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