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Motilal Oswal Report
National Aluminium Company Ltd. reported net sales of Rs 43 billion, up 54% YoY and 15% QoQ, driven by higher London Metal Exchange aluminum prices, which rose 56% YoY and 18% QoQ to $3,273/tonne in q4 FY22.
Alumina prices stood at $411/tonne in Q4 FY22, up 37% YoY, but down 1% QoQ. Revenue was in line at Rs 42 billion.
Nalco's Ebitda grew 72% YoY and 36% QoQ to Rs 16 billion in Q4 FY22. Ebitda growth was mainly driven by LME prices.
Ebitda stood ~Rs 2 billion, higher than our estimate of Rs 14 billion. The Ebitda beat was largely on account of the Rs 2 billion revenue beat, as total expense was in line.
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