21[st ] May, 2021

==> picture [99 x 49] intentionally omitted <==

==> picture [99 x 48] intentionally omitted <==

BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor Dalal Street Plot No. C/1, G Block Mumbai: 400 001 Bandra Kurla Complex Scrip Code: 500440 Bandra (East) Mumbai – 400 051 Scrip Code: HINDALCO Mr. Daniel Schammo Banque Internationale A Luxembourg Societe Anonyme 69, Route d’Esch L-2953 Luxembourg Fax No. 00 352 4590 2010 Tel. No. 00 352 4590-1

Dear Sir,

Sub: Outcome of Board Meeting of Hindalco Industries Limited (‘the Company”) held on 21[st] May, 2021

Re: Regulation 33 & 30 of the Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations)

This is to inform that the Board of Directors of the Company at their meeting held today i.e on 21[st] May, 2021 approved the following:

i. Standalone and Consolidated Financial Results for the Quarter and financial year ended 31[st] March, 2021
ii. Recommended dividend @ Rs.3.00 per equity share i.e 300% of face value of Re.1/- each for the year ended 31[st] March, 2021

The meeting commenced at 12:15 p.m. and concluded at 02.25 p.m.

Hindalco Industries Limited

6[th] & 7[th] Floor, Birla Centurion, Pandurang Budhkar Marg, Worli, Mumbai – 400030, India T:+91 22 66626666/62610555 | F:+912262610400/62610500 | W: www.hindalco.com Registered Office : Ahura Centre, 1[st] Floor, B wing, Mahakali Caves Road, Andheri (East), Mumbai – 400093, India

Corporate ID No: L27020MH1958PLC011238

==> picture [99 x 49] intentionally omitted <==

==> picture [99 x 48] intentionally omitted <==

Pursuant to Regulation 33 of Listing Regulations, enclosed are the following documents :

Press Release
Investor Presentation
Audited standalone and Consolidated Financial Results for the quarter and year ended 31[st] March, 2021
Auditors Report (Standalone and Consolidated)

We hereby confirm that Auditor has issued unmodified (unqualified) audit report.

The same is also available on our website www.hindalco.com.

Further, the Trading Window for dealing in its securities shall remain closed until 48 hours from this announcement. The same has been duly communicated to all the Designated Persons.

Thanking you,

Yours faithfully,

For Hindalco Industries Limited

==> picture [72 x 50] intentionally omitted <==

Anil Malik President & Company Secretary

Encl: As above

Hindalco Industries Limited

Corporate ID No: L27020MH1958PLC011238

==> picture [78 x 76] intentionally omitted <==

Media Release

HINDALCO REPORTS RECORD CONSOLIDATED Q4 FY21 RESULTS

on the back of improved macros and operational efficiencies

Q4 Consolidated Business EBITDA up 33% YoY

Q4 Consolidated PAT nearly tripled at ₹1,928 crore, up 189% YoY

Key Highlights of Q4 FY21

Consolidated Business EBITDA at ₹5,597 crore, up 33% YoY; up 7% QoQ
Consolidated PAT at ₹1,928 crore, up 189% YoY; up 3% sequentially
All-time high overall shipments by Novelis at 983 Kt, up 21% YoY and 5% QoQ
All-time high Novelis Adjusted EBITDA at $505* million, up 32% YoY and 1% QoQ
Adjusted EBITDA per ton at Novelis at $514*, up 9% YoY
Novelis Net Income from continuing operations at $180 million ($63 million), up 186% YoY
Record quarterly Aluminium India Business VAP (excluding wire rods) sales at 92Kt up 21% YoY reaching 28% of total metal sales
All-time high Aluminium India Business EBITDA at ₹1,610 crore, up 54% YoY; up 22% QoQ
India Business PAT at ₹653 crore, up 72% YoY; 32% increase sequentially
Novelis successfully placed €500 million Senior Unsecured Green Bonds in Europe

Key Highlights of FY21 (vs FY20)

Consolidated Business EBITDA at ₹18,324 crore, up 19%; margin at 14%
Consolidated PAT for continuing operations at ₹5,182 crore, up 38%
Record Novelis Adjusted EBITDA at $1,714* million, up 16% YoY
Novelis Adjusted EBITDA per ton at $474*, up 5%
Aluminium India Business EBITDA at ₹4,855 crore, up 30%; margin at 24%
Consolidated Net Debt to EBITDA significantly improved to 2.59x as of March 31, 2021 vs the peak of 3.83x as of June 30, 2020
Novelis received credit ratings upgrades on unsecured notes by both S&P Global Ratings and Moody's Investor Services in March 2021
Credit Rating Outlook upgraded from ‘Stable’ to ‘Positive’ by CRISIL in April 2021
Board recommends dividend @300% (₹3/share) for FY21 as against 100%(₹1/share) for FY20.

*As per US GAAP; Novelis FY21 numbers include those of Aleris

==> picture [78 x 76] intentionally omitted <==

MUMBAI, May 21, 2021

Hindalco Industries Limited, the Aditya Birla Group metals flagship, today announced consolidated results for the quarter and year ended March 31, 2021. The Company reported its best quarterly performance with consolidated PAT up 189% at ₹1,928 crore, a nearly three-fold increase YoY. The results were driven by a strong performance by Novelis and India Aluminium Business, supported by higher volumes and better product mix, lower input costs, stability in operations and cost saving actions. The Copper Business recorded a 33% jump in EBITDA sequentially in Q4 FY21 versus Q3 FY21 on account of stable operations. Novelis reported an all-time high EBITDA, as a result of continued demand for innovative, sustainable aluminium solutions and outstanding operational performance across its expanded business.

Table: Consolidated Financial Highlights for the Quarter and Year ended March 31, 2021

(₹ Crore)

==> picture [485 x 297] intentionally omitted <==

----- Start of picture text -----

Change
Particulars Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
YoY %
Revenue from Operations 29,318 34,958 40,507 1,18,144 1,31,985 12%
Earning Before Interest, Tax, Depreciation & Amortisation (EBITDA)
Novelis 2,773 3,711 3,705 10,435 12,727 22%
Aluminium 1,043 1,323 1,610 3,749 4,855 30%
Copper 406 202 269 1,276 716 -44%
All Other Segments (6) 6 13 (38) 26
Business EBITDA 4,216 5,242 5,597 15,422 18,324 19%
Unallocable Income/ (Expense) - (Net) & GAAP Adjustments (43) 279 248 114 572
EBITDA 4,173 5,521 5,845 15,536 18,896 22%
Finance Costs 1,429 861 903 4,197 3,738 11%
PBDT 2,744 4,660 4,942 11,339 15,158 34%
Depreciation & Amortisation (including impairment) 1,349 1,655 1,722 5,135 6,766 -32%
Share in Profit/ (Loss) in Equity Accounted Investments (Net of Tax) - 2 - 4 5
PBT before Exceptional Items and Tax 1,395 3,007 3,220 6,208 8,397 35%
Exceptional Income/ (Expenses) (Net) - (178) 34 (284) (492)
Profit Before Tax (After Exceptional Item) 1,395 2,829 3,254 5,924 7,905 33%
Tax 727 808 1,309 2,157 2,723 -26%
Profit/ (Loss) from Continuing Operations 668 2,021 1,945 3,767 5,182 38%
- -
Profit/ (Loss) from Discontinued Operations (144) (17) (1,699)
Profit/ (Loss) After Tax 668 1,877 1,928 3,767 3,483 -8%
----- End of picture text -----*

*As per US GAAP; FY21 Hindalco consolidated financial statements include Aleris

Commenting on the results, Mr. Satish Pai, Managing Director, Hindalco Industries Ltd., said,

“This past year, with all its volatility and uncertainty, has underscored Hindalco’s resilience and ability to deal with challenges. Our record Q4 results have strengthened our balance sheet even further, absorbing the Aleris acquisition and restoring consolidated net debt to EBITDA ratio to pre-acquisition levels. The Aleris business continues to positively impact the overall top line and EBITDA.

==> picture [78 x 76] intentionally omitted <==

Through Q4, our India business continued to rise with demand higher than pre-Covid levels. Across the entire Hindalco family, we acknowledge the commitment and resilience of our employees, our own Covid warriors. Looking ahead, although FY22 has started with a second Covid wave in India, Hindalco is confident that our inherent strengths and tenacity will support us through it.”

Business Segment Performance in Q4 FY21 (vs Q4 FY20)

Novelis (including Aleris)

Novelis recorded its best-ever quarterly adjusted EBITDA of $505 million (vs $383 million), up 32% YoY, on the back of higher organic volume, favourable metal benefits, and a US$60 million EBITDA contribution from the acquired Aleris business. Adjusted EBITDA per ton was at $514 in Q4 FY21 (vs $472/ton), up 9% YoY. Novelis’ Net Income (excluding tax-effected special items[1] ) was at $172 million, up 12% YoY, partially offset by higher depreciation and amortization associated with the acquisition of Aleris. Revenue was $3.6 billion (vs $2.7 billion), up 33% YoY, due to higher shipments, global aluminium prices and market premiums. Total shipments of flat rolled products (FRPs) were at an all-time high of 983 Kt (vs 811Kt), up 21% YoY, with the addition of the acquired Aleris business and strong demand across end-product markets.

