Monday, May 9, 2011

Result Flash - Hindalco Industries - 4QFY2011- BUY

Dear All,

 

Forwarding you the Result Flash on Hindalco Industries for 4QFY2011 with a Buy recommendation and a Target Price of `262 (12 months).

 

4QFY2011: Hindalco Standalone result snapshot

 

(Rs cr)

4QFY11

4QFY10

% chg (yoy)

3QFY11

% chg (qoq)

Net Sales

6,761

5,358

26.2

5,918

14.2

EBITDA

914

835

9.5

740

23.6

% margin

13.5

15.6

-206bp

12.5

102bp

Net Profit

708

664

6.7

460

53.9

 

 

 

4QFY2011 Standalone financial result highlights-  

 

·         Hindalco reported a 26.2% yoy growth in its 4QFY2011 revenues to Rs6,761cr mainly led by higher realisations, increased copper volumes and improved product mix .

 

·         Aluminium segment revenues increased 8.1% yoy to  Rs2,211cr while Aluminium segment EBIT declined 8.4% yoy to Rs.562cr as increase in product prices were partially offset by increased input costs (mainly coal) and rupee appreciation.

 

·         Copper segment revenues increased 38.0% yoy to Rs.4,637cr mainly on account of higher volume, higher copper LME and by-product credits; however, partially offset by lower TcRc and energy cost.  Copper segment EBIT increased 61.5% yoy to Rs.206cr.

 

·         Overall Hindalco’s EBITDA increased 9.5% yoy to Rs914cr as rise in product prices was partially offset by rise in coal costs, rupee appreciation and lower TcRcs. Thus, EBITDA margins declined 210bp yoy to 13.5%.

 

·         Profit after tax increased 6.7% yoy to Rs708cr, representing a net margin of 10.5% (-83bp yoy).

 

 

 

4QFY2011 Hindalco standalone financial performance:

 

(Rs cr)

4QFY11

4QFY10

yoy %

FY11

FY10

Net sales

6,761

5,358

26.2

23,627

19,408

Raw material

4,675

3,370

38.7

15,658

12,542

% of net sales

69.1

62.9

 

66.3

64.6

Power and fuel

587

484

21.1

2,221

1,938

% of net sales

8.7

9.0

 

9.4

10.0

Staff cost

281

223

26.4

1,045

878

% of net sales

4.2

4.2

 

4.4

4.5

Other expenses

389

492

(20.9)

1,749

1,228

% of net sales

5.8

9.2

 

7.4

6.3

Total expenditure

5,932

4,569

29.8

20,674

16,586

% of net sales

87.7

85.3

 

87.5

85.5

Operating Income

86

46

86.5

232

128

EBIDTA

914

835

9.5




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