities and product mix. Higher investment in high margin, value-added downstream capacities will further strengthen Hindalco's position as a global leader.
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