News: Hindalco’s wholly owned subsidiary Novelis reported a healthy performance for quarter ended September 2021. Adjusted EBITDA/tonne for the quarter was at US$571/tonne (higher than our estimate of US$550/tonne, US$522/tonne in quarter ended June 2021) . Novelis’s sales volume for the quarter were at 968 KT ( our estimate of 974 KT)
Views: Novelis reported a healthy performance for Q2FY22. Demand from specialty segment remains healthy with favourable housing fundamentals in the US and Europe driving strong building and construction demand. Can business is also witnessing healthy demand. Significant can-maker capacity expansion has been announced in next two to three years across all regions. Healthy demand from the key user industries, augurs well for Novelis.
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