External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Resilient Q2: Hindalco reported a resilient set of numbers amid lower LME prices and cost inflation pressure.</li><li>Revenue/segmental EBITDA came largely in line with our estimates with a slight beat of 3%.</li><li>Revenue (up 18% YoY down 3% QoQ) beat was led by Copper and upstream Aluminium divisions on account of better-than-expected volumes.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Resilient Q2: Hindalco reported a resilient set of numbers amid lower LME prices and cost inflation pressure.Revenue/segmental EBITDA came largely in line with our estimates with a slight beat of 3%.Revenue (up 18% YoY down 3% QoQ) beat was led by Copper and upstream Aluminium divisions on account of better-than-expected volumes.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindalco Industries Ltd - Resilient Q2 with Costs Peaking Out; Maintain BUY

<div><div><div><div><ul style="list-style-type: disc;"><li><p>Novelis (Results reported on 11th May): EBITDA/tonne declined to $437/tonne (Q3FY22 at $544 and Q4FY21 at $514/tonne).</p></li><li><p>Aluminium India: EBITDA stood at a record high at Rs 4,050 Cr, up 123% YoY and 20% QoQ and stood ahead of our estimate by 5% led by higher realised prices, higher sales volume (Q4FY22: 336kt, Q3FY22 at 325kt and Q4FY21 at 329kt and higher VAP sales (Q4FY22: 93kt, Q3FY22 at 86kt and Q4FY21 at 92kt).</p></li><li><p>Copper India: EBITDA stood at Rs 387 Cr up 20% YoY and flat QoQ due to operational efficiencies and improved by-product realizations.</p></li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div></div></div></div>

Novelis (Results reported on 11th May): EBITDA/tonne declined to $437/tonne (Q3FY22 at $544 and Q4FY21 at $514/tonne).Aluminium India: EBITDA stood at a record high at Rs 4,050 Cr, up 123% YoY and 20% QoQ and stood ahead of our estimate by 5% led by higher realised prices, higher sales volume (Q4FY22: 336kt, Q3FY22 at 325kt and Q4FY21 at 329kt and higher VAP sales (Q4FY22: 93kt, Q3FY22 at 86kt and Q4FY21 at 92kt).Copper India: EBITDA stood at Rs 387 Cr up 20% YoY and flat QoQ due to operational efficiencies and improved by-product realizations.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindalco Industries Ltd - Prudent Capex Amidst Macro Risks; Retain BUY with Lower TP

<ul>
<li>Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%</li>
<li>However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%</li>
<li>The current market performance is factoring in the current rising inflation and the rising interest rate regime</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%
However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%
The current market performance is factoring in the current rising inflation and the rising interest rate regime

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>The Russia Ukraine conflict has provided traction to global metal prices.</li>
<li>During YTD CY22, a healthy rally has been witnessed in both ferrous and non-ferrous metals.</li>
<li>During YTD CY22 (January 1-March 10, 2022), aluminium prices on the LME increased by ~21% to US$3409/tonne.</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>


The Russia Ukraine conflict has provided traction to global metal prices.
During YTD CY22, a healthy rally has been witnessed in both ferrous and non-ferrous metals.
During YTD CY22 (January 1-March 10, 2022), aluminium prices on the LME increased by ~21% to US$3409/tonne.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindalco Industries: Geopolitical Conflict Provides Traction to Metal Prices

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>Revenue from its India business (HNDL standalone + Utkal) grew 62% YoY and 6% QoQ to INR185b, a 9% beat on our estimate of INR169b, led by a 7%/12% beat in its aluminum/copper business.</li>
<li>The copper business beat was driven by strong byproduct revenue.</li>
<li>The beat in aluminum topline was on account of the strong premium over LME prices, which reflects a tight.</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>


Revenue from its India business (HNDL standalone + Utkal) grew 62% YoY and 6% QoQ to INR185b, a 9% beat on our estimate of INR169b, led by a 7%/12% beat in its aluminum/copper business.
The copper business beat was driven by strong byproduct revenue.
The beat in aluminum topline was on account of the strong premium over LME prices, which reflects a tight.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Hindalco Industries Limited is an Indian aluminium and copper manufacturing company, and a subsidiary of the Aditya Birla Group. It is a major producer of primary aluminium, flat-rolled products, extrusions, and foils, and also manufactures copper cathodes and continuous cast copper rods. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1958.

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Hindalco Industries (HNDL IN)

Hindalco Industries Ltd - Resilient Q2 with Costs Peaking Out; Maintain BUY

Revenue (up 18% YoY down 3% QoQ) beat was led by Copper and upstream Aluminium divisions on account of better-than-expected volumes.

Axis Direct

Hindalco Industries Ltd - Prudent Capex Amidst Macro Risks; Retain BUY with Lower TP

Hindalco reported a strong set of numbers with consolidated revenue increasing by 38% YoY and 11% QoQ at Rs 55,764 Cr in line with our estimate of...

Axis Direct

Axis Top Picks April 2022

Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by...

Axis Direct

Hindalco Industries: Geopolitical Conflict Provides Traction to Metal Prices

The Russia Ukraine conflict has provided traction to global metal prices. During YTD CY22, a healthy rally has been witnessed in both ferrous and...

ICICI Securities Limited

Hindalco: Riding the Aluminum Wave

Revenue from its India business (HNDL standalone + Utkal) grew 62% YoY and 6% QoQ to INR185b, a 9% beat on our estimate of INR169b, led by a 7%/12%...

Motilal Oswal

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