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Hindalco Industries (Q2 FY14)

Standalone revenue of Rs63bn was higher by 2.3% yoy and 8% qoq, but lower than our estimate of Rs66.7bn.

January 01, 1970 5:30 IST | India Infoline News Service
CMP Rs114, Target Rs129, Upside 13.4%

  • Hindalco’s standalone operational numbers were inline with our estimate as the impact of lower aluminium business EBIT was offset by strong copper EBIT

  • Copper production was lower by 1.3% yoy and that of aluminium was higher by 1.8% yoy

  • Operating profit of Rs5.4bn was marginally higher than our estimate

  • Novelis reported inline numbers as the impact of lower volumes in North America was offset by jump in volumes in South America and Asia

  • Earnings growth to resume in FY15, Maintain Buy with a price target of Rs129.

Result table (Standalone)
(Rs mn)
 Q2 FY14
 Q2 FY13
 % yoy
 Q1 FY14
 % qoq
Net sales
 63,049
 61,635
 2.3
 58,379
 8.0
Material costs
 (40,072)
 (39,985)
 0.2
 (36,707)
 9.2
Power and fuel costs
 (8,822)
 (8,065)
 9.4
 (8,062)
 9.4
Personnel costs
 (3,608)
 (3,129)
 15.3
 (3,024)
 19.3
Other overheads
 (5,148)
 (5,304)
 (2.9)
 (5,801)
 (11.3)
Operating profit
 5,398
 5,153
 4.8
 4,785
 12.8
OPM (%)
 8.6
 8.4
 20 bps
 8.2
 37 bps
Depreciation
 (1,964)
 (1,728)
 13.7
 (1,831)
 7.3
Interest
 (1,832)
 (279)
 557.5
 (1,487)
 23.2
Other income
 2,798
 1,324
 111.4
 4,279
 (34.6)
PBT
 4,401
 4,471
 (1.6)
 5,746
 (23.4)
Tax
 (830)
 (882)
 (5.9)
 (1,005)
 (17.4)
Effective tax rate (%)
 18.9
 19.7
17.5
Adjusted PAT
 3,571
 3,589
 (0.5)
 4,741
 (24.7)
Adj. PAT margin (%)
 5.7
 5.8
 (16) bps
 8.1
 (246) bps
Reported PAT
 3,571
 3,589
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