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LME aluminum price volatility
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Hindalco Industries Limited — Q1 FY24
Hindalco's Q1 FY24 consolidated revenue was INR 52,991 crore, down 5% sequentially, while EBITDA rose 5% QoQ to INR 6,109 crore, driven by recovery at Novelis and India downstream.
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Hindalco's Q1 FY24 consolidated revenue was INR 52,991 crore, down 5% sequentially, while EBITDA rose 5% QoQ to INR 6,109 crore, driven by recovery at Novelis and India downstream. Novelis EBITDA per ton improved 11% sequentially to $479, supported by cost control and favorable mix. India upstream EBITDA margins remained strong at 24%, though EBITDA per ton fell to $691. Copper delivered record shipments of 118 KT, but EBITDA declined 11% QoQ due to a planned shutdown. Management expects Q2 costs to decline further by 3% as linkage coal share rises to 57-60%. Novelis guidance points to EBITDA per ton of $450-500 in the near term, with confidence in reaching $525 by Q4. Key risks include LME aluminum price volatility (range $2,100-2,300/ton) and delays in coal mine allocations (Chakla, Meenakshi).
हिंडाल्को की पहली तिमाही (अप्रैल-जून 2023) की कुल कमाई 52,991 करोड़ रुपये रही, जो पिछली तिमाही से 5% कम है। लेकिन कंपनी का मुनाफा (EBITDA) 5% बढ़कर 6,109 करोड़ रुपये हो गया, जिसकी वजह नोवेलिस और भारत में डाउनस्ट्रीम कारोबार में सुधार है। नोवेलिस में हर टन एल्युमीनियम पर मुनाफा 11% बढ़कर 479 डॉलर हो गया। भारत में एल्युमीनियम बनाने के कारोबार (अपस्ट्रीम) का मुनाफा 24% रहा, लेकिन हर टन पर मुनाफा घटकर 691 डॉलर रह गया। कॉपर ने रिकॉर्ड 118 किलो टन शिपमेंट किया, लेकिन प्लान मेंटेनेंस के कारण मुनाफा 11% गिर गया। कंपनी को उम्मीद है कि अगली तिमाही में लागत 3% और घटेगी। नोवेलिस का मुनाफा अगली तिमाही में 450-500 डॉलर प्रति टन रहने का अनुमान है। जोखिम में एल्युमीनियम की कीमतों में उतार-चढ़ाव और कोयला खदानों में देरी शामिल है।
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Read Transcript →Quarter Snapshot
Novelis EBITDA per ton
$479
+11% QoQ
Improved from $431 in Q4 FY23 due to better cost control and product mix.
India upstream EBITDA margin
24%
flat vs prior quarter
Among the best globally despite challenging macro; EBITDA per ton at $691.
Copper shipments
118 KT
+1% QoQ
Record quarterly shipments; CCR volumes up 4% sequentially to 98 KT.
Novelis shipments
879 KT
-6% QoQ
Lower can and specialty shipments partially offset by record automotive shipments.
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Guidance and risk preview
Management expects costs to decline by 3% sequentially in Q2 FY24, driven by higher linkage coal share (57-60%) and lower coal prices.
LME aluminum prices remain volatile between $2,100-2,300/ton, with uncertainty around Chinese production and demand.
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