Hindalco Industries’ (HNDL) Q4FY23 EBITDA at Rs53.3bn (down 27% YoY; up 50% QoQ) was 7% ahead of consensus estimates. Key takeaways: 1) Adverse macros and higher input prices impacted performance; 2) best-ever (Cu) EBITDA due to record continuous cast (CC) rod sales and favourable TC/RC charges.