Hindalco Industries Ltd. share price target

realisations in AL and Copper (CU) operations. Strong demand across the major segments), dearth of new capacities and restricted supplies from China (due to decarbonisation drive) would keep AL prices upbeat for a prolonged period. Both Indian and Novelis operations would be the key beneficiary of strength in AL prices. While, Novelis faced some transitory headwinds over last couple of quarters on account of supply chain disruption, chip shortage and energy crisis in Europe. We factor in EBITDA/t of US$535/t in Novelis for FY23 and FY24, led by continued...

We maintain a BUY rating on the stock and revise our TP upwards at Rs 630 (SOTP based) from Rs 570, implying an upside of 15% from the CMP. We use a 12MF EV/EBITDA multiple of 5.5x for Indian business and 6.5x for the Novelis operations on FY24 EBITDA estimates.

Revenue from its India business (HNDL standalone + Utkal) grew 62% YoY and 6% QoQ to INR185b, a 9% beat on our estimate of INR169b, led by a 7%/12% beat in its aluminum/copper business. The copper business beat was driven by strong byproduct revenue. The beat in aluminum topline was on account of the strong premium over LME prices, which reflects a tight...

Adjusted EBITDA/t at USD544 despite several challenges Higher energy costs in Europe, a strike in Asia, semiconductor shortages in North America, and unplanned downtime in South America notwithstanding, Novelis delivered yet another strong set of earnings. We raise our FY22E/FY23E EPS by 19.6%/15%, led by a 13.8%/11.9% jump in EBITDA to INR276b/INR286b on the back of a hike in our LME assumptions by 10.6%/8.7% and a further depreciation in the USD:INR by 0.9%/1.9%. We raise our TP to INR605 from INR520/share, implying a 16% upside. A key...

Hindalco’s decision to acquire Hydro's aluminium extrusions business in India (Kuppam in AP) for Rs2.5bn falls within the envelope of Hindalco’s ‘Doubling the downstream’ strategy wherein the company has entailed a capex of US$1.1bn. The plant will also serve as an archetype for Hindalco's upcoming extrusions plant in Silvassa (Rs7.3bn capex for 34ktpa greenfield plant).

Hindalco Industries Limited, the Aditya Birla Group metals flagship, consolidated Revenue for the second quarter stood at Rs.47,665 crore (vs Rs.31,237 crore), up 53% YoY. Consolidated PAT in Q2 FY22 rose to Rs.3,403.41 crore from Rs.334.67 crore in Q2 FY21, a jump of 917% YoY. The results were driven by an exceptional performance by Novelis and India Business,...

Will announce new capex program in Jan-Feb'2022 Hindalco (HNDL) reported Q2FY22 EBITDA above our/consensus estimates by 15%/20% at Rs36.0bn. Beat was primarily driven by better than expected...

For Q2FY22, Hindalco's wholly owned overseas subsidiary Novelis reported sales volume of 968 KT (up 5% YoY), broadly in line with our estimate of 974 KT. For Q2FY22, Novelis reported all-time high adjusted EBITDA/tonne...

EBITDA grew 219.3% YoY to Rs. 6,173cr due to strong volume growth, improved product mix and favorable macro factors. Adjusted PAT rose to Rs. 2,211cr (vs. Rs. 290cr loss in Q1FY21) after adjusting for Brazilian...

Hindalco Industries, Q1FY21 Improvement visible in all business segments Hindalco Industries consolidated net sales increased 63.58% to Rs 41358 crore in Q1FY22 compared to Q1FY21. Sales of Aluminium segment has gone up 41.28% to Rs 6,267.00 crore (accounting for 14.97% of total sales). Sales of Copper segment has gone up 134.05% to Rs 7,094.00 crore (accounting for 16.94% of total sales). Sales of Others segment has gone up 69.39% to Rs 83.00 crore (accounting for 0.20% of total sales). Sales of Novelis segment has...