Add Hindalco Industries, target price Rs 500: ICICI Securities

economictimes.indiatimes.com:

Hindalco Industries with a target price of Rs 500. The current market price of Hindalco Industries is Rs 454.75.

Hindalco Industries, incorporated in the year 1958, is a Large Cap company (having a market cap of Rs 105370.95 Crore) operating in Metals — Non Ferrous sector. Hindalco Industries key Products/Revenue Segments include Aluminium, Other Operating Revenue, Sale of services for the year ending 31-Mar-2022.Financials For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 53382.00 Crore, down -5.03 % from last quarter Total Income of Rs 56209.00 Crore and down -8.32 % from last year same quarter Total Income of Rs 58229.00 Crore.

Company has reported net profit after tax of Rs 2452.00 Crore in latest quarter.Investment Rationale On cue from Q1FY24 earnings and management commentary, we believe earnings(mainly at Novelis) have bottomed out. In India operations, the twin focus on downstream growth project and upcoming cost efficiencies is likely to drive growth.