Novelis, a wholly-owned subsidiary of Hindalco, reported a healthy Q4FY20 performance with adjusted EBITDA/tonne at US$436/tonne (higher than our estimate of US$400/tonne). For Q4FY20, net sales were at US$2.7 billion, down 12% YoY on account of lower average LME aluminium prices and local market premiums. Flat rolled products shipments for Q4FY20 were at 811 KT (down 7% YoY but higher than our estimate of 775 KT). EBITDA increased 7% YoY to US$383 million. The current quarter includes a cumulative positive impact of US$29 million from a contractual customer...