NALCO’s Q1FY24 EBITDA at INR 5.9bn missed our estimate by 9%. Key points: 1) Aluminium (Al) volume was down 7% YoY, flat QoQ at 117.1kt; 2) EBIT of both chemicals and aluminium divisions was down owing to lower realisation; 3) power & fuel cost rose 4% YoY despite commencement of captive mining at Utkal D block; and 4) Board recommended final dividend of INR1/share for FY23.