External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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Equity Bottom-Up

<ul><li>Hindalco Industries (HNDL) Q2FY25 delivered strong cons operating performance on strong India upstream AL business and stable Novelis.</li><li>Indian business volumes were muted, but better pricing and lower operating cost benefited.</li><li>Mgmt.guided for tad higher coal costs at Mahan and Renukoot operations on higher spot premiums, but impact of higher alumina prices will aid earnings.</li></ul>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 (HNDL) Q2FY25 delivered strong cons operating performance on strong India upstream AL business and stable Novelis.Indian business volumes were muted, but better pricing and lower operating cost benefited.Mgmt.guided for tad higher coal costs at Mahan and Renukoot operations on higher spot premiums, but impact of higher alumina prices will aid earnings.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 - Strong India but Lower Spreads to Impact Novelis

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>HNDL’s consolidated net sales stood at INR582b (+7 YoY/+2% QoQ) in 2QFY25 vs. our est. of INR569b, aided by better realizations and efficiencies in India operations.</li><li>Consolidated EBITDA stood at INR79b (+40% YoY/+5% QoQ) vs. our est. of INR66b, driven by lower costs.</li><li>APAT stood at INR43b (+97% YoY/+25% QoQ) vs. our est. of INR31b. HNDL reported one-time exceptional expenses of INR5.1b related to flooding at the Sierre plant. </li></ul>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.

HNDL’s consolidated net sales stood at INR582b (+7 YoY/+2% QoQ) in 2QFY25 vs. our est. of INR569b, aided by better realizations and efficiencies in India operations.Consolidated EBITDA stood at INR79b (+40% YoY/+5% QoQ) vs. our est. of INR66b, driven by lower costs.APAT stood at INR43b (+97% YoY/+25% QoQ) vs. our est. of INR31b. HNDL reported one-time exceptional expenses of INR5.1b related to flooding at the Sierre plant. 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 - In-Line Revenue; Lower Costs Lead to Strong EBITDA Beat

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Upstream Aluminium CoP: Despite lower shipments at 328kt, down 2% YoY, flat QoQ, and drop in LME prices QoQ, revenue rose by 16%/3% YoY/QoQ to Rs 9,125 Cr, led by higher metal premium.</li><li>EBITDA/t jumped up by 80%/6% YoY/QoQ to $1,349/t on account of lower input costs and higher revenue.</li><li>In Q2FY25, the CoP was down by 1.6% QoQ, largely because of a drop in coal costs. </li></ul>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.

Upstream Aluminium CoP: Despite lower shipments at 328kt, down 2% YoY, flat QoQ, and drop in LME prices QoQ, revenue rose by 16%/3% YoY/QoQ to Rs 9,125 Cr, led by higher metal premium.EBITDA/t jumped up by 80%/6% YoY/QoQ to $1,349/t on account of lower input costs and higher revenue.In Q2FY25, the CoP was down by 1.6% QoQ, largely because of a drop in coal costs. 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. - Robust Indian Operations Offsets Weakness at Novelis

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>We had recently initiated coverage on Hindalco indicating that the stock is pricing in all the positives and a part of that optimism was around Novelis in the lead up to its IPO, which was later called off.</li><li>We were not convinced with its steep EBITDA/t improvement trajectory in the medium term and in playing the Bay Minette capex cycle.</li><li>With the company now withdrawing its EBITDA/t guidance over concerns surrounding ‘accelerating’ tightening of scrap spreads with liberalization of scrap import by China, we think it creates a near-term overhang for the stock.</li></ul>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.

We had recently initiated coverage on Hindalco indicating that the stock is pricing in all the positives and a part of that optimism was around Novelis in the lead up to its IPO, which was later called off.We were not convinced with its steep EBITDA/t improvement trajectory in the medium term and in playing the Bay Minette capex cycle.With the company now withdrawing its EBITDA/t guidance over concerns surrounding ‘accelerating’ tightening of scrap spreads with liberalization of scrap import by China, we think it creates a near-term overhang for the stock.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 - Novelis Pain Likely to Persist for Some Time; D/G to SELL

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>A special call auction shall be held on October 28, 2024 by BSE &amp; NSE to discover hidden value in Investment Holding Companies.</li>
<li>BSE and NSE came out with the list of 8-9 Companies that are eligible for this special session. </li>
<li>We calculated the upside left in these companies using the Current price with 30% discount: 3 Companies with more than 100% upside.</li>
</ul>


A special call auction shall be held on October 28, 2024 by BSE &amp; NSE to discover hidden value in Investment Holding Companies.
BSE and NSE came out with the list of 8-9 Companies that are eligible for this special session. 
We calculated the upside left in these companies using the Current price with 30% discount: 3 Companies with more than 100% upside.


Event Driven: Special Call Auction in Indian Holding Companies

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 - Strong India but Lower Spreads to Impact Novelis

Hindalco Industries (HNDL) Q2FY25 delivered strong cons operating performance on strong India upstream AL business and stable Novelis.

Prabhudas Lilladhar

Hindalco - In-Line Revenue; Lower Costs Lead to Strong EBITDA Beat

HNDL’s consolidated net sales stood at INR582b (+7 YoY/+2% QoQ) in 2QFY25 vs. our est. of INR569b, aided by better realizations and efficiencies in...

Motilal Oswal

Hindalco Industries Ltd. - Robust Indian Operations Offsets Weakness at Novelis

Despite lower shipments at 328kt, down 2% YoY, flat QoQ, and drop in LME prices QoQ, revenue rose by 16%/3% YoY/QoQ to Rs 9,125 Cr, led by higher...

Axis Direct

Hindalco - Novelis Pain Likely to Persist for Some Time; D/G to SELL

We were not convinced with its steep EBITDA/t improvement trajectory in the medium term and in playing the Bay Minette capex cycle.

Emkay

Event Driven: Special Call Auction in Indian Holding Companies

BSE & NSE to hold special call auction on Oct 28, 2024 for Investment Holding Companies, 8-9 eligible, 3 with over 100% upside potential.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

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Hindalco Industries - Strong India but Lower Spreads to Impact Novelis

Hindalco Industries (HNDL) Q2FY25 delivered strong cons operating performance on strong India upstream AL business and stable Novelis.

Prabhudas Lilladhar

Hindalco - In-Line Revenue; Lower Costs Lead to Strong EBITDA Beat

HNDL’s consolidated net sales stood at INR582b (+7 YoY/+2% QoQ) in 2QFY25 vs. our est. of INR569b, aided by better realizations and efficiencies in...

Motilal Oswal

Hindalco Industries Ltd. - Robust Indian Operations Offsets Weakness at Novelis

Despite lower shipments at 328kt, down 2% YoY, flat QoQ, and drop in LME prices QoQ, revenue rose by 16%/3% YoY/QoQ to Rs 9,125 Cr, led by higher...

Axis Direct

Hindalco - Novelis Pain Likely to Persist for Some Time; D/G to SELL

We were not convinced with its steep EBITDA/t improvement trajectory in the medium term and in playing the Bay Minette capex cycle.

Emkay

Event Driven: Special Call Auction in Indian Holding Companies

​BSE & NSE to hold special call auction on Oct 28, 2024 for Investment Holding Companies, 8-9 eligible, 3 with over 100% upside potential.

Nimish Maheshwari

BSE & NSE to hold special call auction on Oct 28, 2024 for Investment Holding Companies, 8-9 eligible, 3 with over 100% upside potential.