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Motilal Oswal Report
National Aluminium Co.'s Q4 FY21 results were strong, led by higher London Metal Exchange prices and lower costs.
It reported Ebitda of Rs 9.4 billion (up 118% QoQ) and profit after tax of Rs 6.3 billion (up 162% QoQ).
The beat on Ebitda was led by better-than-expected costs, partly owing to the reversal of renewals purchase obligations – as per the notification issued by Odisha Electricity Regulatory Commission – booked under other expenses.
Employee cost was down 11% QoQ to Rs 4.31 billion and other expense 31% QoQ to Rs 2.8 billion.
We raise our FY22E/FY23E Ebitda estimate by 43%/27%, factoring in higher aluminium prices, which should support strong cash flows and a good dividend payout.
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