EBITDA in line, while PAT misses our estimates

11 Mar 2024
5 Min read 
  • Hindalco's 3QFY24 results were in line with estimates, with EBITDA meeting expectations but PAT missing.
  •  Capex for Novelis has been revised higher, leading to a delay in commissioning and increased capital costs.
  •  Hindalco's copper business performed well, with record-high EBITDA driven by higher shipments and strong operational performance.
  •  The company has hedged a portion of its aluminum business for 4QFY24 and FY25.
  •  Hindalco's leverage is expected to remain below current levels, and the company's return expectations have been revised lower.
  •  The stock's valuation is near its long-term average in terms of EV/EBITDA and P/B ratios.
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