BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Hindalco Industries Ltd.’s Q4 FY21 earnings for the India business was strong, as expected, with Ebitda up 23% QoQ to Rs 18.8 billion on higher London Metal Exchange prices.
Consolidated net debt declined Rs 64 billion QoQ to Rs 474 billion and net debt/Ebitda ratio declined to 2.6 times (versus a peak of four times post the Aleris acquisition).
Despite rising costs, we estimate India Ebitda/tonne in FY22E to be the highest ever in the last 10 years at $865/tonne.
We expect 35% earnings per share compound annual growth rate over FY21-23E, led by stronger LME prices and lower interest cost from deleveraging.
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