Hindalco Q3 Results Review - Consolidated Performance To Improve, Going Forward: ICICI Direct

BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Direct Report.Hindalco Industries Ltd. reported a mixed bag performance in Q3 FY23 wherein the India business performance came in better than our estimate but Novelis performance came in lower than our estimate. For Q3 FY23, India business reported a topline of Rs 19432 crore (our estimate: Rs 19212 crore). Indian aluminium business reported sales volume of 349000 tonnes (our estimate of 340000 tonnes). Indian copper business reported sales volume of 109000 tonnes (our estimate of 110000 tonnes).Hindalco’s Indian business Ebitda (business segment Ebitda) was at Rs 2294 crore (our estimate: Rs 2086 crore). Indian aluminium business Ebitda was at Rs 1748 crore (our estimate of Rs 1611 crore). Of the overall India aluminium business Ebitda, upstream aluminium business Ebitda was at Rs 1591 crore while downstream aluminium business Ebitda was at Rs 157 crore. Indian copper business Ebitda was at Rs 546 crore (our estimate: Rs 475 crore). Ensuing profit after tax of India business was at Rs 1195 crore (our estimate: Rs 760 crore).For Q3 FY23, Novelis’ shipments were at 908 thousand tonne, down 2% YoY, lower than our estimate of 950 kt. Adjusted Ebitda/tonne for the quarter was at $376/tonne, lower than our estimate of $400/tonne..Click on the attachment to read the full report:.More Research Reports On Hindalco's Q3 FY23 Results Review.Indian Operations Improve QoQ; Novelis Remains A Drag: Axis SecuritiesSubdued Performance; Outlook Positive: Motilal Oswal.DISCLAIMER This report is authored by an external party. BQ Prime 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 BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Hindalco Q3 Results Review - Consolidated Performance To Improve, Going Forward: ICICI Direct

We expect Hindalco to report consolidated Ebitda margin of 11.6% for FY23E and 11.9% for FY24E.

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