Nalco Q1 Review - Earnings Below Estimates: Systematix
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Systematix Research Report
National Aluminium Company Ltd.’s Q1 FY22 revenue at Rs 24.7 billion (up 79% YoY and down 12% QoQ) was 20% below our expectations.
Ebitda at Rs 5.8 billion was 44% below our estimates.
Alumina production for the quarter of 0.52 million tonne was 5% below our estimates, while alumina sales of 0.29 million tonne were 3% above estimates.
Implied alumina realisations were $277/tonne (up 26% YoY and down 3% QoQ).
Aluminium production for the quarter was 114 kilo tonne and sales were 91 kilo tonne.
Aluminium realisations were $2,581/tonne, implying a premium of $182/tonne over average London Metal Exchange prices.
Nalco's Q1 FY22 performance was weak on all fronts.
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