Novelis posts higher net income in Q1 FY23
5 Aug 2022 13:13 reported by Joy Liu
Novelis Inc., a Georgia-based industrial aluminum company, reported that its net income attributable to its common shareholders increased by 28% year on year to US$307 million in the first quarter of the fiscal year 2023.
During the period, the company’s net sales hiked by 32% year on year to US$5.1 billion, mainly due to the higher average aluminum prices and premiums in the local market. The shipments of flat-rolled products fell by 1% year on year to 962,000 tons, mainly owing to constraints on the supply chain.
Besides, the adjusted EBITDA was up by 1% year on year to US$561 million during the period, primarily because of higher product pricing, a favorable product mix after the improved automotive and aerospace sector, and lower metal costs due to better recycling performance, partly offset by high-cost inflation and falling foreign exchange rates.
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