Hindalco Industries Ltd

Hindalco Industries Ltd gained for a third straight session today. The stock is quoting at Rs 598, up 1.6% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.24% on the day, quoting at 22696.05. The Sensex is at 74842.83, up 0.21%. Hindalco Industries Ltd has risen around 12.05% in last one month.

Meanwhile, Nifty Metal index of which Hindalco Industries Ltd is a constituent, has risen around 9.39% in last one month and is currently quoting at 8894.4, up 1.47% on the day. The volume in the stock stood at 68.54 lakh shares today, compared to the daily average of 63.45 lakh shares in last one month.

The benchmark April futures contract for the stock is quoting at Rs 598.55, up 1.24% on the day. Hindalco Industries Ltd is up 43.22% in last one year as compared to a 28.06% jump in NIFTY and a 59.23% jump in the Nifty Metal index.

The PE of the stock is 42.69 based on TTM earnings ending December 23.

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Hindalco Industries will hold a meeting of the Board of Directors of the Company on 24 May 2024.

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Novelis Inc. has confidentially submitted a draft registration statement on form F-1 with the US SEC relating to the proposed initial public offering of its common shares. The common shares are expected to be offered by Novelis’ sole shareholder i.e., A V Minerals (Netherlands) N.V., a fully owned subsidiary of Hindalco Industries.

Further, Novelis will not receive any proceeds from the sale of common shares by its sole shareholder. It expects to complete the public offering after the SEC completes its review process, subject to market and other conditions.

Under confidential IPO filing, the DRHP (containing vital information about the company's business and financials) is made available only to the regulator and not to the public at large.

Novelis Inc. is a leading global provider of sustainable aluminum solutions and the world leader in aluminum rolling and recycling.

Hindalco Industries' wholly-owned subsidiary, Novelis Inc, reported net income of $121 million in Q3 FY24, significantly higher from $12 million in Q3 FY23. However, net sales declined 6.33% YoY to $3,935 million for the third quarter of FY24,

Hindalco Industries, the metals flagship company of the Aditya Birla Group, is the world's largest aluminium company by revenues, and a major player in copper. It is also one of Asia's largest producers of primary aluminium.

The Aditya Birla Group company’s consolidated net profit climbed 71.14% to Rs 2,331 crore in Q3 FY24 as against with Rs 1,362 crore posted in Q3 FY23. Revenue from operations declined 0.64% YoY to Rs 52,808 crore during the quarter.

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Hindalco Industries Ltd gained 2.72% today to trade at Rs 525.7. The S&P BSE Metal index is up 1.14% to quote at 27486.61. The index is up 4.79 % over last one month. Among the other constituents of the index, Jindal Steel & Power Ltd increased 2.44% and JSW Steel Ltd added 1.72% on the day. The S&P BSE Metal index went up 34.74 % over last one year compared to the 20.45% surge in benchmark SENSEX.

Hindalco Industries Ltd has lost 6.25% over last one month compared to 4.79% gain in S&P BSE Metal index and 2.32% rise in the SENSEX. On the BSE, 1.73 lakh shares were traded in the counter so far compared with average daily volumes of 2.84 lakh shares in the past one month. The stock hit a record high of Rs 620.6 on 01 Jan 2024. The stock hit a 52-week low of Rs 381 on 20 Mar 2023.

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Hindalco Industries: The company's wholly-owned American subsidiary Novelis Inc, has filed confidentially for an initial public offering with the U.S. SEC

Zee Entertainment Enterprises: The company clarified that it is not involved in any negotiations in relation to the Sony merger deal.

ONGC: The board approved a joint venture for compressed biogas plants with a seed equity contribution worth up to Rs 10 crore.

Ramkrishna Forgings: The company has secured $220 million contract to supply to light vehicle segment across North America.

Wipro: The IT major and IBM expand partnership to offer new ai services and support to clients.

Granules India: The company extended a corporate guarantee to State Bank of India for the term loan facility availed by its wholly-owned Indian subsidiary, Granules Life Sciences (GLSPL).

