{"id":30202,"date":"2024-08-04T22:17:13","date_gmt":"2024-08-04T16:47:13","guid":{"rendered":"https:\/\/fundsindia.com\/blog\/?p=30202"},"modified":"2024-08-05T09:21:47","modified_gmt":"2024-08-05T03:51:47","slug":"alpha-hindalco-industries-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-hindalco-industries-ltd-equity-research-desk\/30202","title":{"rendered":"Alpha | Hindalco Industries Ltd. &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Hindalco-Industries-without-CTA.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Hindalco-Industries-without-CTA-1024x512.png\" alt=\"\" class=\"wp-image-30205\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Hindalco-Industries-without-CTA-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Hindalco-Industries-without-CTA-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Hindalco-Industries-without-CTA-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Hindalco-Industries-without-CTA-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Hindalco-Industries-without-CTA.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Hindalco Industries Ltd &#8211; A force for good<\/span><\/h2>\n\n\n\n<p>Hindalco Industries Ltd, part of the Aditya Birla Group, is a global leader in aluminium rolling and recycling, and a major player in copper and speciality alumina. Its integrated business model covers bauxite mining, alumina refining, coal mining, power generation, aluminium smelting, and downstream products. As of FY24, Hindalco operates 20 manufacturing units and 23 mines in India, along with 32 overseas plants (Novelis).<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image.png\"><img loading=\"lazy\" width=\"750\" height=\"503\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image.png\" alt=\"\" class=\"wp-image-30206\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image.png 750w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-300x201.png 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Products and Services<\/span><\/h2>\n\n\n\n<ul><li><strong>Aluminium:<\/strong> Offering alumina, primary aluminium (ingots, billets, wire rods), and flat rolled products (foils, extrusions).<\/li><li><strong>Copper:<\/strong> Producing LME grade copper cathodes, continuous cast copper rods, di-ammonium phosphate (DAP) fertiliser, and precious metals (gold and silver).<\/li><li><strong>Specialty Alumina:<\/strong> Providing coarse alumina hydrate, metallurgical alumina, specialty alumina, and alumina hydrate.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-1.png\"><img loading=\"lazy\" width=\"817\" height=\"304\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-1.png\" alt=\"\" class=\"wp-image-30207\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-1.png 817w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-1-300x112.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-1-768x286.png 768w\" sizes=\"(max-width: 817px) 100vw, 817px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries<\/strong>: As of FY24, the company has 61 subsidiaries, 7 associate companies, 2 joint ventures and 6 joint operations.&nbsp;<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Strategies<\/span><\/h2>\n\n\n\n<ul><li><strong>Novelis Expansion<\/strong>: Investing $4.9 billion over 3-5 years, including $4.1 billion for a new Bay Minette facility to increase Flat Rolled Products capacity by 600 KT.<\/li><\/ul>\n\n\n\n<ul><li><strong>Capacity Boost<\/strong>: Completed a debottlenecking project at Utkal, raising alumina capacity from 2.2 million MTPA to 2.6 million MTPA.<\/li><\/ul>\n\n\n\n<ul><li><strong>New Projects<\/strong>: Developing an 850 KT refinery in Odisha and commissioning a 20 KT precipitate hydrate plant by FY25.<\/li><\/ul>\n\n\n\n<ul><li><strong>Product Innovation<\/strong>: Enhancing products with new offerings such as white fused alumina, high precision sub-micron alumina, and battery-grade aluminium foil.<\/li><li><strong>Global Expansion<\/strong>: Establishing warehouses, processing facilities, and sales offices across the USA, Europe, and Southeast Asia.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance<\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.215962-crore.png\"><img loading=\"lazy\" width=\"783\" height=\"530\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.215962-crore.png\" alt=\"\" class=\"wp-image-30208\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.215962-crore.png 783w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.215962-crore-300x203.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.215962-crore-768x520.png 768w\" sizes=\"(max-width: 783px) 100vw, 783px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Q4FY24<\/span>&nbsp;<\/h2>\n\n\n\n<ul><li><strong>Revenue<\/strong>: Flat at Rs.55,994 crore YoY.<\/li><li><strong>EBITDA<\/strong>: Increased by 24% to Rs.7,201 crore from Rs.5,818 crore in Q4FY23.<\/li><li><strong>Net Profit<\/strong>: Grew by 32% to Rs.3,174 crore from Rs.2,411 crore in Q4FY23.<\/li><li><strong>Performance Drivers<\/strong>: Robust recovery at Novelis, improved cost control in the aluminium India business, and strong copper business performance.<\/li><li><strong>Shipments Growth: <\/strong>Novelis +2% YoY, Aluminium Upstream +4% YoY, Aluminium Downstream +17% YoY, Copper +16% YoY.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">FY24<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue<\/strong>: Rs.2,15,962 crore, down 3% YoY.<\/li><li><strong>Operating Profit<\/strong>: Rs.25,728 crore, up 7% YoY.<\/li><li><strong>Net Profit<\/strong>: Rs.10,155 crore, up 1% YoY.<\/li><li><strong>New Launches<\/strong>: 53 new products and services introduced.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-2.png\"><img loading=\"lazy\" width=\"749\" height=\"347\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-2.png\" alt=\"\" class=\"wp-image-30209\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-2.png 749w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-2-300x139.png 300w\" sizes=\"(max-width: 749px) 100vw, 749px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance (FY21-24)<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue and PAT CAGR (FY21-24):<\/strong> 18% and 40%, respectively<\/li><li><strong>Average 3-Year ROE &amp; ROCE (FY21-24):<\/strong> ~13% each<\/li><li><strong>Capital Structure: <\/strong>Debt-to-equity ratio of 0.53<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-3.png\"><img loading=\"lazy\" width=\"746\" height=\"215\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-3.png\" alt=\"\" class=\"wp-image-30210\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-3.png 746w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-3-300x86.png 300w\" sizes=\"(max-width: 746px) 100vw, 746px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry outlook&nbsp;<\/span><\/h2>\n\n\n\n<ul><li><strong>Economic Impact<\/strong>: The mining industry can boost GDP, foreign exchange earnings, and support sectors like building, infrastructure, automotive, and electricity by providing essential raw materials cost-effectively.