Hindalco Industries - Rating: Hold; Target Price: Rs103 - Centrum

- We expect revenue to go up by ~6% YoY on the back of higher aluminium volumes with increase in downstream aluminium sales. Aluminium realizations are expected to remain subdued due to muted LME realizations partially mitigated by weak rupee.

- EBITDA is expected to increase by ~11% YoY to Rs6.4bn. We expect EBITDA margin of 8.9%, higher by 40bps YoY and 31bps QoQ.

- PAT is expected to be at Rs3788mn, down by 12.6% YoY suppressed by higher depreciation and interest costs due to capitalization of expansion projects.

Source : Equity Bulls

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