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Hindalco's subsidiary Novelis reports 1QFY2014 results - Angel Broking
Posted On : 2013-08-13 05:19:37( TIMEZONE : IST )
Hindalco's subsidiary Novelis reported its weak 1QFY2014 results. The company's top-line declined by 5.6% yoy to US$2,408mn on account of decrease in sales volumes coupled with lower aluminium prices and lower conversion premiums. The aluminium shipments in 1QFY2014 declined 2.0% yoy to 708kt. The EBITDA also declined 26.1% yoy at US$173mn and therefore the company reported a PAT decline of 84.6% yoy to US$14mn. We maintain our Neutral view on Hindalco.
