|
Consolidated net sales (including other
operating income) of Hindalco Industries has increased 0.25% to Rs 55994
crore. Sales of Novelis has gone down 6%
to Rs 33859 crore (accounting for 58% of total sales). Sales of Aluminium upstream rose 5% to Rs 8469
crore (accounting for 14% of total sales).
Sales of Aluminium downstream was up 7% to Rs 2920 crore (accounting for
5% of total sales). Sales of Copper
segment was up 20% to Rs 13424 crore
(accounting for 23% of total sales).
Inter-segment sales rose 16% to Rs Rs 2678 crore.
Profit before interest, tax and other
unallocable items (PBIT) has jumped 26% to Rs 7907 crore. PBIT of Novelis rose 29% to Rs 4270 crore
(accounting for 54% of total PBIT). PBIT
of Aluminium upstream rose 24% to Rs 2709 crore (accounting for 34% of total
PBIT). PBIT of Aluminium downstream
increassed 36% to Rs 152 crore (accounting for 2% of total PBIT). PBIT of Copper segment rose 30% to Rs 776
crore (accounting for 10% of total PBIT).
PBIT margin of Novelis rose from 9.2% to
12.6%. PBIT margin of Aluminium upstream
rose from 27.2% to 32%. PBIT margin of
Aluminium downstream increased from 4.1% to 5.2%. PBIT margin of Copper segment rose from 5.3%
to 5.8%. Overall PBIT margin rose from
10.7% to 13.5%.
Operating profit margin has jumped from 9.54%
to 11.93%, leading to 25.42% rise in operating profit to Rs 6,681.00
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 62.69% to 60.10%. Purchase of finished goods cost fell from
0.25% to 0.24%. Employee cost increased
from 6.41% to 6.89%. Other expenses
fell from 20.75% to 20.51%. Power and
Oil fuel cost fell from 7.16% to 6.65%.
Provisions writeoffs cost rose from 0.18% to 0.29%. Other provisions rose from 0.18% to
0.29%.
Other income rose 2.84% to Rs 362 crore. PBIDT rose 24.02% to Rs 7043 crore. Provision for interest fell 9.94% to Rs 888
crore. Loan funds declined from Rs 60,291.00
crore as of 31 March 2023 to Rs 56,356.00 crore as of 31 March 2024. Inventories declined from Rs 42,958.00 crore
as of 31 March 2023 to Rs 40,812.00 crore as of 31 March 2024. Sundry debtors were higher at Rs 16,404.00
crore as of 31 March 2024 compared to Rs 16,214.00 crore as of 31 March 2023. Cash and bank balance declined from Rs
15,083.00 crore as of 31 March 2023 to Rs 14,437.00 crore as of 31 March
2024. Investments rose to Rs 15,444.00
crore as of 31 March 2024 from Rs 14,116.00 crore as of 31 March 2023 .
PBDT rose 31.15% to Rs 6155 crore. Provision for depreciation rose 8.73% to Rs
2018 crore. Fixed assets increased to Rs
1,00,602.00 crore as of 31 March 2024 from Rs 92,581.00 crore as of 31 March
2023. Intangible assets increased from
Rs 25,745.00 crore to Rs 26,075.00 crore.
Profit before tax grew 45.82% to Rs 4,137.00
crore. Provision for tax was expense of
Rs 962 crore, compared to Rs 428 crore.
Effective tax rate was 23.26% compared to 15.08%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 31.65% to Rs 3,174.00 crore driven by a robust
performance and improved margins across all business segments. Novelis reported
a strong fourth quarter performance with EBITDA per tonne at US $540*, up 25%
YoY..
Equity capital stood at Rs 222.00 crore as of
31 March 2024 to Rs 222.00 crore as of 31 March 2023. Per share face Value remained same at Rs
1.00.
Promoters’ stake was 34.64% as of 31 March
2024 ,compared to 34.64% as of 31 March 2023 .
