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Motilal Oswal Report
The Q3 FY21 result of Hindalco Industries Ltd.'s subsidiary Novelis highlights the strong rebound in business performance.
Adjusted Ebitda grew 39% YoY to $476 million (8% above estimate), driven by the highest ever margins of $510/tonne (estimate $490/tonne).
We raise our consolidated FY21E/FY22E/FY23E profit after tax estimate by 8%/6%/6%, factoring in strong margins for Novelis.
We also expect faster deleveraging as net debt/Ebitda has declined sharply to 3.3 times.
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