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Systematix Research Report
Hindalco Industries Ltd.'s Novelis reported Q4 FY22 net sales of $4.8 billion (up 33.5% YoY, up 12.1% QoQ); its adjusted Ebitda of $430 million (down 14.7% YoY, down 14.8% QoQ) came 12% below consensus estimate.
Shipments at 987 kilotonne (up 0.4% YoY, up 6.1% QoQ) were in line.
Ebitda/tonne at $437/tonne fell 15% YoY and 20% QoQ due to the sharp decline in auto segment volumes in the North American region, hindered by semiconductor shortages and supply-chain disruptions; this region commands 38% share of shipments.
Cash conversion remains low at 32% versus five-year average of 48%. FY22 net debt at $4.5 billion was lower by 11% YoY and 9% QoQ.
Novelis has announced a massive capex of $2.6 billion to set up an integrated hot and cold rolling mill (600 kilotonne) at Bay Minette, Alabama in the U.S.
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