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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<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

<ul><li>Hindalco Industries is the metals flagship company of Aditya Birla Group.</li><li>It is one of the largest primary producers of Aluminium in Asia.</li><li>Hindalco operates under three segments – low-cost vertically integrated Aluminum segment (1.3mt), World’s largest rolling and recycling Novelis operations (4mt rolling and 2.5mt recycling facility) and custom copper smelting (0.42mt copper cathodes capacity).</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 is the metals flagship company of Aditya Birla Group.It is one of the largest primary producers of Aluminium in Asia.Hindalco operates under three segments – low-cost vertically integrated Aluminum segment (1.3mt), World’s largest rolling and recycling Novelis operations (4mt rolling and 2.5mt recycling facility) and custom copper smelting (0.42mt copper cathodes capacity).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.

Pick of the Week: Hindalco Industries Ltd- 16 SEPTEMBER 2024

Thematic (Sector/Industry)

<ul><li>Hindalco’s Indian operations delivered a robust performance.</li><li>Overall consolidated revenue stood largely in line with consensus (up 8% YoY, 2% QoQ), while reported EBITDA grew by 31%/11% YoY/QoQ (6% and 11% beat vs. our estimates and consensus), led by strong upstream Aluminium and copper division.</li><li>Novelis Adjusted EBITDA/t stood at $525/t, up 10% YoY but down 3% QoQ, in line with sustainable guidance of $525/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’s Indian operations delivered a robust performance.Overall consolidated revenue stood largely in line with consensus (up 8% YoY, 2% QoQ), while reported EBITDA grew by 31%/11% YoY/QoQ (6% and 11% beat vs. our estimates and consensus), led by strong upstream Aluminium and copper division.Novelis Adjusted EBITDA/t stood at $525/t, up 10% YoY but down 3% QoQ, in line with sustainable guidance of $525/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.

Top Sector Ideas - Metals and Mining (Q1FY25)

India

Hindalco Industries Limited is an integrated aluminum manufacturer. The Company mines bauxite and refines it into alumina. The Company's other operations include the smelting of alumina into aluminum, the manufacture of semi-fabricated rolled and extruded products. The Company's products include aluminum ingots, steel rods and rolled flat steel products.

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Hindalco Industries (HNDL IN)

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

Pick of the Week: Hindalco Industries Ltd- 16 SEPTEMBER 2024

Hindalco Industries is the metals flagship company of Aditya Birla Group. It is one of the largest primary producers of Aluminium in Asia.

Axis Direct

Top Sector Ideas - Metals and Mining (Q1FY25)

Overall consolidated revenue stood largely in line with consensus (up 8% YoY, 2% QoQ), while reported EBITDA grew by 31%/11% YoY/QoQ

Axis Direct

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