Aluminium India

EBITDA was at an all-time high of ₹1,610 crore in Q4 FY21, compared with ₹1,043 crore for Q4 FY20, an increase of 54% YoY, primarily due to favourable macros, better operational efficiencies and lower input costs. EBITDA margin of 27% was the highest in the last 12 quarters and continues to be amongst the best in the industry. Revenue was ₹5,969 crore in Q4 FY21 vs ₹5,299 crore in the prior year period. Aluminium India Business recorded metal production of 316 Kt (vs 327 Kt last year). Aluminium metal sales were higher by 5% YoY at 329 Kt (vs 314 Kt in Q4 FY20). Aluminium VAP (excluding wire rods) sales volumes were at a record high of 92 Kt (vs 76 Kt), up 21% YoY, driven by a sharp recovery in the domestic market. VAP sales as a percentage of total metal sales reached an all-time high of 28% this quarter vs 24% in the same quarter last year.

Copper

Copper Cathode production was at 97 Kt in Q4 FY21 (vs 75 Kt in Q4 FY20), higher by 29% YoY on account of stable operations during the quarter. While overall copper metal sales were at 107Kt (vs 86 Kt in Q4 FY20), Copper Continuous Cast Rod (CCR) sales in Q4 FY21 were in line with the same quarter last year, at 73 Kt. EBITDA for the Business stood at ₹269 crore compared to ₹406 crore in Q4 FY20. Revenue from the Copper Business was ₹8,508 crore this quarter, up 80% YoY, primarily due to higher global prices of copper.

==> picture [78 x 76] intentionally omitted <==

Fourth Quarter Consolidated Results

Hindalco reported its best-ever quarterly financial performance in Q4 FY21 with EBITDA at ₹5,597 crore (vs ₹4,216 crore), up 33% YoY. The record results were driven by an outstanding performance by Novelis as well as India Aluminium business, supported by a sharp recovery in all relevant markets. Consolidated Revenue for the fourth quarter stood at ₹40,507 crore (vs ₹29,318 crore), up 38% YoY. Consolidated PAT was ₹1,928 crore, compared to ₹668 crore in Q4 FY20, a jump of 189% YoY. Gross Debt declined by ₹18,187 crore and Net Debt fell by ₹14,883 crore as of March 31, 2021 from its peak on June 30, 2020. Consolidated net debt to EBITDA ratio improved significantly to 2.59x on March 31, 2020, from a peak of 3.83x on June 30, 2020.

Covid Response

With the onset of the second Covid wave in India, Hindalco has strengthened efforts to protect employees across the ranks and to support the community.

Employee care: Hindalco has facilitated 20,000+ vaccinations, with 80% of eligible employees and families vaccinated, including contract workers. Hindalco has enhanced medical coverage to cover all hospitalisation expenses of not only employees and families, but contract workers, 3rd party employees and their families. Ex-gratia benefits are being provided to support families of deceased employees (including contractual) for housing, medical, schooling and other expenses for the next few years.

Oxygen support: Novelis has donated 1,000 oxygen concentrators which have been distributed across locations. Hindalco has procured 1,500 oxygen cylinders and accessories which are being distributed to various hospitals and Covid care centres around its plant locations.

Hindalco is supplying oxygen from its plant at Dahej to hospitals in Gujarat daily, with 1,600 tons delivered already.

300 oxygen cylinders being supplied daily to hospitals in eastern parts of the state.

Business Updates & Recognition

Aleris Integration work continues with $79 million run-rate combination cost synergies achieved through the end of Q4FY21.
The ground-breaking for Novelis’ new ~$325-375 million Cold Mill project in Zhenjiang, China, is expected in mid-FY22.
Novelis’ expansion of recycling, casting, and rolling facilities in Pinda, Brazil is on track, with commissioning expected by end of FY22.

==> picture [78 x 76] intentionally omitted <==

The greenfield Guthrie, Kentucky automotive finishing plant in the U.S. and the automotive finishing line in Changzhou, China, were both commissioned and started commercial shipments in Q4 FY21.
Novelis successfully placed a 3.375%, €500 million Senior Unsecured Green bonds in Europe for 8 years, due in 2029.
Novelis received credit ratings upgrades on its unsecured notes by both S&P Global Ratings and Moody's Investor Services in March 2021:
Moody’s Investor Services upgraded the corporate family rating of Novelis Inc. to Ba3 from B1
S&P Global Ratings raised their issue-level rating on Novelis’ unsecured notes to ‘BB-’ from ‘B+’
500 Kt Utkal expansion project is on track with mechanical completion by this quarterend and commercial production to begin in Q2 of the current financial year.
Hindalco’s Credit Rating Outlook upgraded from ‘Stable’ to ‘Positive’ while reaffirming the rating at “AA’ by CRISIL in April 2021.
Hindalco featured in the S&P Global Gold Class category as ‘Sustainability Leaders of 2021’ in the Dow Jones Sustainability Yearbook 2021.

About Hindalco Industries Limited

Hindalco Industries Limited is the metals flagship company of the Aditya Birla Group. An $18 billion metals powerhouse, Hindalco is the world’s largest aluminium company by revenues, and a major player in copper. It is also one of Asia’s largest producers of primary aluminium. Guided by its purpose of building a greener, stronger, smarter world, Hindalco provides innovative solutions for a sustainable planet. Its wholly-owned subsidiary Novelis Inc. is the world’s largest producer of aluminium beverage can stock and the largest recycler of used beverage cans (UBCs).

Hindalco’s copper facility in India comprises a world-class copper smelter, downstream facilities, a fertiliser plant and a captive jetty. The copper smelter is among the world’s largest custom smelters at a single location. Hindalco’s global footprint spans 47 manufacturing units across 10 countries.

Registered Office: Ahura Centre, 1st Floor, B Wing, Mahakali Caves Road Andheri (East), Mumbai 400 093; Website: www.hindalco.com; E mail: [email protected];Corporate Identity No. L27020MH1958PLC011238

Disclaimer: Statements in this “Media Release” describing the company’s objectives, projections, estimates, expectations or predictions may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the company’s operations include global and Indian demand supply conditions, finished goods prices, feed stock availability and prices, cyclical demand and pricing in the company’s principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries within which the company conducts business and other factors such as litigation and labour negotiations. The company assume no responsibility to publicly amend, modify or revise any forward looking statement, on the basis of any subsequent development, information or events, or otherwise.

Hindalco Industries Limited

Q4 FY21 Earnings Presentation 21[st] May, 2021

SAFE HARBOUR

==> picture [63 x 61] intentionally omitted <==

Certain statements in this report may be “forward looking statements” within the meaning of applicable securities laws and Actual results could those or regulations. differ materially from expressed implied. Important factors that could make a difference to the company’s operations include global and Indian demand supply conditions, finished goods prices, feed stock availability and prices, cyclical demand and pricing in the company’s principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries within which the company conducts business and other factors such as litigation and labour negotiations. The company assume no responsibility to publicly amend, modify or revise any forward looking statement, on the basis of any subsequent development, information or events, or otherwise.

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Table of Content

1. COVID-19 Response

==> picture [119 x 116] intentionally omitted <==

2. Key Highlights – Q4 FY21

Economy & Industry Updates – Global & Domestic

• Novelis

Business Performance : Operational & Financial – Q4 & FY21
Novelis
Aluminium (India)
Copper
Consolidated

• Aluminium (India)

5. Sustainability Updates

6. Annexures :

Awards & Recognitions FY 2020-21
Copper
Consolidated Key Financials
Hindalco (India) Business Key Financials
- Alumina Production Trend

Hindalco Industries Limited

EXCELLENCE BY DESIGN

COVID-19 Response : Supporting Employees

==> picture [63 x 61] intentionally omitted <==

Over 20,000 Vaccinations

80% eligible employees* and family members vaccinated

==> picture [34 x 33] intentionally omitted <==

24x7 Support Services

24 X 7 Helpline for Medical and Mental health support

==> picture [30 x 30] intentionally omitted <==

==> picture [39 x 39] intentionally omitted <==

Financial Assistance

Special reimbursements for homecare/hospitalization expenses of employees & families beyond insurance limits

*includes Contract employees

Central Planning

Corporate task force and bulk buying of all necessities

==> picture [34 x 34] intentionally omitted <==

Apollo Hospitals Hotline

Dedicated hotline consultation with specialist doctors for our medical teams

==> picture [37 x 37] intentionally omitted <==

==> picture [37 x 36] intentionally omitted <==

Workforce & Families

Homecare & hospitalization expenses for workers, 3rd party/contractual workforce & families

Ex-gratia benefits are being provided to support families of deceased employees (including contractual) for housing, medical, schooling, and other expenses for the next few years.

