Motilal Oswal: Hindalco Q2 Review - Outlook Strong; Valuations Attractive
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Motilal Oswal Report
Hindalco Industries Ltd.'s Q2 FY21 results were strong, as expected. India Ebitda increased 43% QoQ to Rs 12.7 billion on London Metal Exchange recovery.
With integrated cost of production guided flattish versus Q2 FY21 and improved LME, Hindalco’s profitability is expected to remain high despite approximately 58% of LME being booked at lower LME for H2 FY21.
We broadly maintain our FY21/FY22 estimate.
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