Hindalco Industries Limited, the Aditya Birla Group metals flagship, reported a consolidated quarterly Net Profit of ₹2,411 crore, a sequential growth of 77 per cent, driven by a continued focus on cost control and a resilient operational performance by India business. However, it was down in comparison to the net profit it reported in the same quarter previous year.
Novelis delivered an improved quarter-on-quarter performance with Net Income of $175 million, up 82 per cent sequentially.
Consolidated revenue for the full year touched an all-time high of ₹2,23,202 crore, up 14 per cent YoY. Copper Business delivered an exemplary performance in FY23, with EBITDA at a record ₹2,253 crore, up 62 per cent YoY, backed by record copper rod production and domestic sales.
Aluminium Downstream EBITDA for the year was at an all-time high of ₹627 crore, up 64 per cent YoY, due to better pricing and volumes. Aluminium Upstream reported higher revenues for FY23 at ₹33,010 crore, up 7 per cent due to higher metal volumes.
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However, EBITDA for the full year was impacted by inflationary pressures. Despite macroeconomic headwinds, Hindalco maintained a strong balance sheet and liquidity position which helped the company keep the Net Debt to EBITDA ratio below 2x.
Novelis
Total shipments of flat rolled products were at 936 Kt in Q4 FY23 vs 987 Kt in Q4 FY22, down 5 per cent YoY, and up 3 per cent QoQ supported by higher aerospace and record automotive shipments in Q4. Novelis’ revenue in Q4 FY23 stood at $4.4 billion (vs $4.8 billion), down 8 per cent YoY, impacted by lower average aluminium prices and subdued sales volume YoY.
Novelis reported an adjusted EBITDA of $403 million (vs $431 million), down 6 per cent YoY, and up 18 per cent QoQ supported by higher product pricing and volumes product mix. Novelis’ adjusted EBITDA per ton at $431 was down 1 per cent YoY, and up 15 per cent sequentially. Net income from continuing operations, excluding special items, was $175 million in Q4 FY23, a decline of 7 per cent YoY, and up 82 per cent QoQ.
Aluminium (India)
Quarterly Upstream revenue was ₹8,050 crore in Q4 FY23 vs ₹9,253 crore in the prior year period. Aluminium Upstream EBITDA stood at ₹2,192 crore in Q4 FY23, compared with ₹3,742 crore for Q4 FY22, down 41% YoY, and up 38% QoQ supported by lower input costs. Upstream EBITDA margins were at 27 per cent and continue to be one of the best in the global industry. Downstream revenue was ₹2,738 crore in Q4 FY23 vs ₹3,282 crore in the prior year period.
Sales of Downstream Aluminium stood at 90 Kt vs 93 Kt in Q4 FY22, down 4 per cent YoY, and down 1% sequentially. Downstream EBITDA stood at ₹112 crore in Q4 FY23, compared to ₹140 crore for Q4 FY22, down 20 per cent YoY and down 29 per cent QoQ. Downstream EBITDA for the year was at an all-time high of ₹627 crore, up 64 per cent YoY, driven by better pricing and volumes.
Copper
Quarterly revenue from the Copper Business stood at ₹11,206 crore, up 14 per cent YoY, on account of higher global prices of copper and higher volumes. EBITDA for the Copper Business was at an all-time high of ₹598 crore in Q4 FY23 compared to ₹387 crore in Q4 FY22, up 55 per cent YoY, and up 10 per cent QoQ backed by continued stable operations, higher domestic sales, and better TC/RCs. Quarterly Copper metal sales were at a record 117 Kt (vs 105 Kt). Copper Continuous Cast Rod (CCR) sales also touched a record 95 Kt in Q4 FY23 (vs 74 Kt), up 28 per cent YoY in line with growing market demand for value added products.
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