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Buy Hindalco; target of Rs 525: Motilal Oswal

Motilal Oswal is bullish on Hindalco recommended buy rating on the stock with a target price of Rs 525 in its research report dated August 10, 2022.

August 12, 2022 / 02:36 PM IST
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Motilal Oswal's research report on Hindalco


HNDL reported a strong set of 1QFY23 earnings, driven by all round beat on EBITDA. Consolidated revenue grew 40% YoY and 4% QoQ to INR580b during the quarter, 9% ahead of our estimate. Consolidated EBITDA rose 37% YoY and 15% QoQ to INR84b. EBITDA was 35% higher than our estimate, driven by beat in the aluminum and copper business. Adjusted EBITDA for Novelis grew 10% YoY and 30% QoQ to USD561m, a 12% beat to our estimate. APAT grew 41% YoY (flat QoQ) to INR41b, significantly ahead of our estimate, driven by a sharp beat on EBITDA and aided by higher than estimated other income.


Outlook


We raised our SoTP driven TP to INR525 (from INR490 earlier).


For all recommendations report, click here

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Hindalco - 110822 - moti

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first published: Aug 12, 2022 02:36 pm
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