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Revenue
₹54,169 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹6,096 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hindalco's Q2 FY24 consolidated revenue was INR 54,169 crore, up 2% QoQ, with consolidated EBITDA flat at INR 6,096 crore. PAT declined 11% QoQ to INR 2,196 crore. The quarter was driven by a strong recovery at Novelis (shipments up 6% QoQ, EBITDA per ton up 8% to $519) and a record performance from the copper business (EBITDA of INR 653 crore, up 23% QoQ). India aluminum upstream EBITDA per ton improved 9% QoQ to $751, supported by lower costs. Management guided for flattish cost of production in Q3, with coal costs slightly up but offset by lower input costs. The company remains cautious on aluminum prices, maintaining a $2,100-$2,300 range. Key risk: potential margin compression if aluminum prices weaken further or input costs rise unexpectedly.
Colored figures show movement against the previous available record.
Guidance to track
- Coal costs expected slightly up, but offset by lower input costs like caustic, furnace oil, CP coke.
- CapEx expected at lower end of range; Bay Minette commissioning late calendar 2025.
- Includes strategic projects; detailed FY25 guidance in February call.
- CapEx ~INR 6,000 crore for first phase; bauxite supply secured via OMC MOU.
Risks flagged
- Spot auction premiums rose in October due to high power demand; Q3 coal costs may increase.
- Prices remain range-bound; macro headwinds could delay recovery despite tight supply-demand.
- One-time cost of $25-35 million; cash outgo includes severance and asset write-offs.
- RBI monitoring crude oil impact; could affect input costs and demand.
Key quotes
- We are firmly in the first quartile, and Aditya, Mahan, Renukoot are fully in the first quartile, and Hirakud is the only one which is sort of on the right-hand side.
- We don't believe that this is a time to take a forward position. So what we did for FY 2025, is that we actually hedged around 5%, taking a zero collar, with a bottom at $2,200 and a ceiling of $2,517.
- This is a plant which economically simply does not make sense because of the kind of products we are making there. We don't see any future.
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