Hindalco Industries Limited

EXCELLENCE BY DESIGN

COVID-19 Response : Supporting the Community

==> picture [63 x 61] intentionally omitted <==

Plant hospitals and clinics have extended quarantine & Covid care facilities to the community

==> picture [33 x 49] intentionally omitted <==

1,000 O2 Concentrators

Received from Novelis and distributed to hospitals and communities across locations

==> picture [37 x 36] intentionally omitted <==

1,500 O2 Cylinders

Being distributed to hospitals and district administrations

Over 3,000 Covid patients treated at our hospitals & health centers in the 2[nd] wave
Dedicated medical team of 77 doctors and 275 paramedics
Over 450 hospital beds equipped with ICUs, ventilators, bipaps and O2 concentrators
PSA oxygen plants (100 LPM) being set up in Utkal & Renukoot

==> picture [30 x 30] intentionally omitted <==

2 1600 Tons Liquid O

Supplied so far from Copper Plant at Dahej to the Gujarat Government

==> picture [49 x 48] intentionally omitted <==

300 O2 Cylinders Refilled

and supplied daily to hospitals in UP, after reviving the defunct Karahiya oxygen plant

Oxygen plant donated to district hospital in Sonebhadra
RT-PCR testing lab sanctioned for communities around Utkal plant

▪

▪ CT-Scan facility to come up in Utkal hospital - a Level 1 District Covid care facility

Hospital at Renukoot certified as Level 2 Covid hospital supporting employees and community

Hindalco Industries Limited

EXCELLENCE BY DESIGN

==> picture [118 x 115] intentionally omitted <==

Business Performance Key Highlights - Q4 FY21

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Key Highlights : Q4 FY21

==> picture [63 x 61] intentionally omitted <==

Record quarterly shipments of 983Kt (811Kt), up 21% YoY driven by strong demand across all business segments
Record adjusted EBITDA at $505 million ($383 million), up 32% YoY on the back of higher volumes and improved margins

▪ Adjusted EBITDA per ton at $514 ($472/t) up 9% YoY

Novelis*

▪ Net Income from continuing operations at $180 million ($63 million), up 186% YoY; Net Income (excluding special items#) at $172 million ($153 million), up 12% YoY.

Aleris Integration work continues with $79 million run-rate combination synergies achieved through the end of Q4

▪ Successfully place 3.375%, €500 million Senior Unsecured Green Bonds in Europe for 8 years due in 2029

Credit rating upgrades in March 2021 by Moody’s and S&P :
Moody’s Investor Services upgraded the corporate family rating of Novelis Inc. to Ba3 from B1
S&P Global Ratings raised their issue-level rating on Novelis’ unsecured notes to ‘BB-’ from ‘B+’
Record quarterly EBITDA ₹1,610 crore (₹1,043 crore) up 54%, on account of favorable macros, better operational efficiencies and lower input costs

Aluminium

(India)

EBITDA margin at 27.0% (19.7%), up 729 bps YoY, highest in the last 12 quarters and continues to be one of the best in the industry

▪ Metal sales at 329Kt (314Kt) up 5% YoY

Record quarterly Aluminium VAP (excluding wire rods) sales at 92Kt (76kt) up 21%, on account of sharp recovery in the domestic demand
500Kt Utkal Alumina expansion mechanical completion by Q1 FY22 end and commercial production to begin in Q2 FY22

Note : Numbers in parenthesis() represent Q4 FY20 unless specified * a) As per US GAAP b)The financials of FY21 include Aleris #Tax-effected special items include loss on extinguishment of debt, restructuring & impairment and metal price lag, in Novelis

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Key Highlights : Q4 FY21

...Contd.

==> picture [63 x 61] intentionally omitted <==

Cathode production was at 97Kt (75Kt) up 28% YoY, on account of stable operations; CC Rods production was at 76Kt (71Kt) up 7% YoY

Copper

▪ Metal sales volumes at 107Kt (86Kt) up 24% YoY; CC Rods sales at 73 kt, in-line with Q4 FY20

▪ EBITDA at ₹269 crore (₹406 crore)

Record quarterly financial performance supported by improved macros, thrust on operational efficiencies, cost optimization and a strong market recovery

▪ Business EBITDA at ₹5,597 crore (₹4,216 crore), up 33% YoY

▪ PBT for continuing operations before exceptional and special items#, at ₹3,134 crore (₹2,216 crore), up 41% YoY

Consolidated

PAT for continuing operations before tax effected exceptional* and special items# at ₹1,866 crore (₹1,310 crore), up 42% YoY

▪ Strong Treasury Balance of $1 billion in Novelis and ₹11,178 crore in Hindalco India Business at the end of FY21

Gross Debt is down by ₹18,187 crore and Net Debt is down by ₹14,883 crore at the end of FY21 from its peak on 30[th] June 2020

▪ Net Debt to EBITDA has significantly improved to 2.59x as at March 31, 2021 (vs 3.83x as at June 30, 2020)

Credit Rating Outlook upgrade from ‘Stable’ to ‘ Positive’ while reaffirming the rating at “AA’ by CRISIL in April 2021

Global

▪ Hindalco included in the S&P Global Gold Class category as Sustainability Leaders of 2021 in the Dow Jones Recognitions Sustainability Yearbook 2021

Note : a) Numbers in parenthesis() represent Q4FY20 unless specified ; b) Hindalco consolidated financials of FY21 includes Aleris

*Adjusted for post-tax impact of exceptional items in India #Tax-effected special items in Novelis ;

Hindalco Industries Limited

EXCELLENCE BY DESIGN

==> picture [118 x 115] intentionally omitted <==

Economy & Industry Updates Global & Domestic

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Economy Updates

Global GDP Growth (% YoY)

==> picture [415 x 194] intentionally omitted <==

----- Start of picture text -----

6.0
5.6 5.4
4.3
3.5 3.5 3.6 3.5 3.4 [3.9] 3.6
3.0 2.9
-0.1
-3.3
CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17 CY18 CY19 CY20E CY21E
----- End of picture text -----

Global growth is gradually recovering supported by ongoing vaccination drives, and sustained monetary & fiscal policy support (~20% of GDP)
GDP growth contracted by 3.3% in CY20, is expected to rebound to 6% in CY21 and 4.4% in CY22 (Source : IMF April forecast)
Growth in CY21 to be driven by vaccine powered recovery and huge fiscal support specially by the US (~$1.9 Trillion)
Risks – Future path of the pandemic, deteriorating government finances and overall pace of vaccine administration

==> picture [63 x 61] intentionally omitted <==

India GDP Growth (% YoY)

==> picture [427 x 179] intentionally omitted <==

----- Start of picture text -----

10.3 10.5
9.8
8.5 [8.0] [8.3] [8.3] [7.0]
6.6 6.4 [7.4]
5.5
3.9 4.2
-7.5
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21E FY22E
----- End of picture text -----

The second COVID wave adds to the uncertainty to 1QFY21 outlook
Early high frequency indicators (PMI, fuel demand, E-way bills, etc) suggest economy has stared to feel the pinch of second wave

The RBI in its April monetary policy meeting retained its GDP growth estimate of 10.5%, highlighting downside risks

Downside risks weak domestic demand, local restrictions impacting supply chain and trade, constrained fiscal situation and slow pace of vaccination. Economy may turnaround as vaccination accelerates, strong global growth, increase in Govt. spending and pent-up demand supporting recovery

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Global Aluminium Industry

==> picture [63 x 61] intentionally omitted <==

Global Demand & Supply Balance (Mt)

Global Price of Aluminium (Cash -$/T)

	Production	Production	(0.4) 3.0 1.7 0.5 (1.3) 2.0 2.0 0.6 Metal Balance	(0.4) 3.0 1.7 0.5 (1.3) 2.0 2.0 0.6 Metal Balance
27.9 28.1 7.0 7.1 35.3 36.7 8.8 9.7 63.2 64.8 15.8 16.8 2% 6%	2%	6%
				0.5 0.6
			0.3 (0.9) (1.1) CY19 CY20 Q1CY20	0.1 Q1CY21

CY20 (vs CY19)

Global production grew by 2%, consumption declined by 3%, leading to surplus of 2.0 Mt
China: Production increased by 4%, consumption grew by 4%, leading to deficit of 1.1 Mt
World Ex-China: Production was flattish, consumption dropped by 12%, causing a surplus of 3.0 Mt

Global aluminium prices continued to improve

Q1 CY21 prices improved to $2,096/t up from $1,916 in Q4 CY20.

