11 August 2016
1QFY17 Results Update | Sector: Metals
Hindalco
Buy
BSE SENSEX
28,152
S&P CNX
8,672
CMP: INR146
TP: INR168(+15%)
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Aluminum CoP in first quartile of global cost curve
FCF and EBITDA growth driving equity value; Reiterating Buy
Hindalco (HNDL) reported strong standalone EBITDA of INR11.3b (+29% YoY,
adjusting for INR992m financial gains), ahead of our estimate of INR9.5b, led by
stable aluminum cost of production (CoP) as against expectations of a cost
increase. Copper business also performed well, helped by by-products despite
shutdown. PAT was up 1.7x YoY to INR2.9b. HNDL has now started reporting
segment-wise EBITDA. Ind-AS impact was insignificant on EBITDA.
Aluminum segment EBITDA/t was up ~USD90 QoQ to USD435,
driven by
higher LME and an increase in import duty from 5% to 7.5%, while costs
remained supportive. Impact of increase of INR200/t cess on coal was offset by
further gains in operating and supply chain efficiencies. While production was
flat QoQ at 308kt, sales were 11% lower QoQ at 291kt on seasonal re-stocking.
Aluminum CoP moved into first quartile of global cost curve:
HNDL has now
secured 75% of its supply with ~4.5mt additional coal linkages in recent Coal
India auction. Nearly 80% of aluminum CoP will be stable on reduced exposure
to market price of coal. At ~USD1400/t, CoP is now in the first quartile of the
global cost curve.
4% upgrade in FY17E EBITDA; Reiterating Buy:
We upgraded FY17E EBITDA by
4% to INR131b on lower-than-expected CoP. HNDL is now generating free cash
flows to equity at both Indian operations and at Novelis. We expect ~INR40b of
annual net debt reduction, while EBITDA should grow at a CAGR of 16% to
INR142b over FY16-18E. As a result, equity value will grow to INR197/share on
FY18E basis. We value the stock at INR168/share (+15%) on rolling one-year
forward basis. We reiterate our
Buy
rating.
FY16
2Q
3Q
4Q
628
704
703
277
292
329
104
87
97
65.0
65.9
67.6
1,593 1,495 1,516
89,246 81,503 86,675
4.3
-5.3
-7.5
6,028 6,716 11,664
-32.8 -27.3
37.6
2,275 2,988 7,642
3,753 3,728 4,023
6,160 5,824 5,747
2,958 3,080 3,412
4,175 2,501 2,041
1,086
313 4,547
53
-92
983
4.9 -29.3
21.6
1,033
405 3,563
900
259 3,769
1Q
708
291
62
67.0
1,570
75,973
-11.4
11,325
29.1
8,488
2,837
5,996
3,382
2,184
4,129
1,189
28.8
2,941
2,943
FY17
FY16
FY17E
2QE
3QE
4QE
665
715
710
2,660
2,798
318
318
327
1,146
1,255
95
95
95
390
347
68.3
68.4
68.4
65.5
68.0
1,615 1,620 1,630
1,592
1,609
87,864 88,073 89,670 343,177 341,581
-1.5
8.1
3.5
-0.6
-0.5
12,168 12,286 12,681 33,182 48,459
101.8
82.9
8.7
-2.9
46.0
8,545 8,662 9,056 17,992 34,751
3,623 3,624 3,625 15,190 13,708
5,996 5,986 5,976 23,748 23,954
3,365 3,348 3,332 12,770 13,427
2,023 2,165 2,302 10,662
8,674
4,829 5,116 5,676
7,326 19,750
971 1,389 1,287
1,254
4,836
20.1
27.2
22.7
17.1
24.5
3,858 3,727 4,389
6,073 14,915
3,647 3,864 4,286
6,073 14,916
FY17 vs Est
1QE
(%)
705
0
298
-2
70
-11
67.0
1,570
72,106
5
-15.9
9,250
22
5.4
6,795
25
2,455
16
6,006
0
3,156
7
2,010
9
2,097
97
557
26.6
1,541
91
1,739
69
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
HNDL IN
2065.2
297.0 / 4.4
152 / 59
7/117/50
1140
62.3
2018E
1,089
141.7
46.4
22.5
30.5
141.3
17.2
8.9
6.5
1.0
Financials & Valuations (INR b)
Y/E March
2016 2017E
Sales
1,001 1,013
EBITDA
106.1 131.1
NP
24.7
35.6
Adj. EPS (INR)
12.0
17.2
EPS Gr(%)
-11.5 43.9
BV/Sh. (INR)
106.6 120.6
RoE (%)
11.3
15.2
RoCE (%)
5.9
8.1
P/E (x)
12.2
8.5
P/BV
1.4
1.2
Estimate change
TP change
Rating change
Quarterly Performance (Standalone)
Y/E March
(Standalone)
Alumina (Production, kt)
Aluminium (sales, kt)
Copper (sales, kt)
Exchange USD/INR
Avg LME Aluminium (USD/T)
Net Sales
Change (YoY %)
EBITDA
Change (YoY %)
EBITDA - Aluminium
EBITDA-Copper
Interest
Depreciation
Other Income
PBT (after EO item)
Total Tax
% Tax
Reported PAT
Adjusted PAT
1Q
660
248
102
63.7
1,765
85,753
7.2
8,773
17.2
5,088
3,686
6,017
3,320
1,944
1,381
309
22.4
1,072
1,145
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Sanjay Jain
(SanjayJain@MotilalOswal.com); +91 22 6129 1523
Dhruv Muchhal
(Dhruv.Muchhal@MotilalOswal.com); +91 22 6129 1549