Commenting
on the results, Mr. Satish Pai, Managing Director, Hindalco Industries, said, “Hindalco concluded
the year with very strong results across all business segments. This was a
clear testament to our strategic focus on value-added products and margin
improvement. The Copper business has grown to become the 2nd largest in the
world for Copper rods (excluding China). It achieved its best ever performance
with sales crossing 500,000 tonnes for the first time, and an alltime high
EBITDA for the quarter and the year. Similarly, the Aluminium India Upstream
Business reported industry-best quarterly EBITDA margins of 32%, driven by
higher volumes and cost optimisation. Our continued focus on enhancing share of
the downstream segment is evident in its promising sales trajectory. Novelis
demonstrated an improved EBITDA per tonne driven by lower operating costs,
favourable metal benefits and market recovery.
We continue to maintain a strong balance
sheet and solid liquidity even after repaying Rs 5,195 crore of debt in
Hindalco India business during the year. This positions us well to stay on our
growth track and drive our future organic growth plans with prudent capital
allocation.
On the ESG front, our large scale renewable
and energy storage projects have put us well on track for our climate action
targets, and we have further advanced our initiatives in waste recycling,
protecting biodiversity and water conservation.”
Business
Segment Performance in Q4 FY24 (vs Q4 FY23)
Novelis: Total shipments of
flat rolled products were at 951 KT in Q4 FY24 vs 936 KT in Q4 FY23, up 2% YoY,
and up 5% QoQ supported by stronger demand for beverage packaging and record
automotive shipments. Novelis’ revenue in Q4 FY24 stood at $4.1 billion (vs
$4.4 billion), down 7% YoY, impacted by lower average aluminium prices YoY.
Novelis reported an adjusted EBITDA of $514 million (vs $403 million), up 28%
YoY, and up 13% QoQ supported by favourable metal benefit from recycling and
lower operating costs. Novelis’ adjusted EBITDA per tonne at $540 was up 25%
YoY, and up 8% sequentially. Net income from continuing operations, excluding
special items, was $179 million in Q4 FY24, up 2% YoY, and up 3% QoQ.
Aluminium
(India):
Quarterly Upstream revenue was Rs 8,469 crore in Q4 FY24 vs Rs 8,050 crore in
the prior year period. Aluminium Upstream EBITDA stood at Rs 2,709 crore in Q4
FY24, compared with Rs 2,192 crore for Q4 FY23, up 24% YoY, and up 11% QoQ
supported by lower input costs. Upstream EBITDA margins, at 32%, were the best
in the global industry.
Downstream revenue was Rs 2,920 crore in Q4
FY24 vs Rs 2,738 crore in the prior year period. Sales of Downstream Aluminium
stood at 105 KT vs 90 KT in Q4 FY23, up 17% YoY, and up 16% sequentially. Downstream
EBITDA per tonne was $174 in Q4 FY24, compared to $152 for Q4 FY23, up 15% YoY
and up 27% QoQ.
Copper: Quarterly revenue
from the Copper Business stood at Rs 13,424 crore, up 20% YoY, on account of
higher volumes. EBITDA for the Copper Business was at an all-time high of Rs 776
crore in Q4 FY24 compared to Rs 598 crore in Q4 FY23, up 30% YoY, and up 18%
QoQ backed by stable operations, higher domestic sales and better Tc/Rc.
Quarterly Copper metal sales were at 135 KT (vs 119 KT). Copper Continuous Cast
Rod (CCR) sales were at 98 KT in Q4 FY24 (vs 95 KT), up 3% YoY in line with
growing market demand for value added products
Full
year results analysis
Net sales (including other operating income)
of Hindalco Industries has declined 3.24% to Rs 215962 crore. Sales of Novelis was down 10% to Rs 134175
crore (accounting for 59% of total sales).
Sales of Aluminium upstream fell 2% to Rs 32382 crore (accounting for
14% of total sales). Sales of Aluminium
downstream was down 4% to Rs 10531 crore (accounting for 5% of total sales). Sales of Copper segment was up 18% to Rs 49321 crore (accounting for 22% of
total sales). Inter-segment sales fell
5% to Rs Rs 10447 crore.
