External broker reports(aggregated public sources), Axis Direct

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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>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><p><em>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.</em></p>

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><p><em>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.</em></p>

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

<ul><li>Power costs eased in Q3FY23: Power and fuel costs eased QoQ on account of a drop in coal prices.</li><li>Going forward, we expect power costs to decline further in Q4FY23 QoQ.</li><li>However, with the onset of summer in Q1FY24, the domestic coal supply concerns could put pressure on margins again.</li></ul><p><em>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.</em></p>

Power costs eased in Q3FY23: Power and fuel costs eased QoQ on account of a drop in coal prices.Going forward, we expect power costs to decline further in Q4FY23 QoQ.However, with the onset of summer in Q1FY24, the domestic coal supply concerns could put pressure on margins again.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 - Power Costs Eases; More Headwinds than Tailwinds Ahead

<div><div><div><div><ul><li>NALCO Q2FY23 numbers disappointed on the EBITDA front. Consolidated Revenue beat our estimate by 7% (down 3%/8% YoY/QoQ).</li><li>LME Aluminium prices declined by 11%/18% YoY/QoQ in Q2FY23.</li><li>EBITDA came down significantly by 70%/62% YoY/QoQ and missed our estimate by 17% despite the topline beating our estimate, led by inflation across RM, power &amp; fuel and other expenses, all-surpassing our estimates.</li></ul><p><em>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.</em></p></div></div></div></div>

NALCO Q2FY23 numbers disappointed on the EBITDA front. Consolidated Revenue beat our estimate by 7% (down 3%/8% YoY/QoQ).LME Aluminium prices declined by 11%/18% YoY/QoQ in Q2FY23.EBITDA came down significantly by 70%/62% YoY/QoQ and missed our estimate by 17% despite the topline beating our estimate, led by inflation across RM, power &amp; fuel and other expenses, all-surpassing our estimates.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 - High Power Costs Dents Performance; Maintain HOLD

<ul>
<li>Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%</li>
<li>However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%</li>
<li>The current market performance is factoring in the current rising inflation and the rising interest rate regime</li>
</ul>
<p><em>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.</em></p>


Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%
However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%
The current market performance is factoring in the current rising inflation and the rising interest rate regime

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.

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 - 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

Nalco - Power Costs Eases; More Headwinds than Tailwinds Ahead

Power costs eased in Q3FY23: Power and fuel costs eased QoQ on account of a drop in coal prices. Going forward, we expect power costs to decline...

Axis Direct

Nalco - High Power Costs Dents Performance; Maintain HOLD

NALCO Q2FY23 numbers disappointed on the EBITDA front. Consolidated Revenue beat our estimate by 7% (down 3%/8% YoY/QoQ).

Axis Direct

Axis Top Picks April 2022

Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by...

Axis Direct

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