Hindalco
Conference call highlights
India’s aluminum demand is expected to grow at double-digit rate primarily led
by the power sector.
Of the captive coal mines, Gare-Palme-IV/4 & 5 have started production.
Kathautia mine is expected to start production by FY17 end. While Dumri coal
mine would start in FY18.
The ~4.5mt coal linkage it secured would meet ~25% of its smelter’s coal
requirement. Deliveries would start from October 1
st
, 2016.
Lobbying the government for duties against aluminum imports. ~50% of India’s
aluminum demand is met by imports.
Utkal production was up
13% YoY to 372kt. Other-
than-Utkal production was
up 2% YoY to 336kt.
Exhibit 1: Alumina production was up 7% YoY / 1% QoQ at 708kt
Renukoot/Muri/Belgaum
274
316
Utkal
330
338
364
368
372
41
87
147
208
240
Source: Company, MOSL
Aditya was fully ramped-up.
Mahan production was
marginally lower QoQ.
Exhibit 2: Aluminum production grew 17% YoY / flat QoQ to 308 kt
Renukoot/Hirakud
Mahan
190
8
37
145
Aditya
217
22
48
147
242
36
58
148
264
42
75
147
269
49
80
140
296
65
90
141
307
77
90
140
308
90
80
138
139
139
140
7
133
158
18
140
175
29
146
187
6
43
138
Source: Company, MOSL
Exhibit 3: Aluminum sales volumes were down 11% QoQ to 291kt
Primary Metal
Rolled Products
Extrusions
69
72
80
73
9
50
71
9
55
72
9
56
86
10
61
115
66
111
10
55
119
58
144
64
182
62
186
208
220
249
218
Source: Company, MOSL
11 August 2016
2

Hindalco
Exhibit 4: Aluminum EBITDA/t was up ~USD100 QoQ to USD435
EBITDA USD/t
484
311
303
416
412
435
384
403
283
322
126
155
344
Source: Company, MOSL
Copper production was
down 36% YoY / 30% QoQ
to 65kt on maintenance
shutdown.
Exhibit 5: Copper production (kt) was down on maintenance shutdown
94
76
80 85
88
95
69
85
78 84
96 96 96 95 100 102
89
104
87 93
65
73 75
68
77
Source: MOSL, Company
Exhibit 6: Copper sales volumes were down 36% QoQ to 62kt
Copper Cathodes
CC Rods
39 38 41
43
37 41 39 36
34
41
51 55 52 57 59 63 58 63 46 55
38
24
35
43
26
31
32 34
38
40
37 37
36 37
45
45
54
53
47
41 43 48
41 51 49
34 37 46
23 32
Source: MOSL, Company
11 August 2016
3

