Page 4 - Novelis
Novelis' pleasant surprise for Hindalco in Q1
Investors have enough reasons to cheer the June quarter (Q1FY18) results of Novelis, Hindalco's US-based subsidiary. Not only were results better than expected, but the outlook for business and cash-flows point to the trend improving going ahead. Hindalco's share price jumped over three per cent on Tuesday to close at Rs 235, following the developments late Monday night.The maker of value-add aluminium products (used by auto industry, for making beverage cans, etc) reported an EBITDA of $287 million, an increase of 10 per cent compared with $261 million in year ago quarter. EBITDA stands for earnings before interest, depreciation, tax and amortisation. Rupee trades at 63.6 levels to a US dollar. Jefferies analysts said that Novelis' Q1 adjusted EBITDA (ex-metal price lag) grew 10 per cent year-on-year, seven per cent ahead of their estimates as margins continue to surprise positively led by rising autos mix and operating leverage gains. The number was also higher than Motilal Oswal ...
 "Novelis' pleasant surprise for Hindalco in Q1")
Novelis sells 50% stake in South Korean arm for $315 mn
Plans to use funds to form a joint venture with Japan's Kobe Steel
 "Novelis sells 50% stake in South Korean arm for $315 mn")