Nalco - Higher LME Prices Boost Q3 Profitability: Motilal Oswal
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Motilal Oswal Report
National Aluminium Company Ltd.’s Q3 FY21 result was strong on the back of higher London Metal Exchange prices.
It reported an Ebitda of Rs 4.3 billion (up 57% QoQ) and profit after tax of Rs 2.4 billion (up 123% QoQ).
We raise our FY21E/FY22E earnings per share estimate by 9%/13% to factor in a lower tax rate.
We expect alumina prices to stay strong which should support strong cash flows and a good dividend payout (8% yield in FY22).
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