Profit before interest, tax and other
unallocable items (PBIT) has jumped 8% to Rs 27857 crore. PBIT of Novelis rose 7% to Rs 15507 crore
(accounting for 56% of total PBIT). PBIT
of Aluminium upstream rose 9% to Rs 9161 crore (accounting for 33% of total
PBIT). PBIT of Aluminium downstream
decreassed 9% to Rs 573 crore (accounting for 2% of total PBIT). PBIT of Copper segment rose 16% to Rs 2616
crore (accounting for 9% of total PBIT).
PBIT margin of Novelis rose from 98% to
11.6%. PBIT margin of Aluminium upstream
rose from 25.5% to 28.3%. PBIT margin of
Aluminium downstream decreased from 5.7% to 5.4%. PBIT margin of Copper segment fell from 5.4%
to 5.3%. Overall PBIT margin rose from
11% to 12.3%. .
Operating profit margin has jumped from
10.15% to 11.05%, leading to 5.32% rise in operating profit to Rs 23,872.00
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 61.82% to 60.93%. Purchase of finished goods cost rose from
0.71% to 0.82%. Employee cost increased
from 5.94% to 6.89%. Other expenses
fell from 21.23% to 20.25%. Power and
Oil fuel cost fell from 7.89% to 6.74%.
Provisions writeoffs cost rose from 0.10% to 0.18%. Other provisions rose from 0.10% to
0.18%.
Other income rose 19.01% to Rs 1496
crore. PBIDT rose 6.04% to Rs 25368
crore. Provision for interest rose 5.81%
to Rs 3858 crore. Loan funds declined
from Rs 60,291.00 crore as of 31 March 2023 to Rs 56,356.00 crore as of 31
March 2024. Inventories declined from Rs
42,958.00 crore as of 31 March 2023 to Rs 40,812.00 crore as of 31 March
2024. Sundry debtors were higher at Rs
16,404.00 crore as of 31 March 2024 compared to Rs 16,214.00 crore as of 31
March 2023. Cash and bank balance
declined from Rs 15,083.00 crore as of 31 March 2023 to Rs 14,437.00 crore as
of 31 March 2024. Investments rose to Rs
15,444.00 crore as of 31 March 2024 from Rs 14,116.00 crore as of 31 March 2023
.
PBDT rose 6.08% to Rs 21510 crore. Provision for depreciation rose 6.14% to Rs
7521 crore. Fixed assets increased to Rs
1,00,602.00 crore as of 31 March 2024 from Rs 92,581.00 crore as of 31 March
2023. Intangible assets increased from
Rs 25,745.00 crore to Rs 26,075.00 crore.
Profit before tax grew 6.05% to Rs 13,989.00
crore. Share of profit/loss was 77.78%
lower at Rs 2 crore. Extraordinary items
were decreased to Rs 21.00 crore. Provision
for tax was expense of Rs 3857 crore, compared to Rs 3144 crore. Effective tax rate was 27.53% compared to
23.74%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 0.57% to Rs 10,155.00 crore.
Equity capital stood at Rs 222.00 crore as of
31 March 2024 to Rs 222.00 crore as of 31 March 2023. Per share face Value remained same at Rs
1.00.
Promoters’ stake was 34.64% as of 31 March
2024 ,compared to 34.64% as of 31 March 2023 .
Cash flow from operating activities increased
to Rs 24,056.00 crore for year ended March 2024 from Rs 19,208.00 crore for
year ended March 2023. Cash flow used in
acquiring fixed assets during the year ended March 2024 stood at Rs 15,728.00
crore, compared to Rs 9,737.00 crore during the year ended March 2023.
The scrip is currently trading at Rs 673.
|
Hindalco Industries : Consolidated
Results
|
|
Particulars
|
2403
(03)
|
2303
(03)
|
Var.(%)
|
2403
(12)
|
2303
(12)
|
Var.(%)
|
|
Net
Sales (including other operating income)
|
55,994.00
|
55,857.00
|
0.25
|
2,15,962.00
|
2,23,202.00
|
-3.24
|
|
OPM
(%)
|
11.93
|
9.54
|
|
11.05
|
10.15
|
|
|
OP
|
6,681.00
|
5,327.00
|
25.42
|
23,872.00
|
22,666.00
|
5.32
|
|
Other
Inc.
