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Softened metal prices drag operational performance

Highlights of 1Q consolidated performance:

• Revenue stood at INR38.1b (+33% YoY and -28% QoQ) against our est. of INR43.2b, driven by the softening of alumina prices.
• Consol EBITDA stood at INR14.9b (+60% YoY and -46% QoQ) against our est. of INR16.8b over muted NSR and sustained costs. EBITDA margin stood at 39.2% in 1QFY25 against 32.7% in 1QFY25 and 52.3% in 4QFY25.
• APAT stood at INR10.5b (+78% YoY and -49% QoQ), in-line with our est. of INR10.9b, supported by lower finance costs and higher other income.

Chemical business performance:

• Revenue from the chemical business stood at INR16.3b, up 91% YoY but lower by 36% QoQ, led by the softening of alumina prices.
• EBIT came in at INR5b (vs INR311m in 1QFY25) and declined 62% QoQ.

Aluminum business performance:

• Revenue from the aluminum business stood at INR27.2b, rising 7% YoY but declining 14% QoQ during the quarter.
• EBIT for the vertical stood at INR9b, rising 11% YoY but declining 37% QoQ

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