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Hindalco Industries Limited — Q2 FY24
Hindalco's Q2 FY24 consolidated revenue was INR 54,169 crore, up 2% QoQ, with consolidated EBITDA flat at INR 6,096 crore.
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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.
हिंडाल्को की दूसरी तिमाही की कमाई: कुल आय 54,169 करोड़ रुपये रही, जो पिछली तिमाही से 2% ज्यादा है। मुनाफा (EBITDA) 6,096 करोड़ रुपये पर स्थिर रहा, जबकि शुद्ध मुनाफा (PAT) 11% घटकर 2,196 करोड़ रुपये हो गया। इस तिमाही में नॉवेलिस का कारोबार मजबूत रहा (शिपमेंट 6% बढ़ा, प्रति टन मुनाफा 8% बढ़कर 519 डॉलर हुआ) और तांबा कारोबार ने रिकॉर्ड प्रदर्शन किया (मुनाफा 653 करोड़ रुपये, 23% बढ़ोतरी)। भारत में एल्युमीनियम का उत्पादन मुनाफा प्रति टन 9% बढ़कर 751 डॉलर हुआ, क्योंकि लागत कम हुई। कंपनी का अनुमान है कि अगली तिमाही में उत्पादन लागत स्थिर रहेगी, कोयले की कीमत थोड़ी बढ़ेगी लेकिन दूसरी लागत घटेगी। एल्युमीनियम की कीमत 2,100-2,300 डॉलर के दायरे में रहने की उम्मीद है। मुख्य जोखिम: अगर एल्युमीनियम की कीमत गिरी या लागत बढ़ी तो मुनाफा कम हो सकता है।
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Coal cost volatility
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Novelis shipments
933 KT
+6% QoQ
Higher beverage can shipments drove the sequential increase; destocking largely behind.
Copper EBITDA
INR 653 crore
+23% QoQ
All-time high driven by record shipments and normalization post maintenance shutdown.
Aluminum upstream EBITDA per ton
$751/ton
+9% QoQ
Supported by lower costs; among best in global industry.
Coal linkage materialization
53% of mix
90% materialization
Higher linkage coal helped reduce coal cost by 15% QoQ.
What Changed vs Last Quarter
NEW
Q3 FY24 cost of production flattish QoQ
Coal costs expected slightly up, but offset by lower input costs like caustic, furnace oil, CP coke.
NEW
India CapEx for FY24: INR 4,000-4,500 crore
Includes strategic projects; detailed FY25 guidance in February call.
NEW
Alumina refinery in Odisha: first 1M tons in 36 months
CapEx ~INR 6,000 crore for first phase; bauxite supply secured via OMC MOU.
UPDATED
Novelis CapEx guidance lowered to $1.5-$1.8 billion
CapEx expected at lower end of range; Bay Minette commissioning late calendar 2025.
DROPPED
India aluminum cost reduction of 3% in Q2
Management expects costs to decline by 3% sequentially in Q2 FY24, driven by higher linkage coal share (57-60%) and lower coal prices.
DROPPED
Novelis EBITDA per ton to reach $525 by Q4 FY24
Management expressed increased confidence in achieving $525/ton EBITDA by the Jan-Mar quarter, with near-term range of $450-500.
DROPPED
India downstream aluminum volumes to exceed 90 KT in Q2
Downstream volumes expected to cross 90 KT in Q2 FY24, with EBITDA per ton remaining well above $200.
NEW RISK
Coal cost volatility
Spot auction premiums rose in October due to high power demand; Q3 coal costs may increase.
NEW RISK
Novelis Clayton plant closure costs
One-time cost of $25-35 million; cash outgo includes severance and asset write-offs.
NEW RISK
Geopolitical tensions impacting inflation
RBI monitoring crude oil impact; could affect input costs and demand.
RISK GONE
Delays in coal mine allocations
Regulatory issues with Coal Bearing Areas Act continue to delay allocation of Meenakshi mine; Chakla mine expected only in FY25.
RISK GONE
Novelis volume recovery dependent on can demand
Novelis shipments declined 6% QoQ due to lower can shipments; recovery hinges on return of promotional activities in North America.
RISK GONE
Copper TC/RCs remain below benchmark
Spot TC/RCs at 21-22 cents/lb are below the annual benchmark of 22.5 cents, pressuring copper margins.
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Guidance and risk preview
Coal costs expected slightly up, but offset by lower input costs like caustic, furnace oil, CP coke.
Spot auction premiums rose in October due to high power demand; Q3 coal costs may increase.
View Risks →