Hindalco Industries' standalone 4QFY16 EBITDA at Rs11.7bn rose by 38% yoy & 74% qoq beating our estimate of Rs7.3bn. Revenue from Aluminium segment grew 14% yoy & 12% qoq on higher sales, while segmental EBIT margin rose by 351bps yoy & 901bps qoq to 10.9%. Notably, the margin of this segment was at the highest level in eight quarters due to stabilization of new smelters helping in operational efficiency including lower power costs and higher volume. Though revenue from Copper segment dipped 25% yoy (flat qoq) due to 7% yoy decline in volume to 93K tonne owing to operational issues, segmental margin rose by 216bps yoy & 69bps qoq due to firm TC & RC and higher acid...