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Revenue
₹55,994 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹7,200 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hindalco reported a strong Q4 FY24 with consolidated EBITDA up 24% YoY to INR 7,200 crore and PAT up 32% YoY to INR 3,174 crore. The India business EBITDA rose 30% YoY to INR 3,340 crore, driven by lower input costs and record copper performance. Novelis delivered EBITDA of $514 million, up 28% YoY, with EBITDA per ton at $540. Aluminum India EBITDA per ton reached $967, up 17% YoY, with margins at 32%. Copper EBITDA hit an all-time high of INR 776 crore, up 30% YoY. Management expects costs to decline further by 1-2% in Q1 FY25 and sees strong demand across segments. Key risks include potential delays in coal mine clearances and volatility in global aluminum prices.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided that aluminum costs in Q1 FY25 will likely be 1-2% lower than Q4 FY24, driven by lower coal and input costs.
- Management expects alumina sales of about 160-170 KT in Q1 FY25, up from 22 KT in Q4 FY24, as brownfield expansion ramps up.
- The Chakla coal mine box cut is expected to occur in Q3 of calendar year 2025 (Q3 FY2025), delayed from earlier guidance due to land acquisition issues.
- The copper inner groove tubes project is on track and expected to be commissioned by the end of calendar year 2024.
Risks flagged
- The Chakla coal mine box cut has been delayed to Q3 CY2025 due to land acquisition and forest clearance issues, which could impact coal cost stability.
- Aluminum prices remain volatile due to geopolitical factors and sanctions, which could impact realized prices despite hedging.
- Disruptions in copper mines and new smelter commissioning are causing subdued TC/RC levels, which may pressure copper margins in the short to medium term.
- The RTC renewable power contract for the smelter is being tested for stability; any issues could delay smelter expansion plans.
Key quotes
- Our consolidated business segment EBITDA was up 27% year-on-year at INR 7,907 crore, whereas our overall reported EBITDA was up 24% year-on-year at INR 7,200 crore this quarter.
- I think that the strength of the balance sheet will allow us to do our planned organic CapEx expansion without resorting to borrowing.
- Our internal hurdle rate for any project is sort of mid-teens. So we don't do any project that does not give us a mid-teen IRR.
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