Motilal Oswal ‘s research report on Nalco
Nalco (NACL) surprised with higher-than-expected EBITDA at INR 1.29b (est.: INR81m), led by cost reduction in the Aluminium business.
However, it was down 33% YoY due to lower prices and volumes. We raise our FY 2021 EBITDA estimate by 67% to factor recovery in LME prices, but maintain FY22 estimates.