Nalco Q4 Review – Ebitda Beat Driven By A Marginal Revenue Beat: Motilal Oswal

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National Aluminium Company Ltd. reported net sales of Rs 43 billion, up 54% YoY and 15% QoQ, driven by higher London Metal Exchange aluminum prices, which rose 56% YoY and 18% QoQ to $3,273/tonne in q4 FY22.

Alumina prices stood at $411/tonne in Q4 FY22, up 37% YoY, but down 1% QoQ. Revenue was in line at Rs 42 billion.

Nalco’s Ebitda grew 72% YoY and 36% QoQ to Rs 16 billion in Q4 FY22. Ebitda growth was mainly driven by LME prices.

Ebitda stood ~Rs 2 billion, higher than our estimate of Rs 14 billion. The Ebitda beat was largely on account of the Rs 2 billion revenue beat, as total expense was in line.

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