Hindalco (HNDL)'s subsidiary Novelis' 2QFY21 EBITDA surprised with 20% YoY growth to USD455m (est. USD348m). This was led by 11% YoY volume growth (Aleris acquisition) and adj. EBITDA/t of USD493 (est. USD396). Management has raised the sustainable EBITDA margin guidance for Novelis to USD480500/t (from USD450475/t). We raise our FY21E EBITDA by 7%, factoring in strong margins for Novelis. Deleveraging is also playing out well, with strong FCF and asset divestitures while the sale of Duffel has been completed, the sale of Lewisport has been...