Net sales of Novelis increased 34% to $4,849 million for the fourth quarter of fiscal year 2022, compared to $3,631 million in the prior year period, primarily driven by higher average aluminum prices and local market premiums. Adjusted EBITDA of $431 million in the fourth quarter of the fiscal year 2022 included approximately $55 million of higher operational costs, primarily in North America, as a result of production and logistics challenges that are not expected to continue in fiscal 2023. The current year quarter also included a $15 million non-recurring regulatory provision. Other higher inflationary cost pressures were largely offset by favorable product pricing. For the fourth quarter, net income attributable to its common shareholder increased 22% versus the prior year to $215 million. For the full year, fiscal 2022 net income attributable to its common shareholder increased more than four-fold versus the prior year to $954 million. Net sales increased 40% to $17,149 million in fiscal year 2022, compared to $12,276 million in fiscal year 2021, primarily driven by higher average aluminum prices and record shipments in every product end market. With respect to the first quarter of fiscal year 2023 outlook, Novelis said: Market demand remains broadly favorable and non-recurring items from the fourth quarter of the fiscal year 2022 are behind us. Novelis expects the first quarter of the fiscal year 2023 adjusted EBITDA per ton to return to levels above $500 per ton, even as the company navigates continuing impacts from semi-conductor shortages, customer impacts from COVID lockdowns in China, global supply chain challenges, and elevated energy costs. Acquired by Hindalco in 2007, US-based Novelis is the world leader in rolled aluminium products, delivering solutions for global applications, such as beverage cans, automobiles, architecture and consumer electronics. Novelis is a subsidiary of Hindalco Industries, an industry leader in aluminum and copper, and the metals flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai. Powered by Capital Market – Live News
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