Q1 CY21 (vs Q1 CY20)

Global production expanded by 6%, consumption grew by 16%, leading to overall surplus of 0.6 Mt
Global aluminium prices in QTD (Q2CY21) is $2,370/ton
China: Production rose by 9%, while consumption increased by 27%, leading to a surplus of 0.5 Mt
World Ex-China: Production grew by 1%, consumption improved by 5%, leading to a surplus of 0.1 Mt

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Domestic Aluminium Industry

==> picture [63 x 61] intentionally omitted <==

Domestic Demand (Kt)

==> picture [593 x 251] intentionally omitted <==

----- Start of picture text -----

996 957 861 888 574 747 1018 1077
240
195
248 207
166
193
122
415
442
335 347
346
310 116
262
272
414 403 358 376 363 382 422
186
Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21E
Domestic Sales Scrap Imports Imports Ex Scrap
----- End of picture text -----

▪ In Q4 FY21 the Domestic demand is likely to record the highest ever quarterly consumption at 1,077 KT (21% growth YoY)

With improvement in auto demand, scrap grew by 20% YoY to 415Kt in Q4 FY21; Other imports excluding scrap strongly grew by 44%. Domestic sales improved by 12% YoY to 422Kt in Q4 FY21
This sharp growth was on account of strong demand from Transport, Consumer durables, and stable demand in pharma and food packaging

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Aluminium Flat Rolled Products (FRP) Industry

==> picture [63 x 61] intentionally omitted <==

▪ The global FRP Demand is estimated to grow by ~8% in CY21 (vs CY20 contraction of ~5%) on account demand recovery and base effect.

Beverage Cans

CY21E Growth in Market Demand 3-6%

Automotive

CY21E Growth in Market Demand 25-30%

Aerospace

CY21E Growth in Market Demand 5-10%

Rising Customer demand leading to increases volumes across all the regions
High demand of cans is driven by higher at- home consumption as well as increasing share of Cans as the sustainable packaging option for beverages.
Significant Can making expansions announced next 2-3 years across all regions
Strong demand driven by new program adoption and increased production of SUVs, pick-up trucks, electric vehicles and premium vehicles
European demand is shifting to EVs and mid-premium cars
Semi-conductor shortage to have limited short-term impact on OEM production and sheet demand
Vaccine rollout a positive, but do not expect significant improvement in CY21 as consumer air travel remains restricted
Heavily overstocked Aerospace supply chain; bookings improving but recovery could be prolonged and uneven

▪ India FRP Demand is estimated to surpass the pre-Covid levels in Q4 FY21

Consumer durables demand is supported by increasing penetration of e-commerce sales. Stable demand from the pharma & food packaging. Auto demand may see headwinds while the B&C demand recovery likely to be delayed due to surging COVID cases in the ongoing second wave

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Copper Industry (Global)

==> picture [63 x 61] intentionally omitted <==

Global Demand & Supply Balance (in Mt)

Production (Mt)

Consumption (Mt)

==> picture [821 x 206] intentionally omitted <==

----- Start of picture text -----

23.3 23.3 23.3
23.2
11.5 10.5
14.1 13.8
14%
5.7 6.0 5.5
4.9
11.8 12.7
9.3 9.5 3.5 3.4 2.8
2.9
2.3 2.5 2.0 2.7
CY19 CY20 Q1 CY 20 Q1 CY21 CY19 CY20 Q1 CY 20 Q1 CY21
CY20 (vs CY19) Production Consumption
China World ex-China
----- End of picture text -----

In CY20, on yearly basis, Global Copper Consumption declined by 1% to 23.2 Mt; China’s consumption grew by 7% whereas World Ex China declined by 8%

Q1 CY21 (vs Q1 CY20)

Global copper consumption grew by 14% to 5.5 Mt in Q1 CY21 .
Witnessed a slow recovery in Q1 CY21 compared to average global quarterly consumption of ~6 Mt during pre-covid period
Chinese refined copper consumption grew by 37% (China was severely impacted by COVID in Q1 CY20 compared to rest of the world) whereas World ex-China, sustaining the COVID impact, declined by 2% in Q1 CY21
Continued recovery in copper demand coupled with COVID related mines disruptions compared to smelters; is driving prices higher

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Copper Industry (Domestic)

==> picture [63 x 61] intentionally omitted <==

==> picture [727 x 244] intentionally omitted <==

----- Start of picture text -----

Domestic Demand (Kt)
750
Domestic Supply Import
566
335
178
172 150 166 161 414 388
56 91 37 58 42
116 40 110 106 119
51
Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 FY20 FY21
----- End of picture text -----

On Full Year basis, Domestic Market Demand reduced by 24% to 566 KT in FY21 from 750 KT FY20
Market Share of Imports has declined by 14% to 31% (178 KT) in FY21 from 45% (335KT) in FY20
In Q4FY21, overall domestic market reached to 94% of Q4FY20 level at 161KT (recovery is ~85% of PreCovid Levels)
In Q4FY21, sales of domestic producers increased by 2% YoY while imports declined by 24% YoY compared to Q4 FY20
Market share of imports decreased to 26% in Q4 FY21 vs. 32% in Q4FY20

Source : Industry

Key Macro Drivers (Q4 FY21 vs Q4 FY20)

TC/RC

S. Acid Price

DAP Realisation

==> picture [52 x 49] intentionally omitted <==

Hindalco Industries Limited

EXCELLENCE BY DESIGN

==> picture [118 x 115] intentionally omitted <==

Business Performance : Q4 FY21

Hindalco Industries Limited

EXCELLENCE BY DESIGN

==> picture [118 x 115] intentionally omitted <==

Novelis

Hindalco Industries Limited

EXCELLENCE BY DESIGN 17

Operational Performance – Novelis

==> picture [63 x 61] intentionally omitted <==

Overall Shipments (KT)

==> picture [258 x 333] intentionally omitted <==

----- Start of picture text -----

3,613
3,273
933 983
811
Q4FY20 Q3FY21 Q4FY21 FY20 FY21
FY21 - Shipment Mix (%)
2%
22%
16%
60%
----- End of picture text -----

▪ Record quarterly financial performance backed by favorable markets, acquired business and operational excellence in Q4 FY21

▪ Record shipments at 983 Kt in Q4FY21 up 21% YoY

▪ Expansion project updates:

Automotive finishing plants at Guthrie, Kentucky, in the U.S. and Changzhou in China, were both commissioned during FY21 and started its commercial shipments in Q4FY21. This will increase Novelis global automotive finishing capacity to ~1 mn tons
Recycling, Casting and Rolling expansion in Pinda, Brazil remains on track with Recycling to commission in Q1 FY22 and rolling capacity to commission in end of FY22.

▪ Aleris acquisition updates:

Integration work continues with $79 million run-rate combination cost synergies already achieved through the end of Q4-FY21 (Total Potential at least $120 million)
Groundbreaking for new ~$325-375 million cold mill in Zhenjiang, China, midFY22, part of the integration

Can Automotive Specialities Aerospace

FY21 numbers include Aleris

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Financial Performance – Novelis

==> picture [63 x 61] intentionally omitted <==

Revenue ($ Billion)

==> picture [305 x 204] intentionally omitted <==

----- Start of picture text -----

12.3
11.2
3.6
3.2
2.7
Q4FY20 Q3FY21 Q4FY21 FY20 FY21
----- End of picture text -----

Net sales in Q4 FY21 stands at $3.6 billion up 33% YoY on account of higher shipments, favorable product mix, and higher average aluminium prices

==> picture [267 x 36] intentionally omitted <==

----- Start of picture text -----

Adjusted EBITDA ($/tonne)
----- End of picture text -----

Adjusted EBITDA ($ Million)

==> picture [322 x 216] intentionally omitted <==

----- Start of picture text -----

1,714
1,472
501 505
383
Q4FY20 Q3FY21 Q4FY21 FY20 FY21
----- End of picture text -----

==> picture [317 x 209] intentionally omitted <==

----- Start of picture text -----

537
514
472 474
450
Q4FY20 Q3FY21 Q4FY21 FY20 FY21
----- End of picture text -----

Adjusted EBITDA per ton at $514/t in Q4 FY21, up 9% YoY
All time high adjusted EBITDA at

$505 million in Q4 FY21, up 32% YoY , on the back of higher organic volume, favorable metal benefits, and a US$60 million EBITDA contribution from the acquired Aleris business

Note: a) All above numbers are as per the US GAAP b) FY21 numbers include Aleris

Hindalco Industries Limited

EXCELLENCE BY DESIGN

==> picture [118 x 115] intentionally omitted <==

Aluminium (India)

Hindalco Industries Limited

EXCELLENCE BY DESIGN 20

Aluminium Metal & VAP - Production and Sales in Kt

Production : Aluminium Metal (Kt) Production : Aluminium VAP# (Kt)

==> picture [281 x 161] intentionally omitted <==

----- Start of picture text -----

319
270
79 84 89
Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
----- End of picture text -----

==> picture [328 x 170] intentionally omitted <==

----- Start of picture text -----

1,314
1,229
327 315 316
Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
----- End of picture text -----

Sales: Aluminium VAP# (Kt)

