Novelis Posted Record Results in Q2 Fiscal 2021

SEATTLE (Scrap Monster): Atlanta-headquartered Novelis Inc. reported net loss attributed to its common shareholder of $37 million in Q2 fiscal year 2021. This is down from the prior year by 130%, mainly on account of $181 million net loss associated with discontinued operations.

The net income from continuing operations increased 17% over the prior year to $144 million. The record adjusted EBITDA of $455 million was up by 22% over the previous year. The net sales increased 4% from the prior year quarter to $3.0 billion, steered by 11% surge in total shipments. The shipments touched a new record of 923 kilotonnes, significantly higher by 11% year-on-year.

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Novelis reported year-to-date fiscal 2021 free cash flow of $132 million. This compares with $18 million in the prior year period. The capital expenditures witnessed a year-on-year decline to $222 million. As of 30^th September, 2020, the company reported liquidity of $2.6 billion.

Steve Fisher, President and CEO, Novelis Inc. said that the outstanding performance during the quarter was largely driven by the company’s ability to effectively manage its business and work with customers to meet a sharp increase in demand. The company will continue to invest in its business and meet rising customer demands, he added.