Novelis' pleasant surprise for Hindalco in Q1

The maker of value-add aluminium products reported an EBITDA of $287 million, an increase of 10%

Investors have enough reason to cheer the June quarter (Q1) results of Novelis, Hindalco’s US-based subsidiary. Not only were the results better than expected but the outlook for business and cash flow is improving. Hindalco’s share price gained 3.2 per cent on Tuesday, to close at Rs 235, following the developments late Monday night.
 
The maker of value-added aluminium products (used by the automobile industry and for making beverage cans, etc) reported an Ebitda (earnings before interest, taxes, depreciation and amortisation) of $289 million (adjusted for certain non-operating expenses/charges), an increase of eight per cent. Rupee trades at 63.6