Hindalco’s Novelis Maintains Strong Margin Trajectory In Q3: Prabhudas Lilladher
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Prabhudas Lilladher Report
Excluding positive $25 million from a customer’s contractual obligation, Hindalco Industries Ltd.’s Novelis’ adjusted Ebitda grew 39% YoY/5% QoQ at $476 million ($455) on back of 24% YoY (up 6.5% QoQ) growth in Novelis’ legacy operation’s Ebitda at $426 million and 15% YoY (down 9% QoQ) inorganic growth.
Company witnessed strong demand momentum with volumes back to pre Covid-19 levels except aerospace.
Scrap spreads tightened in USA due to variety of reasons including high ocean freight, transportation issues due to restrictions related to Covid and ease in restrictions on scrap imports by China.
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