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Axis Securities Report
For aluminium companies under coverage:
Hindalco Industries Ltd.'s Indian operations delivered a robust performance. Overall consolidated revenue stood largely in line with consensus (up 8% YoY, 2% QoQ), while reported Ebitda grew by 31%/11% YoY/QoQ (6% and 11% beat versus our estimates and consensus), led by strong upstream aluminium and copper division.
Novelis Adjusted Ebitda/tonne stood at $525/tonne, up 10% YoY but down 3% QoQ, in line with sustainable guidance of $525/tonne.
National Aluminium Company Ltd.'s performance was impacted by lower Alumina exports, while its aluminium division performance stood strong with the Ebit margin of 32% versus 16% in Q1 FY24 and 19% in Q4 FY24. Consolidated Ebitda at Rs 934 crore (up 57% YoY, down 16% QoQ), missed consensus by 18% led by lower topline. Consolidated revenue at Rs 2,856 crore (down 10%/20% YoY/QoQ), missed our/consensus estimate by ~25% mainly due to lower alumina third-party sales.
For steel companies under our coverage:
Tata Steel Ltd.'s reported a mixed set of numbers with consolidated revenue down 8%/7% YoY/QoQ on lower shipments and net sales realisation, while Ebitda (up 29%/1% YoY/QoQ) stood up by 29%/1% YoY/QoQ, 5% ahead of consensus on better Ebitda from ex-Europe operations.
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