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Hindalco: Stellar performance; Business model remains strong

News: For Q2FY22, the topline for Hindalco (India business) was at Rs.17393 crore, up 82% YoY and 30% QoQ, higher than our estimate of Rs.15752 crore. EBITDA of Hindalco’s India Business (Business segments) was at Rs.3602 crore, up 152% YoY and 38% QoQ, higher than our estimate of Rs.2901 crore. For Q2FY22, ensuing PAT for Hindalco’s (India Business) stood at Rs.1815 crore, up 455% YoY and 75% QoQ, higher than our estimate of Rs.1365 crore.

Views: Hindalco’s Indian operations reported healthy set of numbers for Q2FY22, wherein topline, EBITDA and PAT came in higher than our estimates. Better than expected performance from both the segment aluminium division as well Copper division aided Hindalco’s (Indian operation) operational performance during the quarter. For the quarter Indian Aluminium segment reported an EBITDA of Rs.3247 crore, up 173% YoY and 38% QoQ, while Indian Copper segment reported an EBITDA of Rs.352 crore, up 45% YoY and 35% QoQ.