Company Update : Nalco Ltd By Motilal Oswal Financial Services Ltd
Beat on all fronts fueled by favorable pricing
Highlights of the 3Q consolidated results:
* Revenue stood at INR46.6b (YoY/QoQ: +39%/+17%) against our est. of INR40.3b, driven by favorable pricing.
* Consolidated EBITDA stood at INR23.3b (YoY/QoQ: +201% /+50%) against our est. of INR14.3b.
* EBITDA margin stood at 49.9% vs. 38.7% in 2QFY25 and 23.1% in 3QFY24.
* APAT for the quarter stood at INR15.6b (YoY / QoQ: +233% /+50%) against our estimate of INR9.4b.
* The BOD declared a second interim dividend of INR4 per share for FY24.
Aluminum business performance:
* Revenue from the aluminum business came in at INR26b, up 13% YoY (-5% QoQ) in line with our estimate of INR25.5b.
* EBIT came in at INR9.5b (+99% YoY and 11% QoQ) in line with our estimate of INR9.6b in 3QFY25.
Chemical business performance:
* Revenue from the chemicals business stood in line with our estimate at INR25b, up 48% YoY and 78% QoQ.
* EBIT for the vertical stood at INR13b, up 492% YoY and 116% QoQ against our INR4.2b in 3QFY25.
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