External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Strong Q4FY24: Nalco’s consolidated EBITDA grew by 44%/43% YoY/QoQ to Rs 1,108 Cr, beating the consensus and our estimates by 13%/6%, led by decline in RM, Power &amp; Fuel, and other expenses, partially offset by higher employee costs.</li><li>Chemicals (Alumina) business’ EBIT grew by a robust 121%/143% YoY/QoQ to Rs 529 Cr, with EBIT margins jumping to 33% from 15% in Q4FY23 and 15.4% in Q3FY24.</li><li>Revenue from the Chemicals segment stood flat YoY and increased by 12% QoQ, (7% miss vs our estimate).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Q4FY24: Nalco’s consolidated EBITDA grew by 44%/43% YoY/QoQ to Rs 1,108 Cr, beating the consensus and our estimates by 13%/6%, led by decline in RM, Power &amp; Fuel, and other expenses, partially offset by higher employee costs.Chemicals (Alumina) business’ EBIT grew by a robust 121%/143% YoY/QoQ to Rs 529 Cr, with EBIT margins jumping to 33% from 15% in Q4FY23 and 15.4% in Q3FY24.Revenue from the Chemicals segment stood flat YoY and increased by 12% QoQ, (7% miss vs our estimate).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nalco -Robust Q4; Beneficiary of Higher LME & Lower Power Costs

<ul><li>NALCO reported a strong set of numbers with Revenue/EBITDA/PAT beating ours and consensus estimates.</li><li>Revenue at Rs 3,347 Cr grew by 2%/10% YoY/QoQ (3% beat vs. our estimate).</li><li>EBITDA stood at Rs 773 Cr (up 68%/95% YoY/QoQ) a 39% and 59% beat against our and consensus led by lower RM (down 26%/10% YoY/QoQ), power &amp; fuel (down 23%/19% YoY/QoQ) and employee expenses (down 6%/3% YoY/QoQ). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NALCO reported a strong set of numbers with Revenue/EBITDA/PAT beating ours and consensus estimates.Revenue at Rs 3,347 Cr grew by 2%/10% YoY/QoQ (3% beat vs. our estimate).EBITDA stood at Rs 773 Cr (up 68%/95% YoY/QoQ) a 39% and 59% beat against our and consensus led by lower RM (down 26%/10% YoY/QoQ), power &amp; fuel (down 23%/19% YoY/QoQ) and employee expenses (down 6%/3% YoY/QoQ). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nalco -Robust Q3FY24; Lower Input Costs Drive All Round Beat

<ul><li>NALCO reported a weak set of numbers with Revenue/EBITDA/PAT missing ours and consensus estimates.</li><li>Revenue at Rs 3,043 Cr fell by 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices which declined by 9%/5% YoY/QoQ in Q2FY24.</li><li>Revenue missed our/consensus estimate by 4%, most probably due to lower-than-expected Alumina external sales. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NALCO reported a weak set of numbers with Revenue/EBITDA/PAT missing ours and consensus estimates.Revenue at Rs 3,043 Cr fell by 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices which declined by 9%/5% YoY/QoQ in Q2FY24.Revenue missed our/consensus estimate by 4%, most probably due to lower-than-expected Alumina external sales. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nalco - Weak Q2FY24; Higher Power & Fuel Costs Drive Miss

<ul><li>NALCO reported a weak set of numbers with Revenue/EBITDA/PAT missing our estimates.</li><li>Revenue at Rs 3,178 Cr fell by 16%/13% YoY/QoQ led by a drop in the average LME Aluminium prices which declined by 22%/5% YoY/QoQ in Q1FY24.</li><li>Revenue missed our/consensus estimate by 6%/2% most probably due to lower-than-expected Alumina sales. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NALCO reported a weak set of numbers with Revenue/EBITDA/PAT missing our estimates.Revenue at Rs 3,178 Cr fell by 16%/13% YoY/QoQ led by a drop in the average LME Aluminium prices which declined by 22%/5% YoY/QoQ in Q1FY24.Revenue missed our/consensus estimate by 6%/2% most probably due to lower-than-expected Alumina sales. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>NALCO reported a good set of numbers with Revenue/EBITDA/PAT beating ours and consensus estimates.</li><li>Revenue (down 15% YoY and up 12% QoQ) beat ours and consensus estimates by 3% and 8% respectively.</li><li>EBITDA at Rs 767 Cr stood down 53% YoY but stood up 67% QoQ, a 35% beat against ours and consensus estimates due to lower power and employee costs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NALCO reported a good set of numbers with Revenue/EBITDA/PAT beating ours and consensus estimates.Revenue (down 15% YoY and up 12% QoQ) beat ours and consensus estimates by 3% and 8% respectively.EBITDA at Rs 767 Cr stood down 53% YoY but stood up 67% QoQ, a 35% beat against ours and consensus estimates due to lower power and employee costs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nalco - Lower Power Costs Drives Beat; Upgrade to BUY

India

National Aluminium Co. Ltd. is an integrated aluminum manufacturer. The Company mines for bauxite, refines bauxite into aluminum and manufactures and sells aluminum and aluminum products. National Aluminium Company's products include bauxite, aluminum hydrate, calcined aluminum, aluminum ingots and aluminum wire rods, as well as electricity which is generated for captive consumption.

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National Aluminium (NACL IN)

Nalco -Robust Q4; Beneficiary of Higher LME & Lower Power Costs

Nalco’s consolidated EBITDA grew by 44%/43% YoY/QoQ to Rs 1,108 Cr, beating the consensus and our estimates by 13%/6%, led by decline in RM, Power...

Axis Direct

Nalco -Robust Q3FY24; Lower Input Costs Drive All Round Beat

The company has declared its 2 nd interim dividend of Rs 2/share, bringing the total interim dividend to Rs 3/share for FY24.

Axis Direct

Nalco - Weak Q2FY24; Higher Power & Fuel Costs Drive Miss

NALCO reported a weak set of numbers with Revenue/EBITDA/PAT missing ours and consensus estimates. Revenue at Rs 3,043 Cr fell by 13%/4% YoY/QoQ

Axis Direct

Nalco - Weak Q1FY24; Downgrade to HOLD

Revenue at Rs 3,178 Cr fell by 16%/13% YoY/QoQ led by a drop in the average LME Aluminium prices which declined by 22%/5% YoY/QoQ in Q1FY24.

Axis Direct

Nalco - Lower Power Costs Drives Beat; Upgrade to BUY

NALCO reported a good set of numbers with Revenue/EBITDA/PAT beating ours and consensus estimates. Revenue (down 15% YoY and up 12% QoQ) beat ours...

Axis Direct

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