Sales: Aluminium Metal (Kt)

==> picture [310 x 171] intentionally omitted <==

----- Start of picture text -----

306
270
92
76 80
Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
# Excluding Wire Rods
----- End of picture text -----

==> picture [287 x 155] intentionally omitted <==

----- Start of picture text -----

1,290
1,250
314 315 329
Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
----- End of picture text -----

==> picture [63 x 61] intentionally omitted <==

▪ Aluminium Metal Production was in Q4

FY21 was in-line with corresponding quarter of FY20

▪ Aluminum VAP production was higher by 13% YoY in Q4 FY21

▪ Alumina production in Q4FY21 was at

697Kt

▪ Domestic Sales as % of total metal sales reached 50% in Q4 FY21

▪ VAP sales reached at an all-time high reaching 28% as a % to total metal sales in Q4 FY21 vs 24% in Q4 FY20

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Financial Performance - Aluminium (India)

Revenue (₹ Crore)

==> picture [389 x 224] intentionally omitted <==

----- Start of picture text -----

21,804
20,495
5,969
5,299 5,294
Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
----- End of picture text -----

▪ Aluminium revenues were up 13% YoY, with higher global prices of aluminium in Q4 FY21 vs Q4 FY20

==> picture [63 x 61] intentionally omitted <==

EBITDA (₹ Crore)

==> picture [378 x 222] intentionally omitted <==

----- Start of picture text -----

4,855
3,749
1,610
1,323
1,043
Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
----- End of picture text -----

Record EBITDA at ₹1,610 crore, up 54% YoY in Q4 FY21

on account of favorable macros and lower input costs, better efficiencies and a strong market recovery

▪ EBITDA margins at 27% up 729 bps YoY , and highest in last 12 quarters and continues to be one of the best in the industry

Hindalco Industries Limited

EXCELLENCE BY DESIGN

==> picture [118 x 115] intentionally omitted <==

Copper

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Copper Metal & VAP - Production and Sales in Kt

Production : Copper Cathode (Kt) Production : CC Rod (Kt)

==> picture [679 x 384] intentionally omitted <==

----- Start of picture text -----

263
235
321
262
97 71 67 76
75
51
Q4FY20 Q3FY21 Q4FY21 FY20 FY21 Q4FY20 Q3FY21 Q4FY21 FY20 FY21
Sales : CC Rods (Kt)
Sales : Copper Metal (Kt)
335 257
313 233
107
73 73
86 65
73
Q4FY20 Q3FY21 Q4FY21 FY20 FY21 Q4FY20 Q3FY21 Q4FY21 FY20 FY21
----- End of picture text -----

==> picture [63 x 61] intentionally omitted <==

▪ Cathode production at 97 Kt in

Q4FY21, up 29% YoY on account of stable operations.

▪ CC Rods production was higher by

7% YoY at 76Kt in Q4 FY21.

▪ Copper Metal Sales were at 107Kt up 24% YoY in Q4 FY21 .

▪ CC Rod Sales were at 73Kt, in line with the corresponding quarter of the last year

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Financial Performance – Copper Business

==> picture [325 x 256] intentionally omitted <==

----- Start of picture text -----

Revenue (₹ Crore)
22,446
18,533
8,508
6,133
4,717
Q4FY20 Q3FY21 Q4FY21 FY20 FY21
----- End of picture text -----

▪ Revenues were up by 80% YoY in Q4 FY21, on

account of higher LME

EBITDA (₹ Crore)

==> picture [323 x 220] intentionally omitted <==

----- Start of picture text -----

1,276
716
406
269
202
Q4FY20 Q3FY21 Q4FY21 FY20 FY21
----- End of picture text -----

▪ EBITDA at ₹269 crore in Q4 FY21, up 33% sequentially

==> picture [63 x 61] intentionally omitted <==

Hindalco Industries Limited

EXCELLENCE BY DESIGN

==> picture [118 x 115] intentionally omitted <==

Consolidated Financial Performance

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Consolidated Financial Performance

Revenue (₹ Crore)

==> picture [325 x 192] intentionally omitted <==

----- Start of picture text -----

1,31,985
1,18,144
40,507
34,958
29,318
Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
PBT (₹ Crore)
----- End of picture text -----*

==> picture [307 x 148] intentionally omitted <==

----- Start of picture text -----

9,058
7,732
3,153 3,134
2,216
Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
----- End of picture text -----

Note : FY21 numbers includes Aleris

==> picture [63 x 61] intentionally omitted <==

Business EBITDA (₹ Crore)

==> picture [327 x 190] intentionally omitted <==

----- Start of picture text -----

18,324
15,422
5,242 5,597
4,216
Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
Profit After Tax # (₹ Crore)
----- End of picture text -----

==> picture [337 x 174] intentionally omitted <==

----- Start of picture text -----

5,956
5,014
2,166
1,866
1,310
Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
----- End of picture text -----

PBT for continuing operations before exceptional items in India & special items in Novelis

# PAT for continuing operations before tax effected exceptional items in India & special items in Novelis

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Consolidated (Debt Position)

==> picture [63 x 61] intentionally omitted <==

==> picture [680 x 160] intentionally omitted <==

----- Start of picture text -----

(₹ Crores)
As on As on As on As on As on
Particulars
31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21
Gross Debt 67,257 84,181 78,265 71,996 65,994
Cash & Cash Equivalents 27,883 21,879 20,265 18,194 18,575
Net Debt 39,374 62,302 58,000 53,802 47,419
TTM EBITDA 15,061 16,276 16,491 17,409 18,293
----- End of picture text -----

==> picture [511 x 253] intentionally omitted <==

----- Start of picture text -----

Net Debt : EBITDA(x)
3.83
3.52
3.09
2.61
2.59
31-03-2020 30-06-2020 30-09-2020 30-12-2020 31-03-2021
----- End of picture text -----*

* Based on TTM EBITDA

Hindalco Industries Limited

EXCELLENCE BY DESIGN

==> picture [118 x 115] intentionally omitted <==

Hindalco Sustainability Updates

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Zero Waste to Landfill & Zero Discharge

Environment

Fresh water consumption reduced by 8.5% in FY 21. Dahej ZLD phase -1, ready in line with our target of all sites ZLD by 2025. Achieved Zero Liquid Discharge at 11 out of its 15 plant locations

ZLD & Water

DNV assessment of Mines water inventory in progress inline with ISO 14046.

~79% of waste has been recycled and reused in FY 21 Waste Increased waste recycling by 10% in FY 21 compared Recycle to FY 20 reducing the equivalent amount of landfill.

Green Cover 5% increase in green cover compared to FY 20 in FY21

Biodiversity Management Plan at 04 sites with 15 year Bio-diversity goal of NO NET LOSS w.r.t. flora, fauna & sustainable land use, 3 sites getting added

==> picture [286 x 36] intentionally omitted <==

----- Start of picture text -----

Water Consumed & Recycled (mil m3)
----- End of picture text -----

==> picture [156 x 13] intentionally omitted <==

----- Start of picture text -----

Consumption Recycled
----- End of picture text -----

==> picture [282 x 326] intentionally omitted <==

----- Start of picture text -----

84.0
79.7 78.4
71.7
20.7 18.6 18.9 16.0
FY 18 FY 19 FY 20 FY 21
Bauxite Residue (% Recycled)
62.3%
27.5%
7.3% 8.0%
FY 18 FY 19 FY 20 FY 21
----- End of picture text -----

==> picture [63 x 61] intentionally omitted <==

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Renewable Energy & Zero Harm

Renewable Energy

Additional 2.3 MW Solar was commissioned in Alupuram, Kerala unit in Sep’20 taking the total Renewable capacity of Hindalco to 49 MW.
In line with our target of 100 MW by FY22, solar projects at five sites totaling 49 MW are in different phases of implementation. Expected commissioning by Q3 FY22.
Feasibility study for additional 60 MW solar including floating & with storage option has been initiated.
20 MW Renewable Hybrid with storage project for RTC (round the clock) power is under active consideration for Dahej, Gujarat unit.
Exploring and evaluating emerging technologies in the space of energy storage, Carbon Capture & utilization, Hydrogen as fuel .

==> picture [226 x 153] intentionally omitted <==

----- Start of picture text -----

Aluminium Sp. Energy
(Indexed to FY15 Base)
84% 84%
83% 83%
FY 18 FY 19 FY 20 FY 21
----- End of picture text -----

==> picture [63 x 61] intentionally omitted <==

Safety Program Update

Serious Injuries and Fatality prevention program implementation
All Cat 5 & 4 Incident / Near Miss investigation using “TapRoot” Methodology and Software
Corporate – Cross Entity Safety audit to bring in independent / outside perspectives in safe program
Mandatory Behaviour Based Safety Observations by all including senior leadership members.
Review of Risk assessment of all activities.

