BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. 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 Q1 FY21 results surprised with better than expected profitability in aluminum business, driven by fixed cost reduction.
India Ebitda declined 34% QoQ to Rs 8.9 billion on weak London Metal Exchange (LME) and lower copper volumes. With integrated cost of production guided flattish versus Q1 FY21 and improved LME, the outlook is now much better.
We raise our FY21E/FY22E Ebitda estimate by 3%/6% to factor in improved profitability in India operations.
Hindalco remains our top pick in the metals sector on expected deleveraging in FY22E, supported by lower capex and volume growth in Novelis on account of the Aleris Corporation business.
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