|
362
|
352
|
2.84
|
1,496.00
|
1,257.00
|
19.01
|
|
PBIDT
|
7,043.00
|
5,679.00
|
24.02
|
25,368.00
|
23,923.00
|
6.04
|
|
Interest
|
888
|
986
|
-9.94
|
3,858.00
|
3,646.00
|
5.81
|
|
PBDT
|
6,155.00
|
4,693.00
|
31.15
|
21,510.00
|
20,277.00
|
6.08
|
|
Depreciation
|
2018
|
1856
|
8.73
|
7521
|
7086
|
6.14
|
|
PBT
|
4,137.00
|
2,837.00
|
45.82
|
13989
|
13191
|
6.05
|
|
Share
of Profit/(Loss) from Associates
|
-1
|
2
|
PL
|
2
|
9
|
-77.78
|
|
PBT
before EO
|
4136
|
2839
|
45.69
|
13991
|
13200
|
5.99
|
|
EO
Income
|
0
|
0
|
-
|
21
|
41
|
-48.78
|
|
PBT
after EO
|
4136
|
2839
|
45.69
|
14012
|
13241
|
5.82
|
|
Taxation
|
962
|
428
|
124.77
|
3857
|
3144
|
22.68
|
|
PAT
|
3174
|
2411
|
31.65
|
10155
|
10097
|
0.57
|
|
Minority
Interest (MI)
|
0
|
0
|
-
|
0
|
0
|
-
|
|
Net
profit
|
3174
|
2411
|
31.65
|
10155
|
10097
|
0.57
|
|
EPS
(Rs)*
|
#
|
#
|
|
45.12
|
44.79
|
|
|
Notes
|
|
*
EPS is on current equity of Rs 224.72 crore, Face value of Rs 1, Excluding
extraordinary items.
|
|
#
EPS is not annualised
|
|
bps
: Basis points
|
|
EO
: Extraordinary items
|
|
Figures
in Rs crore
|
|
Source:
Capitaline Corporate Database
|
|
Hindalco Industries : Consolidated
Segment Results
|
|
|
%
of (Total)
|
2403
(03)
|
2303
(03)
|
Var.(%)
|
%
of (Total)
|
2403
(12)
|
2303
(12)
|
Var.(%)
|
|
Sales
|
|
|
|
|
|
Novelis
|
58
|
33,859
|
36,176
|
-6
|
59
|
1,34,175
|
1,48,471
|
-10
|
|
Aluminium
Upstream
|
14
|
8,469
|
8,050
|
5
|
14
|
32,382
|
33,010
|
-2
|
|
Aluminium
Downstream
|
5
|
2,920
|
2,738
|
7
|
5
|
10,531
|
11,009
|
-4
|
|
Copper
|
23
|
13,424
|
11,206
|
20
|
22
|
49,321
|
41,702
|
18
|
|
Total
Reported Sales
|
100
|
58,672
|
58,170
|
1
|
100
|
2,26,409
|
2,34,192
|
-3
|
|
Less:
Inter segment revenues
|
|
2,678
|
2,313
|
16
|
|
10,447
|
10,990
|
-5
|
|
Net
Sales
|
|
55,994
|
55,857
|
0
|
|
2,15,962
|
2,23,202
|
-3
|
|
PBIT
|
|
|
|
|
|
Novelis
|
54
|
4,270
|
3,314
|
29
|
56
|
15,507
|
14,543
|
7
|
|
Aluminium
Upstream
|
34
|
2,709
|
2,192
|
24
|
33
|
9,161
|
8,402
|
9
|
|
Aluminium
Downstream
|
2
|
152
|
112
|
36
|
2
|
573
|
627
|
-9
|
|
Copper
|
10
|
776
|
598
|
30
|
9
|
2,616
|
2,253
|
16
|
|
Total
PBIT
|
100
|
7,907
|
6,216
|
27
|
100
|
27,857
|
25,825
|
8
|
|
Less
: Interest
|
|
888
|
956
|
-7
|
|
3,858
|
3,646
|
6
|
|
Add:
Other un-allcoable
|
|
-2,883
|
-2,421
|
19
|
|
-9,987
|
-8,938
|
12
|
|
PBT
|
|
4,136
|
2,839
|
4
|
|
14,012
|
13,241
|
4
|
|