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>Overall beat: NALCO’s consolidated EBITDA grew by 291%/66% YoY/QoQ to Rs 1,549 Cr, a 36% beat vs. consensus, led by strong performance at both the Alumina and Aluminium divisions. </li><li>Chemicals (Alumina) business’ EBIT jumped up by 5x/19x YoY/QoQ to Rs 595 Cr (35% EBIT margin vs. 9%/4% in Q2FY24/Q1FY25) led by a surge in Alumina prices (up 51%/18% YoY/QoQ).</li><li>The growth could have also led to higher Alumina sales in the quarter. Q1FY25 Alumina sales was impacted by logistical issues.</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.

Overall beat: NALCO’s consolidated EBITDA grew by 291%/66% YoY/QoQ to Rs 1,549 Cr, a 36% beat vs. consensus, led by strong performance at both the Alumina and Aluminium divisions. Chemicals (Alumina) business’ EBIT jumped up by 5x/19x YoY/QoQ to Rs 595 Cr (35% EBIT margin vs. 9%/4% in Q2FY24/Q1FY25) led by a surge in Alumina prices (up 51%/18% YoY/QoQ).The growth could have also led to higher Alumina sales in the quarter. Q1FY25 Alumina sales was impacted by logistical issues.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.

National Aluminium Company Ltd - Robust Q2; Alumina Long Position to Drive Growth

<ul><li>Nalco’s consolidated EBITDA grew by 57% YoY to Rs 934 Cr, on the lower base of Q1FY24 which was impacted by higher power and RM costs last year.</li><li>EBITDA degrew by 16% QoQ and missed our/consensus estimate by 22%/18% respectively, despite LME Aluminium prices rising by 15% QoQ (up 11% YoY) to $2,525/t and coal prices remaining soft in the quarter.</li><li>This was due to lower revenue from the Chemical segment.</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’s consolidated EBITDA grew by 57% YoY to Rs 934 Cr, on the lower base of Q1FY24 which was impacted by higher power and RM costs last year.EBITDA degrew by 16% QoQ and missed our/consensus estimate by 22%/18% respectively, despite LME Aluminium prices rising by 15% QoQ (up 11% YoY) to $2,525/t and coal prices remaining soft in the quarter.This was due to lower revenue from the Chemical segment.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 - Overall Miss Led by Weakness in the Chemical Segment

<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

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)

National Aluminium Company Ltd - Robust Q2; Alumina Long Position to Drive Growth

Overall beat: NALCO’s consolidated EBITDA grew by 291%/66% YoY/QoQ to Rs 1,549 Cr, a 36% beat vs. consensus, led by strong performance at both the...

Axis Direct

Nalco - Overall Miss Led by Weakness in the Chemical Segment

Nalco’s consolidated EBITDA grew by 57% YoY to Rs 934 Cr, on the lower base of Q1FY24 which was impacted by higher power and RM costs last year.

Axis Direct

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

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