CITI ON HINDALCO ; MAINTAINS NEUTRAL | TARGET CUT TO ₹1,050 (CMP ₹953)

• Q2 consolidated EBITDA rose 42% YoY but declined 8% QoQ. • India upstream EBITDA stood at ₹7,000 Cr, downstream at ₹330 Cr, copper at ₹1,670 Cr and Novelis at ₹4,860 Cr. • Net Debt/EBITDA improved to 1.8x from 1.95x earlier. • Novelis insurance recovery reached $1.3 BN, including $900 MN already received. • India costs expected to rise further in Q3; benefits from expansion projects remain back-ended. • Citi sees limited upside in LME aluminium prices from current levels.

HINDALCO INDUSTRIES LTD

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