Hindalco's wholly-owned subsidiary Novelis also reported a healthy operational performance for Q3FY21, wherein its shipments came in at 933 KT (our estimate: 925 KT). Novelis achieved a record EBITDA/tonne of US$537/tonne (our estimate US$490/tonne). Adjusted EBITDA was at US$501 million, higher than our estimate of US$453 million. Novelis reported a healthy Q3FY21 performance on the back of organic growth, favourable metal benefits and a net US$50 million positive EBITDA contribution from the acquired Aleris business. On the balance sheet front,...