==> picture [242 x 166] intentionally omitted <==

----- Start of picture text -----

LTIFR
0.48
0.46
0.38
0.36
FY 18 FY 19 FY 20 FY 21
----- End of picture text -----

==> picture [88 x 7] intentionally omitted <==

----- Start of picture text -----

EXCELLENCE BY DESIGN
----- End of picture text -----

Hindalco Industries Limited

==> picture [118 x 115] intentionally omitted <==

In Summary

Hindalco Industries Limited

EXCELLENCE BY DESIGN 32

Our Key Focus

Resilient & Strong Performance

Strong performance across all segments while maintaining safe and stable operations, better efficiencies, supported by sharp recovery in demand and improved macros.

Capital Allocation Framework & Profitable Growth Capital Allocation framework with a clear roadmap to deleveraging and profitable growth via organic expansion and distribution of shareholder returns

Strong Balance Sheet

Robust cash generation and accelerating the pace of deleveraging while strengthening the Consolidated Balance Sheet

Focus on ESG Commitments Strong Focus on ESG commitments, while positioning for a Sustainable World together

==> picture [63 x 61] intentionally omitted <==

Integration & Synergy

Integration of Aleris with accelerated synergy realization and value capture Aleris delivered an EBITDA of $200 million in FY21.

Delivering on Strategy Initiated Extrusions facility in Silvassa and continue to drive India downstream strategy, organic growth, innovation, digitization and a diversified product mix

Hindalco Industries Limited

EXCELLENCE BY DESIGN

==> picture [119 x 115] intentionally omitted <==

Thank You

==> picture [599 x 516] intentionally omitted <==

==> picture [118 x 115] intentionally omitted <==

Annexures

Hindalco Industries Limited

EXCELLENCE BY DESIGN 35

Awards & Recognitions – FY 2020-21

==> picture [63 x 61] intentionally omitted <==

==> picture [44 x 44] intentionally omitted <==

Hindalco recognised as Aluminium Industry Leader for its sustainability performance in the 2020 edition of the S&P Dow Jones Sustainability Indices (DJSI) Corporate Sustainability Assessment (CSA) rankings

==> picture [44 x 44] intentionally omitted <==

Hindalco named as a Smart Industry Transformational Leader in the ‘DX Trailblazer’ category
Hindalco wins CII ITC Sustainability Award 2019 – Commendation for significant achievement under Corporate Excellence category
Alupuram, Mouda and Taloja facilities certified as Single Use Plastic free site by CII

==> picture [40 x 40] intentionally omitted <==

Utkal Plant wins “Challengers Award” at Frost & Sullivan Sustainability 4.0 Award under Mega Large Business, Process sector companies
Utkal’s Project Samriddhi wins CSR Times Award in Livelihood Gold category
Utkal’s Project Wadi wins Golden Peacock Award for Corporate Social Responsibility

==> picture [41 x 40] intentionally omitted <==

Mahan’s Project Akshay Ghaat wins CII National Award for Excellence in Water Management for ‘Noteworthy Project in Water Management’ under Beyond the Fence category

==> picture [40 x 40] intentionally omitted <==

Mahan facility recognised as ‘Excellent Energy Efficient Unit’ at National Award for Excellence in Energy Management hosted by CII
Aditya’s Project Saksham wins India CSR Award for excellent contribution to women empowerment

==> picture [41 x 41] intentionally omitted <==

Aditya plant wins Fame Excellence Award in Platinum category for ‘Excellence in Best Practices to Fight Against COVID-19’
Hirakud facility recognised as ‘Excellent Energy Efficient Unit’ at National Award for Excellence in Energy Management hosted by CII

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Consolidated – Key Financials

==> picture [63 x 61] intentionally omitted <==

onsolidated – Key Financials
Particulars	Q4 FY20	Q3 FY21	Q4 FY21	Change YoY %	QoQ Change %	FY20	FY21	Change YoY %	(₹ Crore)
Revenue from Operations Earning Before Interest, Tax, Depreciation & Amortisation (EBITDA) _Novelis _Aluminium Copper All Other Segments Business EBITDA Unallocable Income/ (Expense) - (Net) & GAAP Adjustments EBITDA Finance Costs PBDT Depreciation & Amortisation (including impairment) Share in Profit/ (Loss) in Equity Accounted Investments (Net of Tax) PBT before Exceptional Items and Tax Exceptional Income/ (Expenses) (Net) Profit Before Tax (After Exceptional Item) Tax Profit/ (Loss) from Continuing Operations Profit/ (Loss) from Discontinued Operations Profit/ (Loss) After Tax*	29,318 2,773 1,043 406 (6) *4,216* (43) 4,173 1,429 2,744 1,349 - 1,395 - 1,395 727 *668* - 668	34,958 3,711 1,323 202 6 *5,242* 279 5,521 861 4,660 1,655 2 3,007 (178) 2,829 808 *2,021* (144) 1,877	40,507 3,705 1,610 269 13	38% 34% 54% -34% *33%* 40% 37% 80% -28% 131% 133% 191% 189%	16% 0% 22% 33% 7% 6% -5% 6% -4% 7% 15% -4% 3%	1,18,144 10,435 3,749 1,276 (38) *15,422* 114 15,536 4,197 11,339 5,135 4 6,208 (284) 5,924 2,157 *3,767* - 3,767	1,31,985 12,727 4,855 716 26	12% 22% 30% -44% 19% 22% 11% 34% -32% 35% 33% -26% 38% -8%
			*5,597*				*18,324*
			248 5,845 903 4,942 1,722 - 3,220 34 3,254 1,309 *1,945* (17) 1,928				572 18,896 3,738 15,158 6,766 5 8,397 (492) 7,905 2,723 5,182 (1,699) 3,483

*As per US GAAP ; FY21 numbers include Aleris

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Hindalco (India) Business – Key Financials

==> picture [63 x 61] intentionally omitted <==

dalco (India) Business – Key Financials	dalco (India) Business – Key Financials	dalco (India) Business – Key Financials	dalco (India) Business – Key Financials	dalco (India) Business – Key Financials	dalco (India) Business – Key Financials	dalco (India) Business – Key Financials	dalco (India) Business – Key Financials	dalco (India) Business – Key Financials
(₹ Crore)
Particulars	Q4 FY20	Q3 FY21	Q4 FY21	YOY Change %	QoQ Change%	FY20	FY21	Change %
Revenue from Operations EBITDA Aluminium Copper Other Segments Total Business EBITDA Unallocable Income/ (Expense) (Net) Total EBITDA Finance Costs PBDT Depreciation PBT before Exceptional Items and Tax Exceptional Income/ (Expenses) (Net) Profit Before Tax (After Exceptional Item) Profit/ (Loss) After Tax	10,014 1,043 406 5 1,454 120 1,574 438 1,136 523 613 - 613 379	11,425 1,323 202 3 1,528 192 1,720 380 1,340 497 843 (68) 775 495	14,471 1,610 269 7 1,886 15 1,901 359 1,542 526 1,016 23 1,039 653	45% 54% -34% 40% 30% 13% 21% 18% 36% -1% 66% 69% 72%	27% 22% 33% 133% 23% -92% 11% -6% 15% 6% 21% 34% 32%	40,324 3,749 1,276 12 5,037 446 5,483 1,866 3,617 2,035 1,582 (64) 1,518 958	42,925 4,855 716 12 5,583 653 6,236 1,585 4,651 2,179 2,472 (14) 2,458 1,559	6% 30% -44% 11% 46% 14% 15% 29% -7% 56% 62% 63%

Hindalco Industries Limited

EXCELLENCE BY DESIGN

Production – Alumina

==> picture [63 x 61] intentionally omitted <==

==> picture [408 x 284] intentionally omitted <==

----- Start of picture text -----

Alumina (KT)
2,735 2,699
720 675 697
Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
----- End of picture text -----*

▪ Alumina production was low in Q4 FY21 on account of planned maintenance shutdown at Utkal Alumina Refinery

*Hydrate as Alumina

Hindalco Industries Limited

EXCELLENCE BY DESIGN

==> picture [119 x 115] intentionally omitted <==

For Further Queries Please Contact :

Subir Sen, Investor Relations Telephone- +91 22 6662 6666 E mail: [email protected] Website: www.hindalco.com

Registered Office

Ahura Centre, 1st Floor, B Wing Mahakali Caves Road Andheri (East), Mumbai 400 093 Telephone- +91 22 6691 7000 Website: www.hindalco.com E mail: [email protected] Corporate Identity No. L27020MH1958PLC011238

==> picture [599 x 516] intentionally omitted <==

==> picture [62 x 53] intentionally omitted <==

HINDALCO INDUSTRIES LIMITED

Regd. Office: Ahura Centre, 1st Floor, B-Wing, Mahakali Caves Road, Andheri (East), Mumbai 400093 Website: www.hindalco.com, Email: [email protected], Corporate Identity No. L27020MH1958PLC011238

