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Revenue
₹57,013 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹7,992 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hindalco delivered a strong Q1 FY25 with consolidated EBITDA up 31% YoY to INR 7,992 crore and PAT up 25% YoY to INR 3,074 crore. The India business EBITDA surged 55% YoY to INR 3,840 crore, driven by lower input costs and record copper performance (EBITDA up 52% YoY to INR 805 crore). Novelis shipments grew 8% YoY to 951 KT, with EBITDA per ton up 10% to $525. Management highlighted normalized beverage can demand and robust domestic copper demand. Key risks include volatile LME prices, potential cost inflation from monsoon coal auctions, and delays in coal block clearances. Guidance points to stable near-term costs, with upstream expansion projects (alumina, copper smelter, smelter potline) each requiring ~INR 8,000 crore CapEx, but execution is contingent on clearances and power stability.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided India CapEx for FY25 in the range of INR 5,500-6,000 crore.
- Novelis CapEx for FY25 is expected at the lower end of the $1.8-2.1 billion range, around $1.8 billion.
- The alumina refinery expansion will take 24-26 months from breaking ground, which follows signing of a binding bauxite supply agreement with OMC.
- The 50 KT copper recycling project at Dahej is expected to break ground post-monsoons, around October 2024.
Risks flagged
- Chakla and Meenakshi coal blocks face tough forest clearance processes, delaying captive coal benefits.
- Commodity prices are driven by macro/geopolitical events, not fundamentals; LME aluminum has already fallen from $2,500 to $2,300.
- Concentrate supply constraints are expected to keep spot TC/RCs low, impacting copper margins in the near term.
- Unprecedented flooding at the Sierre, Switzerland plant halted production from June 30; expected to resume by end of Q2.
Key quotes
- We were not able to get that valuation. And hence, we pulled it back because we were not doing it for cash, we didn't need it. We wanted it to do it for the valuation.
- I think that the pricing of commodities is not being driven by supply, demand, or inventory. It's being driven a lot by macroeconomics and geopolitical events.
- We are long in alumina by nearly 800,000 tons, largely because of Utkal.
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