Swan Energy: The Rs 4,000 crore QIP opened on Tuesday at a floor price of Rs 703.29 per share.

Union Bank of India: The lender approved raising funds up to Rs 3,000 crore via QIP at a floor price of Rs 142.78 per share

Varun Beverages: The company and PepsiCo Inc entered into an exclusive snacks appointment agreement to manufacture and package cheetos in the territory of Morocco as per details in the attached disclosure.

MAX Healthcare: The company acquired 99.90% equity stake in Alexis Multi-Speciality Hospital and became a subsidiary of the Company

DLF: The company unit has acquired land parcels in Gurugram, Haryana for Rs 1,241 crore, enabling partial redemption of bonds for Rs 775 crore. The company’s unit has completed the registration and transfer of the first tranche of land parcels

Minda Corp: Competition Commission of India approved the acquisition of an 8.8% stake in Pricol

Ashok Leyland: The company will set up a new integrated commercial vehicle plant focused on green mobility in Uttar Pradesh

NTPC: NTPC Green Energy signed an agreement with the Andhra Pradesh government to develop a green hydrogen hub in Visakhapatnam, which includes the construction of a production facility for 1,200 tonnes per day.

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The growth in net profit was driven by a robust performance across aluminium and copper business segments.

Revenue from operations declined 0.64% year on year to Rs 52,808 crore during the quarter.

The company’s profit before tax stood at Rs 3,328 crore in Q3 FY24, steeply higher from Rs 1,214 crore posted in Q3 FY23.

EBTIDA stood at Rs 6,322 crore in Q3 FY24, registering the growth of 60.86% as compared with Rs 3,930 crore posted in same quarter last year.

Consolidated Net Debt to EB ITDA stood at 1.43x as of 31 December 2023 versus 1.6x as of 31 December, 2022. The company maintained a strong balance sheet and liquidity with a consolidated Net Debt to EBITDA ratio well below 2x, positioning it well for organic growth.

Novelis’ revenue stood at $3.9 billion in Q3 FY24, down 6% YoY, impacted by lower average aluminum prices. Novelis reported an adjusted EBITDA of $454 million in Q3 FY24, up 33% YoY driven by favourable metal benefit from recycling, higher pricing, and lower operating costs. Novelis’ adjusted EBITDA per ton, at $499, was up 33% YoY.

Aluminium upstream revenue was at Rs 7,971 crore in Q3 FY24, down 1.15% from Rs 8,064 crore in Q3 FY23. Downstream third quarter revenue was at Rs 2,547 crore in Q3 FY24, down 3.77% from Rs 2,647 crore in Q3 FY23. Sales of downstream aluminium stood at 90 Kt in Q3 FY24 as compared to 91 Kt in Q3 FY23, flat YoY.

Revenue from the copper business stood at Rs 11,954 crore, up 16% YoY, driven by higher sales volumes and prices. Copper metal sales were 119 Kt in Q3 FY24 as compared to 109 Kt posted in Q3 FY23. Copper continuous cast rod (CCR) sales were at 93 Kt in the third quarter of FY24; up 6% YoY supported by growing market demand for value-added products and increased utilization of our rod mills.

“Novelis signs new contracts with Ball Corporation, Coke and Ardagh for beverage packaging for the upcoming Bay Minette facility in the US. While the capital expenditure for the Bay Minette project has escalated primarily due to higher civil and construction costs than initially estimated, the strategic rationale remains firmly in place. This investment provides a first mover advantage, with a highly efficient facility that is being built as a long-term investment. Once established this capacity can be doubled in a cost and time-efficient manner, as experienced in various other brownfield projects,” the company stated in press release.

Meanwhile, the company’s board re-appointed Satish Pai as managing director (MD) & key managerial personnel of the company with effect from 1 August 2024 to 31 December 2027.

Further, the board has also re-appointed Praveen Kumar Maheshwari as whole-time director of the company will effect from 1 August 2024 to 31 December 2027.

Satish Pai, managing director, Hindalco Industries, said, “We continue to stay on our growth track despite challenging market conditions, delivering a strong performance, driven by an enhanced product mix and lower input costs across our businesses.