Statement of Consolidated Audited Financial Results	for the Year ended March 31, 2021	for the Year ended March 31, 2021	for the Year ended March 31, 2021	for the Year ended March 31, 2021	for the Year ended March 31, 2021
	(₹ in Crore, except otherwise stated)
Particulars	Quarter ended			Year ended
	31/03/2021	31/12/2020	31/03/2020	31/03/2021	31/03/2020
	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
I. CONTINUING OPERATIONS:
INCOME
Revenue from Operations	40,507	34,958	29,318	131,985	118,144
Other Income	189	323	306	1,222	1,186
Total Income	40,696	35,281	29,624	133,207	119,330
EXPENSES
Cost of Materials Consumed	25,101	20,600	16,005	77,630	68,032
Trade Purchases	41	429	241	1,098	256
Change in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	(803)	(1,252)	387	(2,146)	(17)
Employee Benefits Expense	2,928	2,946	2,192	10,782	8,832
Power and Fuel	2,315	2,215	2,343	8,646	9,695
Finance Cost	903	861	1,429	3,738	4,197
Depreciation and Amortization	1,721	1,655	1,322	6,628	5,091
Impairment Loss/ (Reversal) of Non-Current Assets (Net)	1	-	27	138	44
Impairment Loss/ (Reversal) on Financial Assets (Net)	(10)	-	21	(26)	22
Other Expenses	5,279	4,822	4,262	18,327	16,974
Total Expenses	37,476	32,276	28,229	124,815	113,126
Profit/ (Loss) before Share in Profit/ (Loss) in Equity Accounted Investments, Exceptional Items and Tax	3,220	3,005	1,395	8,392	6,204
Share in Profit/ (Loss) in Equity Accounted Investments (Net of Tax)	-	2	-	5	4
Profit/ (Loss) before Exceptional Items and Tax	3,220	3,007	1,395	8,397	6,208
Exceptional Income/ (Expenses) (Net) (Refer Note 8)	34	(178)	-	(492)	(284)
Profit/ (Loss) before Tax	3,254	2,829	1,395	7,905	5,924
Tax Expense(Refer Note 11)
Current Tax Expense	703	489	490	1,881	1,541
Deferred Tax Expense/ (Benefit)	606	319	237	842	616
Profit/ (Loss) for the Period from Continuing Operations	1,945	2,021	668	5,182	3,767
II. DISCONTINUED OPERATIONS:(Refer Note 7)
Profit/ (Loss) for the Period From Discontinued Operations	(15)	(187)	-	(2,066)	-
Tax Expense/ (Benefit) of Discontinued Operations	2	(43)	-	(367)	-
Profit/ (Loss) for the Period from Discontinued Operations	(17)	(144)	-	(1,699)	-
Profit/ (Loss) for the Period	1,928	1,877	668	3,483	3,767
Other Comprehensive Income/ (Loss)
Items that will not be reclassified to Statement of Profit and Loss
Remeasurement of Defined Benefit Obligation	1,719	(567)	(6)	1,117	(651)
Remeasurement of Defined Benefit Obligation of Discontinued Operations	(1)	6	-	60	-
Change in Fair Value of Equity Instruments Designated as FVTOCI	1,934	1,062	(1,758)	4,358	(2,676)
Share in Equity Accounted Investments	-	-	-	-	-
Income Tax effect	(458)	146	(2)	(327)	175
Items that will be reclassified to Statement of Profit and Loss
Change in Fair Value of Debt Instruments Designated as FVTOCI	(12)	4	3	(9)	5
Effective Portion of Cash Flow Hedges	(1,380)	(229)	(219)	(1,769)	(640)
Cost of Hedging Reserve	38	18	(171)	(168)	(589)
Foreign Currency Translation Reserve	(849)	1,147	632	959	1,214
Foreign Currency Translation Reserve of Discontinued Operations	-	(32)	-	-	-
Income Tax effect	405	80	157	563	439
Other Comprehensive Income/ (Loss) for the Period	1,396	1,635	(1,364)	4,784	(2,723)
Total Comprehensive Income/ (Loss) for the Period	3,324	3,512	(696)	8,267	1,044
Profit/ (Loss) attributable to:
Owners of the Company	1,928	1,877	669	3,483	3,767
Non-Controlling Interests	-	-	(1)	-	-
Other Comprehensive Income/ (Loss) attributable to:
Owners of the Company	1,396	1,635	(1,364)	4,784	(2,723)
Non-Controlling Interests	-	-	-	-	-
Total Comprehensive Income/ (Loss) attributable to:
Owners of the Company	3,324	3,512	(695)	8,267	1,044
Non-Controlling Interests	-	-	(1)	-	-
Total Comprehensive Income/ (Loss) attributable to Owners of the Company from:
Continuing Operations	3,341	3,678	(695)	9,915	1,044
Discontinued Operations	(17)	(166)	-	(1,648)	-
Paid-up Equity Share Capital (Net of Treasury Shares) (Face value ₹ 1/- per share)	222	222	222	222	222
Other Equity				66,311	58,095
Earnings Per Share:
Basic - Continuing Operations (₹ )	8.75	9.08	3.01	23.30	16.94
Diluted - Continuing Operations (₹ )	8.74	9.08	3.01	23.29	16.93
Basic - Discontinued Operations (₹ )	(0.08)	(0.64)	-	(7.64)	-
Diluted - Discontinued Operations (₹ )	(0.08)	(0.64)	-	(7.64)	-
Basic - Continuing and Discontinued Operations (₹ )	8.67	8.44	3.01	15.66	16.94
Diluted - Continuingand Discontinued Operations(₹)	8.66	8.44	3.01	15.65	16.93

==> picture [14 x 46] intentionally omitted <==

==> picture [66 x 56] intentionally omitted <==

Segmentwise Consolidated Revenue, Results, Assets	and Liabilities for the Year ended March 31, 2021	and Liabilities for the Year ended March 31, 2021	and Liabilities for the Year ended March 31, 2021	and Liabilities for the Year ended March 31, 2021	and Liabilities for the Year ended March 31, 2021
	(₹ in Crore)
Particulars	Quarter ended			Year ended
	31/03/2021	31/12/2020	31/03/2020	31/03/2021	31/03/2020
	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
			(Refer Note 9)		(Refer Note 9)
1. Segment Revenue
(a) Novelis	26,578	23,960	19,772	91,130	79,527
(b) Aluminium	5,969	5,294	5,299	20,495	21,804
(c) Copper	8,508	6,133	4,717	22,446	18,533
(d) All Other Segments	69	63	64	230	288
	41,124	35,450	29,852	134,301	120,152
Adjustment on account of different accounting policies for Novelis Segment	(605)	(483)	(530)	(2,287)	(1,991)
Intersegment Revenue	(12)	(9)	(4)	(29)	(17)
Total Revenue from Operations	40,507	34,958	29,318	131,985	118,144

2. Segment Results
(a) Novelis	3,705	3,711	2,773	12,727	10,435
(b) Aluminium	1,610	1,323	1,043	4,855	3,749
(c) Copper	269	202	406	716	1,276
(d) All Other Segments	13	6	(6)	26	(38)
	5,597	5,242	4,216	18,324	15,422
Finance Cost	(903)	(861)	(1,429)	(3,738)	(4,197)
Depreciation and Amortisation	(1,721)	(1,655)	(1,322)	(6,628)	(5,091)
Impairment (Loss)/ Reversal of Non Financial Assets (Net)	(1)	-	(27)	(138)	(44)
Share in Profit/ (Loss) in Equity Accounted Investments (Net of Tax)	-	2	-	5	4
Exceptional Income / (Expenses) (Net) (Refer Note 8)	34	(178)	-	(492)	(284)
Adjustment on account of different accounting policies for Novelis Segment	26	40	149	554	287
Unallocable Income/ (Expense) (Net)	222	239	(192)	18	(173)
Profit/ (Loss) before Tax from Continuing Operations	3,254	2,829	1,395	7,905	5,924
Profit/ (Loss) before Tax from Discontinued Operations (Refer Note 7)	(15)	(187)	-	(2,066)	-
Profit/ (Loss) before Tax from Continuing and Discontinued Operations	3,239	2,642	1,395	5,839	5,924

3. Segment Assets
(a) Novelis	94,141	94,598	82,797	94,141	82,797
(b) Aluminium	48,430	48,478	50,165	48,430	50,165
(c) Copper	14,982	15,524	10,148	14,982	10,148
(d) All Other Segments	486	451	391	486	391
	158,039	159,051	143,501	158,039	143,501
Adjustment on account of different accounting policies for Novelis Segment	12,565	12,408	12,505	12,565	12,505
Assets of Discontinued Operations (Refer Note 7)	107	79	-	107	-
Corporate/ Unallocable Assets	18,988	15,631	13,522	18,988	13,522
Total Assets	189,699	187,169	169,528	189,699	169,528

