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Centrum Broking Report
Novelis (Hindalco Industries Ltd.'s 100% subsidiary) reported marginally better-than expected adjusted Ebitda of $508 million (our estimate: $481 million), flat QoQ, and Ebitda/tonne of $522 (our estimate: $500/tonne), up 1.6% QoQ.
Net debt was flat at $4.99 billion QoQ due to higher working capital.
Management reiterated its sustainable Ebitda/tonne guidance of $500/tonne plus.
We revise Hindalco's Novelis' FY22E Ebitda/tonne to $520 (earlier $500) and FY23E Ebitda/tonne to $528 (earlier $520).
Besides, we factor in higher London Metal Exchange aluminum prices ($2,300/tonne in each of FY22E and FY23E versus $2,200/tonne earlier) in India operations.
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