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Motilal Oswal Report
The Q4 FY21 result of Hindalco's subsidiary Novelis highlights the inherent strength in the business as its margin continues to record new high every quarter.
Adjusted Ebitda grew 43% YoY to $505 million (7% above estimate), driven by the highest ever margin of $514/tonne (estimate: $493/tonne).
Novelis should see mix improvement in FY22 as share of auto volumes should increase on strong demand as well as capacity addition.
The company has repaid debt of $2.0 billion since Q1 FY21 (peak gross debt of $8.0 billion).
Net debt declined by $379 million QoQ to $4.96 billion.
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