Adjusted EBITDA/t at USD544 despite several challenges Higher energy costs in Europe, a strike in Asia, semiconductor shortages in North America, and unplanned downtime in South America notwithstanding, Novelis delivered yet another strong set of earnings. We raise our FY22E/FY23E EPS by 19.6%/15%, led by a 13.8%/11.9% jump in EBITDA to INR276b/INR286b on the back of a hike in our LME assumptions by 10.6%/8.7% and a further depreciation in the USD:INR by 0.9%/1.9%. We raise our TP to INR605 from INR520/share, implying a 16% upside. A key...