HNDL's 4QFY21 earnings for the India business was strong, as expected, with EBITDA up 23% QoQ to INR18.8b on higher LME prices. Consolidated net debt declined INR64b QoQ to INR474b and net debt/EBITDA ratio declined to 2.6x (v/s a peak of 4x post the Aleris acquisition). We broadly maintain our estimates and reiterate HNDL as our top nonferrous pick. Despite rising costs, we estimate India EBITDA/t in FY22E to be the highest ever in the last 10 years at USD865/t. We expect 35% EPS...