Neutral on Hindalco Industries - Q4FY13 Result Update - Kotak

Good quarter but muted outlook. Novelis' adjusted EBITDA of US$240 mn was 5% ahead of our estimates. EBITDA performance was aided by operational/cost efficiencies. We expect a muted FY2014 performance due to regional pricing and general costs pressures amid low volume growth. High working capital requirement and capex spend could further stretch consolidated leverage.

Retain REDUCE.

Source : Equity Bulls

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