<\/li><li><strong>Energy Demand<\/strong>: As the third-largest energy consumer globally, India faces high demand for power and electricity, leading to increased coal demand.<\/li><li><strong>Alumina Advantage<\/strong>: India benefits from low alumina production and conversion costs and ranks as the second-largest global producer of aluminium.<\/li><li><strong>Global Aluminium Demand<\/strong>: Expected to grow by 3% in CY2024, reaching around 72 million MT. <\/li><li><strong>Copper Demand<\/strong>: Global refined copper demand is projected to increase by approximately 2.5% in CY2024.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/h2>\n\n\n\n<ul><li><strong>FDI Policy<\/strong>: 100% foreign direct investment (FDI) allowed through the automatic route in the mining sector.<\/li><li><strong>Government Initiatives<\/strong>: Programs like Gati Shakti Master Plan, Make in India, Pradhan Mantri Awas Yojna, and Urban Infrastructure development schemes are expected to boost the Metals and Mining sector&#8217;s growth in India.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Competitive Advantage<\/span><\/h2>\n\n\n\n<p>National Aluminium Company Ltd is the sole listed competitor with similar operations.<\/p>\n\n\n\n<p>Compared to it, Hindalco shows more stable return ratios and superior revenue and profit growth, reflecting better financial stability and efficiency in generating returns.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-4.png\"><img loading=\"lazy\" width=\"1024\" height=\"116\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-4-1024x116.png\" alt=\"\" class=\"wp-image-30211\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-4-1024x116.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-4-300x34.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-4-768x87.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-4.png 1433w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue<\/strong>: Flat growth; EBITDA improved across major segments.<\/li><li><strong>Performance Drivers<\/strong>: Higher volumes, better margins, strategic product mix, stable operations, and strong copper business.<\/li><li><strong>Investments<\/strong>: ~$2 billion for India operations, focusing on downstream expansions (3-5 years).<\/li><li><strong>Alumina Production<\/strong>: Planning to double capacity by FY26-27.<\/li><li><strong>Coal Supply<\/strong>: Acquired two captive coal mines to enhance supply chain and coal quality.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-5.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-5-1024x712.png\" alt=\"\" class=\"wp-image-30212\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-5-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-5-300x208.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-5-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-5.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuation<\/span><\/h2>\n\n\n\n<p>Hindalco\u2019s commitment to expansion, strong balance sheet, strategic capex plans, and proven execution\u2014amid robust demand in packaging, automotive, transport, building, construction, and industrial machinery\u2014are expected to enhance future performance. We recommend a BUY rating with a target price of Rs.771, based on 13x FY26E EPS.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Risks<\/span><\/h2>\n\n\n\n<ul><li><strong>Environmental and Social Impact:<\/strong> Mining activities may pose significant environmental and social challenges.<\/li><li><strong>Input Costs: <\/strong>Fluctuations in domestic resource availability (particularly coal) and raw material prices could affect profit margins.<\/li><\/ul>\n\n\n\n<p><em><strong>Note:<\/strong> Please note that this is not a recommendation and is intended only for educational purposes. So, kindly consult your financial advisor before investing.<\/em><\/p>\n\n\n\n<p dir=\"ltr\" style=\"line-height: 1.8; margin-top: 0pt; margin-bottom: 0pt; text-align: center;\"><a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/ALPHA+-+Hindalco+Industries+Ltd+-+Aug+2024.pdf\" rel=\"noopener\"><img alt=\"\" src=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/button_read-the-full-alpha-report.png\" style=\"width: 320px; height: 49px;\"><\/a><\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Recap of our previous recommendations (As on 02 August 2024)<\/span><\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-6.png\"><img loading=\"lazy\" width=\"1024\" height=\"225\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-6-1024x225.png\" alt=\"\" class=\"wp-image-30214\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-6-1024x225.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-6-300x66.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-6-768x169.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/08\/image-6.png 1163w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-hcl-technologies-ltd-equity-research-desk\/30181\">HCL Technologies Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-adani-ports-special-economic-zone-ltd-equity-research-desk\/30113\">Adani Ports &amp; Special Economic Zone Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-ircon-international-ltd-equity-research-desk\/30070\">Ircon International Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-welspun-corp-ltd-equity-research-desk\/29964\">Welspun Corp Ltd<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hindalco Industries Ltd &#8211; A force for good Hindalco Industries Ltd, part of the Aditya Birla Group, is a global leader in aluminium rolling and recycling, and a major player in copper and speciality alumina. Its integrated business model covers bauxite mining, alumina refining, coal mining, power generation, aluminium smelting, and downstream products. As of [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":30205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[744,1033,745,1063,897,1081,892,1038,648,870],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hindalco Industries Ltd Stock Analysis August - 2024<\/title>\n<meta name=\"description\" content=\"Hindalco Industries Ltd leverages strategic expansion, robust capex, and proven execution to drive growth across key sectors. 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