Hindalco Shares Rise on 100% YoY Jump in Net Profit; Upto 65% Upside Expected

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Hindalco Shares Rise on 100% YoY Jump in Net Profit; Upto 65% Upside Expected
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The aluminium and copper manufacturing company Hindalco Industries (NS: HALC ) posted an impressive two-fold jump in consolidated net profit in the March quarter on Thursday.

Its shares zoomed 6% in early trade on Friday and were trading 1.68% higher at Rs 414.7 apiece at 10:47 am, led by its quarterly earnings.

The Aditya Birla-led company’s consolidated net profit jumped 99.7% YoY to Rs 3,851 crore in Q4 FY22 and revenues surged 38% YoY to Rs 55,764 crore. 

Its EBITDA rose 30% YoY to Rs 7,597 crore, led by positive macros and focus on downstream value-added products along with better-operating efficiencies, stated the company.

Spot aluminium is 13% below Q4, and global brokerage Jefferies expects the company’s EBITDA and EPS to decline 6-13% YoY in FY23 after 2 strong years. It is too early to turn constructive on the stock, stated the brokerage, maintaining a ‘Hold’ call and cutting the target price to Rs 440/share.

Macquarie has maintained its outperform call on the stock with a target of Rs 689/share, an upside of 66.4% on the stock.

Domestic brokerage Prabhudas Lilladher has upgraded the metal stock to Accumulate, with a target price of Rs 545/share, led by a meaningful correction in valuations and stable performance in both India and Novelis operations, cited a news source.

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