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.

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>Hindalco Industries (HNDL) Q3FY25 delivered strong cons operating performance on strong India upstream AL and copper business.</li><li>Indian business volumes were stable, higher pricing and lower operating cost benefited Q3 performance.</li><li>Mgmt. guided for flattish coal costs for Q4 and expect strong upstream EBITDA/t to continue with ~35% of volumes hedged at USD2,600/t.</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) Q3FY25 delivered strong cons operating performance on strong India upstream AL and copper business.Indian business volumes were stable, higher pricing and lower operating cost benefited Q3 performance.Mgmt. guided for flattish coal costs for Q4 and expect strong upstream EBITDA/t to continue with ~35% of volumes hedged at USD2,600/t.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 - Balanced Performance

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>Hindalco’s (HNDL) Q3FY25 performance was ahead of our/consensus estimates.</li><li>Key points: 1) Consolidated EBITDA rose 30% YoY to INR 76bn, mainly due to upstream aluminium (Al) division.</li><li>2) HNDL secured 12mtpa Meenakshi coal mine, providing a significant boost to coal security.</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’s (HNDL) Q3FY25 performance was ahead of our/consensus estimates.Key points: 1) Consolidated EBITDA rose 30% YoY to INR 76bn, mainly due to upstream aluminium (Al) division.2) HNDL secured 12mtpa Meenakshi coal mine, providing a significant boost to coal security.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 - Growth Vectors in Sight

<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

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 - Balanced Performance

Hindalco Industries (HNDL) Q3FY25 delivered strong cons operating performance on strong India upstream AL and copper business.

Prabhudas Lilladhar

Hindalco Industries - Growth Vectors in Sight

Hindalco’s (HNDL) Q3FY25 performance was ahead of our/consensus estimates.Key points: 1) Consolidated EBITDA rose 30% YoY to INR 76bn, mainly due...

ICICI Securities Limited

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

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