Novelis reported lower-than-expected adjusted EBITDA of US$431mn (down 15% YoY). While one-off expenses of US$70mn were fairly guided, operational cost increase (North American operations in particular) led to a 6% EBITDA disappointment. Outlook commentary suggested that Q1FY23E adjusted EBITDA will return to US$500+ as one-time operational cost incidence is behind the company.