Hindalco
Exhibit 7: Copper Tc/Rc was down marginally QoQ
50
40
30
20
10
0
Hindalco
VEDL
TcRc
Source: MOSL, Company
Novelis reports strong in-line EBITDA
Focused on free cash flow generation and mixed improvement
Novelis 1QFY17 adj. EBITDA (excluding metal price lag) increased 26% YoY
toUSD268m, broadly in-line with our estimate of USD259m despite the 4% volume
miss (down 1.7% YoY). FCF (post interest and capex) were an outflow of USD151m
due to seasonal factors. Capex has reduced to USD44m towards sustenance.
EBITDA/t, excluding metal price lag of USD13m (spot premiums in US were
lower), was at USD355 up 28% YoY and 1% QoQ driven by improvement in mix
and operating leverage at auto lines. Auto volumes were up 15% YoY and
comprise of 16-17% of total volumes. Favorable scrap to metal price spread too
helped the margins.
Novelis walked out of some low margin can contracts, which affected volumes.
Combined volumes in Asia and Europe were down 21kt YoY.
Margins in EU improved YoY helped by strong auto demand and stabilization of
German recycling plant.
Region-wise performance
North America:
Shipments were down 7% YoY to 242kt on lower can volumes as the
company avoided some low margin can contracts. EBITDA was up 33% YoY to
USD92m on higher auto volumes and efficiency from new plants. EBITDA/t was at
USD380 up from USD264 same period last year. All the three US auto lines were
operational in the quarter and are guided to achieve full capacity by end of FY17.
Management on the call commented that the can market would continue to face
pressure from excess capacity in the near-term but in the long-term expect the shift
to autos to drive a tighter market.
Europe:
Shipments declined 2% YoY to 246kt. EBITDA at USD57m was up 27% YoY.
Margin was at USD232/t as compared to USD179/t same period last year. Margins
improved on better utilization of the recycling facility and lower start-up cost. The
auto mill at Germany is contracted for 80% of its capacity and is likely to be fully
ramped-up over the next 2-3 years. On competition, management believes Asia is
unlikely to be a major competition. However, new mills in Middle East could
increase the competitive intensity over the medium-term.
11 August 2016
4

Hindalco
Asia:
Shipments declined 8% YoY to 178kt. EBITDA at USD46m was at three-year
high, up 18% YoY. EBITDA/t was at USD258 compared to USD202 same period last
year. Lower volumes were on account of decline in can shipments due to
competition from China. Margins improved on higher mix of value-add products.
Management expects pricing in Asia to be under pressure on new capacity starts in
China and modest demand growth. The auto line in China is contracted for 50% of
the capacity.
South America:
Shipments declined 4% YoY to 103kt. EBITDA of USD73m was up
22% YoY. EBITDA/t remains healthy at USD709, up from USD561 same quarter last
year. Management expects South America is unlikely to face competition from over-
supply in Asia. Brazil attracts an import duty of ~12% that would discourage imports.
However, amid the economic weakness in Brazil management expects near-term
volume growth to be subdued.
Exhibit 8: Adjusted EBITDA (USD m) was USD268m
250 233
221 228 214 213 236 238
203
277 268
Exhibit 9: Shipments were down 2% YoY at 755kt
753
770
EBITDA/ton (USD)
765 757 758 768
Shipments (ktpa)
788 779 788
755
Source: MOSL, Company
Source: MOSL, Company
Exhibit 10: FRP shipments (kt) declined across regions
320
240
160
80
North America
Europe
Asia
South America
Exhibit 11: EBITDA/t saw sharp jump in Asia
800
640
480
320
160
0
North America
Europe
Asia
South America
Source:
Source:
Novelis is guiding for
USD250m capex in FY17E
down from ~USD370m in
FY16. USD200m being
maintenance capex. 1QFY17
capex was at just USD44m.
Exhibit 12: Capex (USDm) cycle has peaked
Source: MOSL, Company
11 August 2016
5

