Hindalco Shares Gain On Strong Q2, Brokerages Maintain Bullish View
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Brokerages were impressed with Hindalco Industries' Q2 results which were announced on Monday.

What Happened: Hindalco Industries in its Q2 print posted a 78% year-on-year increase in net profit to ₹3,909 crore. The company's revenue gained over 7% to ₹58,203 crore while EBITDA came at ₹9,100 crore. The Q2 numbers beat analyst estimates. 

The company's aluminium upstream EBITDA increased 79% to ₹3,709 crore with its EBITDA margin coming at 41%. Copper EBITDA increased 27% to ₹829 crore to clock all-time high quarterly figures. The rolled product shipments from Novelis went up 1% to 945 KT. 

See Also: ONGC Q2: Net Profit Jumps 17% To ₹11,984 Cr Beating Estimates, Announces ₹6 Dividend

Brokerage Views: JPMorgan maintained an "overweight" call with a target price of ₹735. The India business in Q2 delivered estimates beating performance all around, the brokerage said. The brokerage does not see any negatives from the Q2 print. The research firm expects a slight upward revision to FY25 estimates after the Q2 beat. 

Investec maintained a "buy" call with a target price of ₹860. The operational performance was a beat and the brokerage is waiting for clarity on incremental capex spending. The brokerage added that the company's India operation is well placed on bauxite lease expiries compared to its local peers.

Price Action: Shares of Hindalco Industries were up 1.62% to ₹665.95 on Tuesday morning.

Read Next: RVNL Bags ₹294.94 Cr Order From South Central Railway

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