Hindalco shares tumble 7% as recycling arm Novelis logs weak Q2 numbers
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Shares of Hindalco today fell by 7% to an intraday low of Rs 657.65 on the BSE after the company’s wholly-owned subsidiary Novelis posted an 18% YoY drop in its net income attributable to the shareholders. The same stood at $128 million. The net income attributable to the common shareholder, excluding special items was reported at $179 million, down 1% YoY. The company reported that the adjusted EBITDA stood at $462 million, which was down by 5% YoY and up by 1% excluding the negative $25 million net impact from Sierre flooding. Meanwhile, the adjusted EBITDA per tonne shipped stood at $489, which shows a decline of 6% YoY. Net sales for the second quarter of fiscal year 2025 increased 5% versus the prior year period to $4.3 billion, mainly driven by higher average aluminum prices and a 1% increase in total flat rolled product shipments to 945 kilotonnes. “Our global footprint allowed us to achieve record beverage packaging shipments in t...