Buy Nalco @target of ₹42 : Motilal Oswal

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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.

Maintain Buy.

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