NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy
Anand Rathi Report
The strategic expansions in Bay Minette, UAL (South Korea), Aditya and Silvassa are on track, with Hindalco Industries Ltd. commissioning its Guthrie plant in Q1 to enhance post-production and post-consumer automotive scrap-recycling capacity.
Besides the ongoing downstream expansion, which would enhance capacity more than 0.6 million tonnes, the company has identified many growth-capex projects for the domestic market.
In the next phase, it plans to enhance its alumina refining capacity in Odisha, set up a 0.2 million tonne copper smelter and a 180-pot primary aluminium smelter at Aditya.
In line with the extension of Novelis' IPO timeline, we slightly trim our enterprise value/Ebitda multiple from seven times to 6.5x. Given softer London Metal Exchange prices, we slightly trim our FY25e LME.
Considering the strong focus on recycling, adding capacity, integrating raw material and enhancing value added products, we retain a Buy with a sum-of-parts Rs 800 target price.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
