Metals, Mining Q1 Results Review - Ebitda/Tonne Improved Across Steel, Non-Ferrous Companies: Axis Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Axis Securities Report.For aluminium companies under coverage:Hindalco Industries Ltd.’s Indian operations delivered a robust performance. Overall consolidated revenue stood largely in line with consensus (up 8% YoY, 2% QoQ), while reported Ebitda grew by 31%/11% YoY/QoQ (6% and 11% beat versus our estimates and consensus), led by strong upstream aluminium and copper division. Novelis Adjusted Ebitda/tonne stood at $525/tonne, up 10% YoY but down 3% QoQ, in line with sustainable guidance of $525/tonne.National Aluminium Company Ltd.’s performance was impacted by lower Alumina exports, while its aluminium division performance stood strong with the Ebit margin of 32% versus 16% in Q1 FY24 and 19% in Q4 FY24. Consolidated Ebitda at Rs 934 crore (up 57% YoY, down 16% QoQ), missed consensus by 18% led by lower topline. Consolidated revenue at Rs 2,856 crore (down 10%/20% YoY/QoQ), missed our/consensus estimate by ~25% mainly due to lower alumina third-party sales..For steel companies under our coverage: Tata Steel Ltd.’s reported a mixed set of numbers with consolidated revenue down 8%/7% YoY/QoQ on lower shipments and net sales realisation, while Ebitda (up 29%/1% YoY/QoQ) stood up by 29%/1% YoY/QoQ, 5% ahead of consensus on better Ebitda from ex-Europe operations..Click on the attachment to read the full report:.Infra-Road Q1 Results Review - Soft Execution; FY25 Order Inflows Expected To Be Robust: Axis Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Metals, Mining Q1 Results Review - Ebitda/Tonne Improved Across Steel, Non-Ferrous Companies: Axis Securities

Subdued steel prices are likely to compress spreads in Q2 FY25 for steel companies, says the brokerage.

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Metals, Mining Q1 Results Review - Ebitda/Tonne Improved Across Steel, Non-Ferrous Companies: Axis Securities

Subdued steel prices are likely to compress spreads in Q2 FY25 for steel companies, says the brokerage.

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