Name: Latest research reports of National Aluminium Company Ltd. authored by Motilal Oswal and published by - Trendlyne research reports.
Item: National Aluminium Company Ltd.
Rating: 3
Author: Motilal Oswal

Nalco: Inline; Aluminum ramping-up as expected

Neutral: National Aluminium Company...

Target

Motilal Oswal

NALCO's 2QFY18 EBITDA, as expected, increased by healthy 47% QoQ/95% YoY to INR3.3b driven by higher realization and volumes. Though there was an impressive beat on alumina volumes, it was offset by lower than expected realization and cost inflation. Exceptional income of INR1.6b included DMF reversal of INR1.9b, net of entry tax provision of INR0.3b. Adj. PAT increased 73% QoQ / 84% YoY to INR2.2b, ahead of est. of INR1.6b on higher other income and lower tax rate (at ~27% vs. est. 33%). n Alumina production was down just 3% QoQ to 509kt (est. 444), despite...