The copper business registered a record EBITDA, up 20% YoY on the back of strong volume growth and robust operations. The aluminium upstream business EBITDA rose 54% YoY, supported by stable operations and lower raw material costs, which keeps us positioned in the first quartile of the global cost curve. We continue to invest in promising growth areas both in aluminium and copper downstream. Our overseas business and global recycling leader Novelis showed 33% YoY improvement in EBITDA and EBITDA per ton, driven by favourable metal benefit from recycling, higher pricing, and lower operating costs.

Robust cash generation in India operations enables further deleveraging of our India business; Hindalco has pre-paid long-term loans of ₹4,370 crores during the year amid a high-interest rate scenario. On the ESG front, our first-of-its-kind energy transition initiative is on course to begin rampup of 100 MW of round-the-clock carbon-free power for our Odisha smelter, by Q4 of CY2024.”

Hindalco Industries, the metals flagship of the Aditya Birla Group, is the world's largest aluminium rolling and recycling company, a major copper player, and one of Asia's largest producers of primary aluminium. In India, Hindalco's aluminium manufacturing units cover the complete value chain, from bauxite mining, alumina refining, coal mining, captive power generation and aluminium smelting, to downstream value-addition of aluminium rolling, extruding, and foil making.

Share of Hindalco Industries tumbled 12.28% to Rs 510.85 on the BSE.

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ISGEC Heavy Engineering Ltd, One 97 Communications Ltd, Elgi Equipments Ltd and Arvind Fashions Ltd are among the other losers in the BSE's 'A' group today, 13 February 2024.

Hindalco Industries Ltd lost 12.40% to Rs 510.15 at 14:47 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 10.39 lakh shares were traded on the counter so far as against the average daily volumes of 2.23 lakh shares in the past one month.

ISGEC Heavy Engineering Ltd tumbled 11.52% to Rs 928.9. The stock was the second biggest loser in 'A' group.On the BSE, 17129 shares were traded on the counter so far as against the average daily volumes of 8994 shares in the past one month.

One 97 Communications Ltd crashed 10.00% to Rs 380.35. The stock was the third biggest loser in 'A' group.On the BSE, 14.83 lakh shares were traded on the counter so far as against the average daily volumes of 10.63 lakh shares in the past one month.

Elgi Equipments Ltd corrected 9.36% to Rs 616.15. The stock was the fourth biggest loser in 'A' group.On the BSE, 67457 shares were traded on the counter so far as against the average daily volumes of 24332 shares in the past one month.

Arvind Fashions Ltd dropped 8.09% to Rs 427.55. The stock was the fifth biggest loser in 'A' group.On the BSE, 81010 shares were traded on the counter so far as against the average daily volumes of 21190 shares in the past one month.

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Net profit of Hindalco Industries rose 71.15% to Rs 2331.00 crore in the quarter ended December 2023 as against Rs 1362.00 crore during the previous quarter ended December 2022. Sales declined 0.65% to Rs 52808.00 crore in the quarter ended December 2023 as against Rs 53151.00 crore during the previous quarter ended December 2022.

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Sapphire Foods India Ltd, Aegis Logistics Ltd, Bharat Forge Ltd, Chemplast Sanmar Ltd are among the other stocks to see a surge in volumes on NSE today, 13 February 2024.

Hindalco Industries Ltd clocked volume of 395.79 lakh shares by 14:14 IST on NSE, a 6.34 times surge over two-week average daily volume of 62.40 lakh shares. The stock lost 12.44% to Rs.510.00. Volumes stood at 45.95 lakh shares in the last session.

Sapphire Foods India Ltd witnessed volume of 5.39 lakh shares by 14:14 IST on NSE, a 4.51 times surge over two-week average daily volume of 1.19 lakh shares. The stock dropped 1.38% to Rs.1,357.35. Volumes stood at 28830 shares in the last session.

