Novelis Posted Exceptional Results in Q2 Fiscal 2022

SEATTLE (Scrap Monster): Novelis, Inc.- the Atlanta-based aluminum manufacturer and recycler announced that its diverse portfolio of sustainable, high-recycled-content aluminum products has helped it to deliver exceptional financial results during the second quarter of fiscal 2022.

During the quarter, the company reported 66% year-on-year surge in net income from continuing operations to total $239 million. Excluding special items, the net income from continuing operations totalled $244 million. The adjusted EBITDA increased 22% to $553 million in Q2 FY22, compared with $455 million in the prior year period. It achieved record adjusted EBITDA per ton shipped of $571, compared to $493 in the same period a year before.

The net sales during the quarter were up by 38% to $4.1 billion. This compares with $3.0 billion in the prior-year period. The sales were primarily driven by increased shipments and high aluminum prices. The flat rolled products shipments surged from 923 kilotonnes a year before to 968 kilotonnes in the second quarter of fiscal 2022. Meantime, the cash flow from continuing operations totalled $158 million during the quarter.

Novelis maintained a strong liquidity position of $2.1 billion as on 30^th September, 2021.

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