Hindalco
Exhibit 13: Net debt increased on increase in working capital
Novelis’ net debt was up to
USD4.6b on working capital
increase of ~USD260m.
Source: Company, MOSL
Operating cash flows was
on outflow of USD107m,
significantly better than an
outflow of INR289m
reported in 1QFY16.
Exhibit 14: Operating cash flows after working capital change (USD m)
Source: Company, MOSL
Exhibit 15:
Share of auto volumes to increase to 25% from ~15% in FY16; 1.8x of FY16 volumes
Management was
optimistic on increasing
trends towards aluminum in
autos. It expects further
announcements over the
next 18-24 months. Novelis
targets to achieve 25% auto
sheets in its product mix
30%
20%
10%
0%
FY12
FY14
FY15
FY16
FY17E
FY18E
FY19E
Source: MOSL, Company
6%
9%
12%
Share in product mix
Kt (RHS)
22%
25%
1,000
800
600
400
200
0
15%
18%
Exhibit 16: Target price derivation
EBITDA
EV/EBTIDAx
Target EV
Net Debt
EQ = (EV-net Debt)
A. INR/share(EQ)
Investments (quoted)
B. INR/share (investments)
C.discount factor (%)
Implied Price (A+B*(1-C%))
TP (Wtd. Average) - INR/sh.
Assumptions
USD/INR
LME
FY15
89,446
FY16
106,053
FY17E
131,125
6.0
786,748
542,054
244,694
118
52,759
26
20
139
168
FY18E
141,747
6.0
850,484
486,296
364,188
176
52,759
26
20
197
564,761
577,513
61.1
1,889
65.5
1,592
68.0
70.0
1,609
1,650
Source: MOSL, Company
11 August 2016
6

Hindalco
Exhibit 17: Metal sector valuation
Rating
Steel
Tata Steel
JSW Steel
JSPL
SAIL
Non-Ferrous
Hindalco
Nalco
Vedanta
Mining
Coal India
Hindustan Zinc
NMDC
Neutral
Buy
Netural
Sell
Buy
Buy
Neutral
Buy
Neutral
Sell
Price MCAP
EPS
(INR) (USD M) FY16E FY17E FY18E
369
1,707
80
46
142
47
161
338
217
100
5,356
6,173
1,094
2,815
4,396
1,824
7,160
31,943
13,725
5,932
7.7
-0.3
-18.2
-9.0
12.0
2.6
10.8
22.6
19.8
8.4
10.2
139.5
-15.6
-17.2
17.2
4.2
19.5
19.0
18.2
5.8
66.8
170.3
-9.1
-15.9
22.5
5.5
23.8
23.0
18.2
4.0
P/E (x)
FY17E FY18E
36.1
12.2
-5.1
-2.7
8.3
11.4
8.3
17.8
11.9
17.2
5.5
10.0
-8.8
-2.9
6.3
8.6
6.8
14.7
11.9
24.8
EV/EBITDA (x)
FY17E FY18E
9.2
7.5
12.1
nm
6.4
4.8
6.7
8.7
7.7
11.5
6.1
6.2
10.9
nm
5.5
3.0
6.7
P/B(x)
FY17E FY18E
1.9
1.7
0.4
0.6
1.2
0.9
1.1
1.5
1.5
0.4
0.7
1.0
0.8
1.0
7.2
6.1
5.8
7.7
2.2
2.2
16.8
1.3
1.3
Source: MOSL, Company
11 August 2016
7

