In-line quarter; Valuation Continues to Remain Pricey Hindalco Industries has delivered an in-line performance in 4QFY17 with its standalone operating profit growing by 14.4% YoY and 13.7% QoQ to Rs13.5bn (vs. our estimate of Rs12.2bn). Revenue from Aluminium segment increased by 9.4% YoY and 12.8% QoQ led by higher sales volume. However, segmental EBIT margin declined by 126bps QoQ (flat on YoY basis) to 16.5%, after hitting a multi-year high of 17.8% in 3QFY17 largely due to stabilization of new smelters and higher volume. Copper revenue rose by 47.9% YoY (+24% QoQ) due to 25% YoY and 10.5% QoQ rise in LME copper prices and 19.4% YoY and 18.1% QoQ rise in volume to 1.11 lakh tonne. Notably, the...