Hindalco delivered a strong set of results amid challenging times both domestically as well as internationally. Globally, aluminium prices at the LME remained depressed, while dumping of aluminium by China as well as FTA countries continued unabated. Revenue at Rs119.38 bn was higher by 8% on a yoy basis and 10% sequentially, driven by higher copper price and volumes. Aluminium was down 4.4% sequentially to $1968/t. Standalone EBITDA (incl. Utkal Alumina) of Rs19.26bn was higher by 4% yoy and 2% qoq, powered by higher EBITDA from the copper division. Reported PAT (Standalone incl. Utkal Alumina) was Rs7.13 bn (higher on a yoy basis by...