Hindalco - Q1FY14 Result - Nirmal Bang

- Hindalco's 1QFY14 revenue/EBITDA were 3%/1% below Bloomberg consensus estimates, but 7%/20% above our estimates, respectively.

- Our estimates were lower following the mines ministry's data on aluminium output, but the company clarified that there were some goof-up in the data from the mines ministry.

- PAT was 138%/ 45% above our/Bloomberg consensus estimates, respectively, largely driven by one-time non-recurring income of Rs2,030mn versus Rs1,300mn in 1QFY13.

- We have retained our Sell rating on the stock with a revised target price of Rs72 (down 4% from earlier target price of Rs75), which is 21% below the current market price.

Source : Equity Bulls

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