Hindalco Industries Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Hindalco reported a healthy set of Q4FY17 numbers wherein the topline came in higher than our estimate on the back of better-thanexpected copper sales volume while EBITDA and PAT were broadly in line with our estimates. Gross revenues were at | 11747.1 crore. After adjusting for excise, net revenues was at | 11026.1 crore, up 18.4% QoQ, 27.4% YoY and higher than our estimate of | 9909.3 crore The aluminium segment reported sales of ~328000 tonne, a tad lower than our estimate of ~330000 tonne. Copper sales came in at ~114000...

Hindalco reported an operationally in line performance wherein EBITDA and EBIDTA margin were broadly in line with our estimate Gross revenues were at | 9914.8 crore. After adjusting for excise, net revenues were at | 9313.6 crore, up 3% QoQ, 14% YoY and below our estimate of | 9983.0 crore. Gross revenues from the aluminium segment grew ~9% YoY to | 4916.2 crore while gross revenues from the copper segment came in at | 5000 crore, up ~19% YoY EBITDA was at | 1185.2 crore (up 76% YoY), broadly in line with our...

Revenue grew by 3.57% to Rs. 9226.04 Cr in Q3FY17 when compared to the previous quarter. Also, it grew by 15.21% when compared with Q3FY16.

ICICI Securities Ltd | Retail Equity Research Hindalco reported a healthy set of Q2FY17 numbers wherein the topline, EBITDA and PAT came in higher than our estimate. The betterthan-expected performance was driven by increased volumes from both aluminium as well as copper segments. Further, the cost of majority of inputs remained benign for a third consecutive quarter. The...

In-line Quarter; Rich Valuation Restricts Further Upside Hindalco's standalone EBITDA surged by 88% yoy (+2% qoq) to Rs11.6bn in 2QFY17, largely in-line with our estimate of Rs11bn. Aided by higher sales volume, the revenue from Aluminium segment grew by 10% yoy (+16% qoq), while the segmental EBITDA margins increased by 1,023bps yoy (down 475bps qoq) to 16.4%. Notably, the segmental margins were at a multi-year high in 1QFY17 largely due to stabilization of new smelters which helped in operational efficiency like lower power and fuel costs coupled with higher volumes. However, revenue from Copper segment declined by 9% yoy (up...

ICICI Securities Ltd | Retail Equity Research Hindalco reported a good set of Q1FY17 numbers wherein EBITDA and PAT came in higher than our estimate. Aluminium operations led the beat while copper operations volume came in lower than estimate. Lower cost of raw materials, especially energy inputs aided margin expansion during the quarter The topline came in lower than our estimate on the back of lowerthan-expected copper volumes. Revenues came in at | 7597.3 crore (down 11.4% YoY), below our estimate of | 8370.4 crore. Revenues...

Hindalco's standalone EBITDA surged 30% yoy (-3% qoq) to Rs11.3bn in 1QFY17, topping our estimate of Rs10bn. Revenue from Aluminium segment rose by 8% yoy (-10% qoq) on higher sales volume with which Aluminium EBITDAM rose by 727bps yoy to 21.1% (Note: not comparable on qoq basis as it earlier reported EBITM). Multiyear high segmental margin can be attributed to stabilization of new smelters, which helped in achieving operational efficiency like lower power and fuel cost coupled with higher volume. Revenue from Copper segment fell 28% yoy (15% qoq) due to 36% yoy (30% qoq) decline in volume to 65,000 tonne due to planned shutdown of copper plant. However, segmental margin remained stable at 8.5% due to firm TC/ RC and...

Key highlights: A strong operational performance led by lower raw material costs and improving efficiency at old plants. Higher copper by?product (gold & silver) prices led to positive surprise in copper segment revenues and profitability. The company after obtaining additional coal security via linkage coal auction is confident to maintain the cost discipline as obtained during Q1FY17. Copper smelter has ramped up smoothly after the maintenance shutdown in Q1FY17 and company expects better efficiencies going ahead.Phillip Capital retain Buy rating on the stock and increase their target price to Rs 170 (from Rs 120 earlier) valuing at average of FY17 & FY18 valuations (6.5x Ev/Ebidta).

Novelis' 1QFY17 adj. EBITDA (excluding metal price lag) increased 26% YoY to USD268m, broadly in line with our estimate of USD259m, despite the 4% volume miss (-1.7% YoY). FCF (post interest and capex) saw outflow of...