Hindalco Q3 Review - Balanced Focus On Growth, Balance Sheet: Prabhudas Lilladher
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Prabhudas Lilladher Report
Hindalco Industries Ltd. reported Q3 FY21 Ebitda tad above our estimates due to better than expected earnings in copper business.
While, earnings in aluminium operations fall short of expectation by 3% due to higher costs.
Led by better visibility on profitability of Novelis’ legacy operations and increased synergies in Aleris, Novelis maintained guidance on sustainable Ebitda margin at $480-500/tonne.
Underpinned by strong profitability across the segments except aerospace, management would meet its guidance of net debt/Ebitda less than three times (Q3 FY21: 3.3 times) earlier than targeted timeline of FY23e.
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