有色金属海外季报：印度铝业2025Q2综合收入同比增长13%至6423.2亿卢比，税后利润同比增长30%至400.4亿卢比

Investment Rating - Industry rating: Recommended [7] Core Insights - The report highlights a 13% year-on-year increase in consolidated revenue for the Indian aluminum industry, reaching 642.32 billion INR in Q2 2025, while net profit rose by 30% to 40.04 billion INR [5][14] - Novelis reported a 13% increase in revenue to 4.72 billion USD in Q2 2025, driven by higher average aluminum prices, although adjusted EBITDA decreased by 17% due to rising scrap prices and tariffs [6] - The aluminum ingot segment saw a 6% increase in revenue to 93.31 billion INR, with EBITDA rising by 17% to 40.80 billion INR, benefiting from lower raw material costs [9] - The aluminum products segment achieved a record EBITDA of 2.29 billion INR, up 108% year-on-year, attributed to higher value-added products [10] - Copper revenue increased by 12% to 148.86 billion INR, with EBITDA at 6.73 billion INR, impacted by a significant drop in TC/RCs offset by rising sulfuric acid sales prices [11] Summary by Sections Production and Operations - Flat rolled products total shipments were 963,000 tons, a 1% increase year-on-year and quarter-on-quarter [1] - Aluminum ingot total shipments were 325,000 tons, a 1% decrease year-on-year and a 2% decrease quarter-on-quarter [2] - Downstream aluminum sales volume was 101,000 tons, a 6% increase year-on-year but a 4% decrease quarter-on-quarter [3] - Metal copper sales volume was 124,000 tons, a 1% increase year-on-year but an 8% decrease quarter-on-quarter [4] Financial Performance - Consolidated revenue for Q2 2025 was 642.32 billion INR, a 13% increase year-on-year but a 1% decrease quarter-on-quarter [5] - EBITDA for Q2 2025 was 86.73 billion INR, a 9% increase year-on-year but a 16% decrease quarter-on-quarter [5] - Net profit for Q2 2025 was 40.04 billion INR, a 30% increase year-on-year but a 24% decrease quarter-on-quarter [5] Segment Performance - Novelis revenue for Q2 2025 was 4.72 billion USD, a 13% increase year-on-year, with adjusted EBITDA of 416 million USD, down 17% [6] - Aluminum ingot revenue for Q2 2025 was 93.31 billion INR, with EBITDA of 40.80 billion INR, achieving a leading gross margin of 44% [9] - Aluminum products revenue reached 33.53 billion INR, with EBITDA of 2.29 billion INR, reflecting a significant increase in high-value products [10] - Copper revenue for Q2 2025 was 148.86 billion INR, with EBITDA of 6.73 billion INR [11]