Novelis Inc. Declared Robust Q3 FY 2024 Results

SEATTLE (Scrap Monster): Novelis, Inc. reported results for the third quarter of fiscal year 2024. The company delivered significant year-on-year improvement in net income and adjusted EBITDA.

The company’s net income attributable to its shareholders, of $121 million, was significantly higher when compared to$12 million in the prior year corresponding quarter. The net income excluding special items witnessed notable year-on-year jump by 81% to $174 million during the quarter. The adjusted EBITDA surged higher by almost one-third to $454 million in the third quarter of fiscal year 2024.

The net sales recorded 6% decline over the previous year to total $3.9 billion, mainly driven by lower aluminum prices as shipments remained more or less flat year-on-year. The flat rolled product shipments stood at 910 kilotonnes in the third quarter of fiscal year 2024 compared to 908 kilotonnes in the prior year period.

Commenting on the results, Devinder Ahuja, executive vice president and CFO, Novelis Inc. said that it expects adjusted EBITDA per tonne to return to a sustainable $525 level beginning this fiscal fourth quarter, driven by seasonal improvement in shipments. Looking ahead, the company foresees opportunities for further margin expansion over time.

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