Hindalco’s   Novelis Continues To Surprise On Q3 Margins: Motilal Oswal
A man pulls out an aluminum pipe made by Hindalco Industries at a shop in an old section of New Delhi, India. (Photographer: Amit Bhargava/Bloomberg)

Hindalco’s Novelis Continues To Surprise On Q3 Margins: Motilal Oswal

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

The Q3 FY21 result of Hindalco Industries Ltd.’s subsidiary Novelis highlights the strong rebound in business performance.

Adjusted Ebitda grew 39% YoY to $476 million (8% above estimate), driven by the highest ever margins of $510/tonne (estimate $490/tonne).

We raise our consolidated FY21E/FY22E/FY23E profit after tax estimate by 8%/6%/6%, factoring in strong margins for Novelis.

We also expect faster deleveraging as net debt/Ebitda has declined sharply to 3.3 times.

Click on the attachment to read the full report:

Motilal Oswal Hindalco Q3FY21 Result Updare.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.