Hindalco’s (HNDL) EBITDA of INR57.1bn in Q1FY24 was 19% and 35% ahead of our and consensus estimates respectively. Key points: 1) upstream aluminium (Al) performance was impacted by macro factors; 2) downstream Al EBITDA crossed the USD 200/te mark on better product mix; 3) copper (Cu) EBITDA was down by only 11% QoQ despite scheduled maintenance in one of the smelters during the quarter.