Aegis Logistics Ltd registered volume of 31.9 lakh shares by 14:14 IST on NSE, a 3.57 fold spurt over two-week average daily volume of 8.95 lakh shares. The stock rose 7.40% to Rs.392.60. Volumes stood at 3.19 lakh shares in the last session.

Bharat Forge Ltd witnessed volume of 56.03 lakh shares by 14:14 IST on NSE, a 3.33 times surge over two-week average daily volume of 16.82 lakh shares. The stock dropped 3.06% to Rs.1,096.35. Volumes stood at 73.64 lakh shares in the last session.

Chemplast Sanmar Ltd notched up volume of 3.61 lakh shares by 14:14 IST on NSE, a 3.16 fold spurt over two-week average daily volume of 1.14 lakh shares. The stock slipped 3.15% to Rs.443.10. Volumes stood at 79841 shares in the last session.

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The company's wholly owned foreign subsidiary, Novelis, is constructing greenfield rolling and recycling plant in Bay Minette, Alabama, the company anticipate that it will be able to initially produce 600 kilotonnes of finished goods for the beverage packaging and automotive markets in North America. This is the first fully integrated aluminum plant built in the U.S. in nearly 40 years, and the largest project in company history. With a high level of project engineering complete, and all key equipment and the majority of materials contracted, the project capital cost is now expected to be $4.1 billion, and to commission in the second half of calendar year 2026.

Steve Fisher, president and CEO, Novelis Inc, said, Novelis delivered a substantial year-over-year improvement in Adjusted EBITDA and Adjusted EBITDA per tonne margin, in line with our expectations of continued margin recovery this fiscal year, our unmatched global scale, diversified end market product portfolio and recycling leadership is evident in our strong third quarter results and makes us an essential partner of choice for our customers. These differentiators also allow us to execute our ongoing strategy to invest in growth and organically increase our rolling and recycling capacity to shape a more sustainable future.

Novelis announced its Q3 FY24 result. Its net income attributable to common shareholder significantly improved to $121 million in Q3 FY24 as compared with $12 million in Q3 FY23, due primarily to higher Adjusted EBITDA. Adjusted EBITDA increased 33% versus the prior year to $454 million in the third quarter of fiscal year 2024. This significant improvement was primarily driven by favorable metal benefit from recycling, higher pricing, and lower operating costs than the prior year, which was heavily impacted by high inflation and geopolitical instability.

Net sales declined 6% to $ 3,935 million in Q3 FY24 as compared with $3794 million posted in corresponding quarter last year, driven by lower average aluminum prices as shipments were in line with prior year levels.

Total flat rolled product shipments were 910 kilotonnes in the third quarter of fiscal year 2024 compared to 908 kilotonnes in the prior year period. Shipments were flat due to a decline in specialties product shipments from muted economic conditions in some markets, though more than offset by continued growth in automotive shipments and a return in demand for beverage packaging sheet.

The company had a net leverage ratio (Net Debt / trailing twelve months (TTM) Adjusted EBITDA) of 2.7x at the end of the third quarter of fiscal year 2024.

As of 31st December 2023, the company had total liquidity of $2.1 billion, consisting of $787 million in cash and cash equivalents and $1.4 billion in availability under committed credit facilities.

Devinder Ahuja, executive vice president and CFO, Novelis Inc, said, “We continue to expect adjusted EBITDA per tonne to return to a sustainable $525 level beginning this fiscal fourth quarter as shipments seasonally improve and we drive more operating leverage, looking ahead, we believe there is opportunity for further margin expansion over time as we progress through our current period of disciplined, transformational capital investment to capture market growth.”

Novelis Inc. is a leading global provider of sustainable aluminum solutions and the world leader in aluminum rolling and recycling.

Hindalco Industries, the metals flagship company of the Aditya Birla Group, is the world's largest aluminium company by revenues, and a major player in copper. It is also one of Asia's largest producers of primary aluminium. Hindalco’s consolidated net profit rose marginally to Rs 2,196 crore in Q2 FY24 as against Rs 2,205 crore recorded in Q2 FY23. Revenue from operations declined 3.57% year on year to Rs 54,169 crore during the quarter.

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