Key Points
The company has reduced capex spend earmarked for the next five years to $4.5 billion, a 43% cut, versus $7.9 billion announced a year ago, according to a report by Kotak Institutional Securities...
Hindalco Industries, an Aditya Birla Group company, has slashed capex plans by nearly half to $4.5 billion to be spent in the next five years, citing margin headwinds at Novelis, its US subsidiary..
It also cited inflationary pressures, including on energy prices in Europe, and lags in cost pass-throughs as reasons...
The company also does not plan to use operating cash flow (OCF) to deleverage further versus its earlier policy of 15% OCF for deleveraging, according to a report by Kotak Institutional Securities...
According to a Macquarie report, the management reaffirmed Novelis target of delivering $400 million of free cash flow in FY23 and highlighted that future capex (after spending $4.5 billion) will be calibrated to match cash flows and will not be funded by debt...
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