Hindalco Q3 Results Review -Consolidated Performance To Improve, Going Forward: ICICI Direct
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Hindalco Industries Ltd. reported a mixed bag performance in Q3 FY23 wherein the India business performance came in better than our estimate but Novelis performance came in lower than our estimate.
For Q3 FY23, India business reported a topline of Rs 19432 crore (our estimate: Rs 19212 crore). Indian aluminium business reported sales volume of 349000 tonnes (our estimate of 340000 tonnes).
Indian copper business reported sales volume of 109000 tonnes (our estimate of 110000 tonnes).
Hindalco’s Indian business Ebitda (business segment Ebitda) was at Rs 2294 crore (our estimate: Rs 2086 crore). Indian aluminium business Ebitda was at Rs 1748 crore (our estimate of Rs 1611 crore).
Of the overall India aluminium business Ebitda, upstream aluminium business Ebitda was at Rs 1591 crore while downstream aluminium business Ebitda was at Rs 157 crore. Indian copper business Ebitda was at Rs 546 crore (our estimate: Rs 475 crore). Ensuing profit after tax of India business was at Rs 1195 crore (our estimate: Rs 760 crore).
For Q3 FY23, Novelis’ shipments were at 908 thousand tonne, down 2% YoY, lower than our estimate of 950 kt. Adjusted Ebitda/tonne for the quarter was at $376/tonne, lower than our estimate of $400/tonne.
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