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.
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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