NATIONALUM · Metals & Mining
National Aluminium Co. Ltd. reported revenue of ₹3,579 cr for January to March 2024, — on the year and +6.9% on the quarter.
Operating profit (EBITDA) was ₹1,088 cr, a margin of 30.4%, — on the year and +782 bps on the quarter.
Net profit was ₹997 cr, — on the year and +111.7% on the quarter, with earnings per share of ₹5.43.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹10.83 over the last four quarters, the stock at ₹324.75 trades at 30.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 38% of profit before tax.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,043 cr | ₹3,348 cr | ₹3,579 cr | ₹2,856 cr | ₹4,001 cr | ₹4,662 cr | ₹5,268 cr | ₹3,807 cr | ₹4,292 cr | ₹4,731 cr | ₹5,013 cr | ₹5,302 cr |
| YoY | — | — | — | −10% | +31% | +39% | +47% | +33% | +7% | +1% | −5% | +39% |
| EBITDA margin | 12.4% | 22.6% | 30.4% | 32.2% | 38.3% | 49.6% | 52.1% | 38.8% | 44.8% | 45.9% | 46.9% | 51.1% |
| Other income, % of PBT | 27% | 8% | 38% | 8% | 5% | 5% | 5% | 9% | 8% | 9% | 9% | 6% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 28% | 26% | 27% | 26% | 26% | 25% | 26% | 24% | 25% | 26% | 26% |
| Net profit | ₹187 cr | ₹471 cr | ₹997 cr | ₹588 cr | ₹1,046 cr | ₹1,566 cr | ₹2,067 cr | ₹1,049 cr | ₹1,430 cr | ₹1,595 cr | ₹1,722 cr | ₹2,003 cr |
| YoY | — | — | — | +76% | +459% | +232% | +107% | +78% | +37% | +2% | −17% | +91% |
| Core profit YoY | — | — | — | +83% | +621% | +234% | +213% | +74% | +29% | −4% | −19% | +95% |
| EPS | ₹1.02 | ₹2.56 | ₹5.43 | ₹3.20 | ₹5.70 | ₹8.53 | ₹11.26 | ₹5.71 | ₹7.79 | ₹8.69 | ₹9.38 | ₹10.91 |
| Flags | · | · | 1 | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | 2 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
National Aluminium Co. Ltd. reported revenue of ₹3,579 cr (— on the year) and net profit of ₹997 cr (— on the year) for January to March 2024.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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