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Q2FY23 Preview: Hindalco Industries: Revenue seen at Rs479,848 million, PAT at Rs25,453 million

  • India Infoline News Service |
  • 10 Nov, 2022 |
  • 11:37 AM
Result date: 11th November, 2022
Recommendation: Buy
Target price: Rs516
(Source: IIFL Research)

Hindalco Industries (Hindalco) could witness 4% sequential growth in volumes even as aluminium LME fell 17% sequentially. Lower prices of both aluminum and copper could hit revenue during the quarter. The company’s consolidated revenue could inch up by a meagre 0.63% over the year-ago quarter.

Weakness in revenue could trickle down to EBITDA which could be impacted by lower aluminum profits, with higher copper profits providing some cushion. Aluminum segment’s profits would be impacted by higher coal costs partly.

Consequently, Hindalco’s Profit After Tax (PAT) could decline ~26% over the year-ago quarter.

Important management insights to watch out for:
  • Guidance on Indian upstream capex timelines
  • Update on capex for Novelis
  • Novelis’ guidance on shipments and EBITDA
Rs. Million September 2022 estimates QoQ change YoY change
Revenue 479,848 (17.33)% 0.63%
EBITDA 58,724 (30.17)% (23.00)%
Profit After Tax 25,453 (37.97)% (25.63)%
Source: Brokerage Reports

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