Hindalco
Financials and Valuations
Income Statement
Y/E March
Net sales
Change (%)
Total Expenses
EBITDA
% of Net Sales
Depn. & Amortization
EBIT
Net Interest
Other income
PBT before EO
EO income (exp)
PBT after EO
Current tax
Deffered tax (net)
Tax
Rate (%)
Reported PAT
Minority interests
Share of asso.
Adjusted PAT
Change (%)
2012
808,214
12.1
726,316
81,897
10.1
28,699
53,199
17,579
7,831
43,450
43,450
8,909
-1,046
7,862
18.1
35,587
2,113
496
33,970
-2.9
2013
801,928
-0.8
721,344
80,584
10.0
28,611
51,973
20,791
10,122
41,304
-2,216
39,088
10,430
-1,573
8,857
22.7
30,231
-196
-158
32,485
-4.4
2014
876,955
9.4
794,092
82,863
9.4
35,528
47,335
27,016
10,172
30,491
-3,960
26,531
11,510
-6,261
5,249
19.8
21,282
200
668
25,710
-20.9
2015
1,042,811
18.9
953,365
89,446
8.6
35,906
53,540
41,784
11,047
22,803
-19,401
3,402
2,564
2,564
75.4
838
-5,957
1,747
27,943
8.7
2016
1,000,538
-4.1
894,485
106,053
10.6
41,961
64,091
50,467
12,113
25,738
-22,083
3,654
5,148
5,148
140.9
-1,494
-2,378
1,749
24,717
-11.5
2017E
1,012,855
1.2
881,730
131,125
12.9
43,697
87,428
51,533
10,125
46,020
-2,655
43,365
8,163
4,044
12,207
28.1
31,158
1,749
35,562
43.9
(INR Million)
2018E
1,089,010
7.5
947,262
141,747
13.0
44,632
97,116
45,917
12,212
63,411
63,411
8,564
10,194
18,758
29.6
44,653
1,749
46,402
30.5
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liability
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Goodwill on consolidation
Capital WIP
Investments
Working capital Assets
Inventory
Account Receivables
Cash and Bank Balance
Others (incl. LT)
Working capital liability
Account Payables
Others (incl. LT)
Net Working Capital
Appl. of Funds
E: MOSL Estimates
2012
1,915
317,198
319,113
17,091
410,165
36,050
782,419
428,945
186,608
242,338
150,097
227,981
17,483
376,124
132,460
80,172
81,556
81,937
231,604
110,522
121,082
144,520
782,419
2013
1,915
351,388
353,302
17,593
569,061
34,677
974,633
482,107
221,255
260,852
160,497
338,311
15,962
430,275
143,317
89,523
105,771
91,664
231,263
96,129
135,134
199,011
974,633
2014
2,065
403,984
406,048
17,805
646,952
31,750
1,102,555
748,947
267,361
481,586
169,371
230,593
23,381
474,889
166,943
92,348
117,121
98,477
277,263
129,970
147,293
197,626
1,102,555
2015
2,065
381,220
383,285
9,561
684,050
25,552
1,102,448
887,802
299,816
587,986
165,651
141,113
23,216
499,495
184,511
91,864
119,289
103,830
315,011
155,005
160,006
184,484
1,102,448
2016
2,065
383,741
385,807
7,183
668,562
25,552
1,087,103
1,050,339
341,777
708,562
165,651
45,273
24,965
470,892
188,772
87,242
91,048
103,830
328,239
168,233
160,006
142,653
1,087,103
(INR Million)
2017E
2,065
412,698
414,763
7,183
632,309
29,596
1,083,851
1,102,608
385,474
717,134
165,651
31,692
26,714
472,907
190,218
88,603
90,256
103,830
330,246
170,240
160,006
142,661
1,083,851
2018E
2,065
455,383
457,448
7,183
589,231
39,790
1,093,652
1,143,153
430,106
713,047
165,651
23,735
28,463
505,712
203,274
95,673
102,936
103,830
342,955
182,949
160,006
162,757
1,093,652
11 August 2016
8

