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* Consolidated revenue was flat YoY at INR559b and was in line with our estimate of INR535b.

* Consolidated EBITDA was down 27% YoY at INR53b and was 13% below our estimate of INR61b due to higher input costs, an unfavorable macroeconomic scenario and high employee costs, partially offset by lower power expenses.

* The finance cost was up 23% YoY at INR10b, while depreciation came in at INR19b (YoY +5%). APAT was down 42% at INR24b and was in line with our estimate of INR23b. A lower-than-expected tax rate aided APAT.

* FY23 revenue/EBITDA/APAT stood at INR2,232b/INR227b/INR101b (YoY up 14%/down 20%/down 26%).

Aluminum upstream business

* 4QFY23 shipments stood at 323kt, taking yearly shipments to 1.3mt (in line with estimate).

* Revenue for the upstream business was down 13% YoY at INR80.5b.

* EBITDA declined 41% YoY to INR22b, due to lower metal prices, higher input costs and unfavorable macros.

* EBITDA/t stood at USD825/t, one of the best in the industry.

Copper business

* 4QFY23 copper metal shipments were the highest ever at 117kt, taking yearly shipments to 439mt (9% above our estimate).

* Revenue was up 14% YoY at INR112b and EBITDA grew 55% YoY to INR6b. The performance was aided by higher global prices, better volumes and better TC/RC.

Highlights from the management commentary

* Aluminum CoP for 4QFY23 was down 6% and is expected to be at the similar level in 1QFY24.

* The Chakla mine is expected to come on stream in FY25, and the work is progressing as per the timeline.

* A 30kt extrusion facility at Silvassa is expected to come on stream in FY24.

* About 11% of the Indian aluminum business is hedged at USD2,755/t.

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