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Motilal Oswal Report
Hindalco Industries Ltd. reported a strong set of Q1 FY23 earnings, driven by all round beat on Ebitda. Consolidated revenue grew 40% YoY and 4% QoQ to Rs 580 billion during the quarter, 9% ahead of our estimate.
Consolidated Ebitda rose 37% YoY and 15% QoQ to Rs 84 billion. Ebitda was 35% higher than our estimate, driven by beat in the aluminum and copper business. Adjusted Ebitda for Novelis grew 10% YoY and 30% QoQ to $561 million, a 12% beat to our estimate.
Hindalco's adjusted profit after tax grew 41% YoY (flat QoQ) to Rs 41 billion, significantly ahead of our estimate, driven by a sharp beat on Ebitda and aided by higher than estimated other income.
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