Novelis reports a weak quarter: What does this mean for Hindalco?

Novelis’ net sales decreased 3 percent to $4.2 billion for the third quarter, compared to $4.3 billion in the year-ago period, driven by lower average aluminum prices

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Novelis, a wholly owned subsidiary of Hindalco, reported a net profit of $12 million for the December quarter, down 95 percent on-year. Its adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) came in at $341 million, down 33 percent over the last year.

Net sales of the company decreased 3 percent to $4.2 billion for the third quarter, compared to $4.3 billion a year back, driven by lower average aluminum prices and a 2 percent decrease in total flat-rolled product shipments, said the company.

At 9:30am, Hindalco was quoting at Rs 433 on the National Stock Exchange, lower by 3.2 percent. This level is below its 50-day and 100-day simple moving averages (SMA) but above its 200-SMA.

“Our results were pressured by continued unprecedented inflationary headwinds, but were also further impacted by lower shipments, resulting from significantly larger-than-anticipated customer inventory reduction actions in the beverage packaging market,” Steve Fisher, President and CEO of Novelis Inc, said.