February 14, 2025 01:04 GMT
EM ASIA CREDIT: Q3 Results: Hindalco Industries (HNDLIN, Ba3/BB/NR) - Beat
EM ASIA CREDIT
Hindalco Industries (HNDLIN, Ba3/BB/NR)
"*HINDALCO 3Q EBITDA 81.1B RUPEES, EST. 73.9B RUPEES" - BBG
- The company reported Q3 results that were ahead of market consensus (INR74bn), with EBITDA up 28% YoY to INR81.1bn. Positive for spreads.
- The bulk of the improvement comes from the Aluminium Upstream & Downstream units, where EBITDA/ton soared (+68% YoY) on higher aluminium prices. These units represented 23% of Q3 revenues and 53% of EBITDA (+71% YoY).
- Leverage ticked down slightly, with reported LTM net debt to EBITDA at 1.33x end Q3, versus 1.43x the year ago period (FYE'24 1.24x). Leverage in the Novelis unit (flat rolled aluminium, aluminium cans) rose to 2.9x end Q3, versus 2.65x the same time last year (FYE'24 2.37x).

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