Hindalco
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share (adj.)
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
EBITDA Margins (%)
Net Profit Margins (%)
RoE
RoCE (pre-tax)
RoIC (pre-tax)
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Debtor (Days)
Inventory (Days)
Payable (Days)
Growth (%)
Sales
EBITDA
PAT
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Debt/Equity
2012
17.7
33.6
88.3
1.5
9.9
8.2
4.3
1.7
0.8
7.4
1.0
10.1
4.2
20.3
7.5
11.7
1.9
1.0
36.2
59.8
49.9
12.1
-4.6
-2.9
1.6
3.0
1.9
2013
17.0
30.7
100.7
1.4
9.7
8.6
4.8
1.4
0.9
9.2
1.0
10.0
4.1
18.0
5.9
10.7
1.7
0.8
40.7
65.2
43.8
-0.8
-1.6
-4.4
1.9
2.5
2.4
2014
12.5
27.5
114.6
1.4
13.2
11.7
5.3
1.3
0.9
10.0
1.0
9.4
2.9
11.6
4.6
7.6
1.2
0.8
38.4
69.5
54.1
9.4
2.8
-20.9
1.7
1.8
2.2
2015
13.5
17.8
105.4
1.4
12.1
10.8
8.2
1.4
0.8
9.7
1.0
8.6
2.7
12.3
4.9
6.9
1.2
0.9
32.2
64.6
54.3
18.9
7.9
8.7
1.6
1.3
2.6
2016
12.0
19.6
106.6
1.4
13.7
12.2
7.5
1.4
0.9
8.3
1.0
10.6
2.5
11.3
5.9
7.3
1.0
0.9
31.8
68.9
61.4
-4.1
18.6
-11.5
1.4
1.3
2.6
(INR Million)
2017E
2018E
17.2
36.2
120.6
1.4
9.5
8.5
4.0
1.2
0.8
6.4
1.0
12.9
3.5
15.2
8.1
9.4
0.9
0.9
31.9
68.5
61.3
1.2
23.6
43.9
1.4
1.7
2.2
22.5
43.2
141.3
1.4
7.3
6.5
3.4
1.0
0.7
5.6
1.0
13.0
4.3
17.2
8.9
10.4
1.0
1.0
32.1
68.1
61.3
7.5
8.1
30.5
1.5
2.1
1.7
Cash Flow Statement
Y/E March
EBITDA
non recurring exp (income)
tax paid
Change in working Capital
CF from Op. Activity
(Inc)/Dec in FA + CWIP
Free Cash Flow
(Pur)/Sale of Inv. & yield
Others
CF from Inv. Activity
Equity raised/(repaid)
Debt raised/(repaid)
Interest
Dividend (incl. tax)
CF from Fin. Activity
(Inc)/Dec in Cash
Add: Opening Balance
Closing Balance
E: MOSL Estimates
2012
81,897
14,415
-10,901
-9,322
76,090
-125,119
-49,029
-11,846
-619
-137,584
5,500
89,511
-28,531
-4,110
62,371
876
80,680
81,556
2013
80,584
1,410
-13,478
-38,740
29,776
-118,711
-88,936
10,729
-357
-108,340
128
143,356
-36,728
-3,977
102,779
24,215
81,556
105,771
2014
82,863
-4,821
-9,586
9,623
78,079
-94,236
-16,156
10,910
1,672
-81,655
16,305
48,689
-46,919
-3,149
14,926
11,351
105,771
117,121
2015
89,446
-8,449
-11,280
-863
68,854
-59,776
9,078
15,680
1,781
-42,315
47
28,323
-50,253
-2,488
-24,371
2,168
117,121
119,289
2016
106,053
-18,813
-5,148
13,590
95,682
-50,705
44,976
12,113
-38,593
-31,481
-50,467
-3,383
-85,330
-28,241
119,289
91,048
(INR Million)
2017E
131,125
-3,223
-8,163
-801
118,939
-31,964
86,975
10,125
-21,839
-42,977
-51,533
-3,383
-97,892
-793
91,048
90,256
2018E
141,747
-333
-8,564
-7,416
125,433
-32,588
92,846
12,212
-20,376
-43,078
-45,917
-3,383
-92,378
12,680
90,256
102,936
11 August 2016
9

Hindalco
Corporate profile
Hindalco is the largest aluminum producer in India with
total smelting capacity of 1.32mtpa. 603ktpa smelter is in
commercial operation, while 718ktpa smelters at Mahan
and Aditya are in production ramp up. 3mtpa alumina
refineries meet 80-85% of its bauxite requirement from
captive mines.
Novelis is the largest flat rolled producers in world with
3mtpa capacity and is spread over North America, Brazil,
Europe, and South Korea. Beverage cans’ consume ~60%
of its output. Hindalco also has small copper mines in
Australia and operates 500ktpa, Asia’s largest, copper
smelter at Dahej.
Exhibit 2: Shareholding pattern (%)
Jun-16
Promoter
DII
FII
Others
37.7
17.7
22.3
22.3
Mar-16
37.7
19.0
19.5
23.8
Jun-15
37.0
16.3
32.5
14.2
Source: Capitaline
Source: Capitaline
Company description
gallery
Exhibit 1: Sensex rebased
Source: MOSL/Bloomberg
Exhibit 3: Top holders
Holder Name
LIC and its Associate Funds
Bajaj Alliance Life Insurance Co
% Holding
14.8
1.2
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
Kumar Mangalam Birla
D Bhattacharya
Satish Pai
Anil Malik
Designation
Chairman
Managing Director
Deputy Managing Director
Company Secretary
Exhibit 5: Directors
Name
A K Agarwala
K N Bhandari
Rajashree Birla
Yazdi P Dandiwala
Praveen Kumar Mahehswari
Name
J Khattar
M M Bhagat
Ram Charan
Girish Dave
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
BNP & Associates
Nanabhoy & Co
Singhi & Co
Type
Secretarial Audit
Cost Auditor
Statutory
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY17
FY18
MOSL
forecast
17.2
22.5
Consensus
forecast
9.1
13.0
Variation (%)
88.4
73.7
Source: Bloomberg
Source: Capitaline
11 August 2016
10

Hindalco
NOTES
11 August 2016
11

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