A clutch of brokerages remains optimistic about the long-term story of Hindalco expecting the company to benefit from Novlis capex, over time. While Jefferies, Motilal Oswal and JM Financial have reiterated their buy views, Kotak Institutional Equities has an Add stance. Nuvama on the other hand has recommended a hold and cut the price target.
The strong operational performance was driven by favorable metal benefit from recycling, higher pricing, and lower operating costs compared to last year. However, revenue dropped by 6% YoY due to lower aluminium prices and flat volumes.
The company reported net sales at $3.9 billion for the third quarter of fiscal year 2024, which decreased 6% versus the prior year period driven by lower average aluminum prices as shipments were in line with prior year levels.
Hindalco Industries Q3 Results: Revenue from operations in the third quarter fell marginally to Rs 52,808 crore from with Rs 53,151 crore in the same quarter of last year.
The company's revenue from operations jumped 44 per cent to Rs 50,272 crore in the third quarter as against Rs 34,958 crore in the same quarter last fiscal.