4. Segment Liabilities
(a) Novelis	36,733	34,059	30,815	36,733	30,815
(b) Aluminium	6,565	5,926	5,530	6,565	5,530
(c) Copper	8,091	6,355	2,930	8,091	2,930
(d) All Other Segments	156	165	147	156	147
	51,545	46,505	39,422	51,545	39,422
Adjustment on account of different accounting policies for Novelis Segment	1,516	1,579	849	1,516	849
Liabilities of Discontinued Operations (Refer Note 7)	119	100	-	119	-
Corporate/ Unallocable Liabilities (including Borrowings)	69,976	75,802	70,930	69,976	70,930
Total Liabilities	123,156	123,986	111,201	123,156	111,201

==> picture [60 x 51] intentionally omitted <==

Notes:

==> picture [15 x 46] intentionally omitted <==

Notes:	Notes:	Notes:
1. Statement of Consolidated Assets and Liabilities aregiven below:			(₹ in Crore)
	Pa	rticulars	As at
			31/03/2021	31/03/2020
			(Audited)	(Audited)
		ASSETS
		Non-Current Assets
		Property, Plant and Equipment (including Right-of-Use Assets)	70,849	66,067
		Capital Work-in-Progress	10,013	7,610
		Investment Property	21	22
		Goodwill (Refer Note 5)	23,317	20,098
		Other Intangible Assets	6,082	3,008
		Intangible Assets Under Development	189	111
		Equity Accounted Investments	46	41
		Financial Assets
		Investments	7,670	3,091
		Trade Receivables	53	56
		Loans	12	12
		Derivatives	256	49
		Other Financial Assets	1,147	292
		Non-Current Tax Assets (Net)	4	329
		Deferred Tax Assets (Net)	887	910
		Other Non-Current Assets	1,525	1,550
			122,071	103,246
		Current Assets
		Inventories	30,668	22,384
		Financial Assets
		Investments	9,417	6,279
		Trade Receivables	12,959	9,345
		Cash and Cash Equivalents	8,339	21,303
		Bank Balances other than Cash and Cash Equivalents	470	266
		Loans	47	55
		Derivatives	1,495	2,382
		Other Financial Assets	1,089	810
		Current Tax Assets (Net)	207	255
		Other Current Assets	2,785	3,093
			67,476	66,172
		Non-Current Assets or Disposal Group Classified as Held For Sale	152	110
			67,628	66,282
			189,699	169,528
		EQUITY AND LIABILITIES
		Equity
		Equity Share Capital	222	222
		Other Equity	66,311	58,095
			66,533	58,317
		Non-Controlling Interest	10	10
			66,543	58,327
		Liabilities
		Non-Current Liabilities
		Financial Liabilities
		Borrowings	58,985	58,379
		Lease Liabilities	928	872
		Trade Payables
		(I) Outstanding dues of micro enterprises and small enterprises	-	-
		(II) Outstanding dues of creditors other than micro enterprises and small enterprises	-	-
		Derivatives	427	255
		Other Financial Liabilities	133	79
		Provisions	8,146	8,337
		Contract Liabilities	12	14
		Deferred Tax Liabilities (Net)	4,493	4,671
		Other Non-Current Liabilities	1,539	1,377
			74,663	73,984
		Current Liabilities
		Financial Liabilities
		Borrowings	6,029	8,717
		Lease Liabilities	300	270
		Supplier’s Credit	255	-
		Trade Payables
		(I) Outstanding dues of micro enterprises and small enterprises	58	20
		(II) Outstanding dues of creditors other than micro enterprises and small enterprises	28,222	18,280
		Derivatives	3,601	2,100
		Other Financial Liabilities	3,495	2,966
		Provisions	2,610	2,211
		Current Tax Liabilities (Net)	2,116	1,576
		Contract Liabilities	347	188
		Other Current Liabilities	1,341	889
			48,374	37,217
		Liability Associated with Disposal Group Classified as Held For Sale	119	-
			48,493	37,217
			123,156	111,201
			189,699	169,528

==> picture [61 x 52] intentionally omitted <==

Statement of Consolidated Cash Flows are given below:

==> picture [15 x 47] intentionally omitted <==

	(₹ in Crore)	(₹ in Crore)
Particulars	Year ended
	31/03/2021	31/03/2020
	(Audited)	(Audited)
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit/ (Loss) Before Tax from Continuing Operations	7,905	5,924
Adjustment for:
Finance Cost	3,738	4,197
Depreciation and Amortization	6,628	5,091
Impairment Loss/ (Reversal) of Non-Current Assets (Net)	138	109
Impairment Loss/ (Reversal) on Financial Assets (Net)	(26)	22
Non-Cash Employee Share-Based payments	15	28
Share in (Profit)/ Loss in Equity Accounted Investments (Net of Tax)	(5)	(4)
Unrealised Foreign Exchange (Gain)/ Loss (Net)	(37)	47
Unrealised (Gain)/ Loss on Derivative transactions (Net)	487	(182)
Fair Value (Gain)/ Loss on Modification of Borrowings (Net)	(117)	(20)
(Gain)/ Loss on Property, Plant and Equipment and Intangible Assets Sold/ Discarded (Net)	35	7
Interest Income	(181)	(289)
Dividend Income	(25)	(35)
(Gains)/ Losses on Investments measured at Fair Value through Profit and Loss (Net)	(543)	(456)
Exceptional Income	(127)	(25)
Changes in Cash Flow Hedges net of reclassification from OCI	(121)	(412)
Other Non-operating (Income)/ Expenses (Net)	-	(57)
Operating Profit before Working Capital Changes	17,764	13,945
Changes in Working Capital:
(Increase)/ Decrease in Inventories (Net)	(4,640)	(347)
(Increase)/ Decrease in Trade Receivables	(2,001)	2,424
(Increase)/ Decrease in Other Financial Assets	346	(365)
(Increase)/ Decrease in Non Financial Assets	399	(78)
Increase/ (Decrease) in Trade Payables	7,314	(2,523)
Increase/ (Decrease) in Other Financial Liabilities	(289)	342
Increase/ (Decrease) in Non Financial Liabilities (incl. contract liabilities)	275	(551)
Cash Generated from Operation before Tax	19,168	12,847
Refund/ (Payment) of Income Tax (Net)	(1,256)	(102)
Net Cash Generated/ (Used) - Operating Activities - Continuing Operations	17,912	12,745
Net Cash Generated/ (Used) - Operating Activities - Discontinued Operations	(680)	-
Net Cash Generated/ (Used) - Operating Activities	17,232	12,745
B. CASH FLOW FROM INVESTMENT ACTIVITIES
Payments to acquire Property, Plant and Equipment, Intangible Assets and Investment Property	(5,565)	(6,917)
Proceeds from disposal of Property, Plant and Equipment, Intangible Assets and Investment Property	48	59
Sale proceeds from Slump Sale	-	25
Acquisition of business, net of cash acquired	(19,524)	-
Investment in equity accounted investees	-	(3)
Investment in Equity Shares at FVTOCI	(43)	(653)
(Purchase)/ Sale of Other Investments (Net)	(2,775)	(1,578)
Loans and Deposits given	(266)	(55)
Receipt of Loans and Deposits given	5	321
Interest Received	203	283
Dividend Received	25	48
Receipts of government grants	-	33
Lease payments received from finance lease	10	10
Net Cash Generated/ (Used) - Investing Activities - Continuing Operations	(27,882)	(8,427)
Net Cash Generated/ (Used) - Investing Activities - Discontinued Operations	2,245	-
Net Cash Generated/ (Used) - Investing Activities	(25,637)	(8,427)
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of Equity Shares (including Share Application Money)	5	7
Treasury shares acquired by ESOP Trust	-	(7)
Redemption of Debentures	(3)	(3)
Proceeds from Borrowings	22,739	15,537
Repayment of Borrowings	(17,047)	(8,308)
Increase/ (Decrease) in Supplier's Credit (Net)	255	-
Principal Payments of Lease Liabilities	(331)	(334)
Proceeds from/ (Repayment of) Current Borrowings (Net)	(6,584)	4,054
Finance Cost Paid	(3,678)	(3,970)
Dividend Paid (including Dividend Distribution Tax)	(222)	(320)
Net Cash Generated/ (Used) - Financing Activities - Continuing Operations	(4,866)	6,656
Net Cash Generated/ (Used) - Financing Activities - Discontinued Operations	(16)	-
Net Cash Generated/ (Used) - Financing Activities	(4,882)	6,656
Net Increase/ (Decrease) in Cash and Cash Equivalents	(13,287)	10,974
Add : Opening Cash and Cash Equivalents	21,269	9,095
Add : Effect of exchange variation on Cash and Cash Equivalents	357	1,200
Closing Cash and Cash Equivalents	8,339	21,269
Reconciliation of Closing Cash and Cash Equivalents with Balance Sheet:
Cash and Cash Equivalents as per Balance Sheet	8,339	21,303
Less: Fair Value adjustments in Liquid Investments	-	(6)
Less: Temporary Overdraft Balance in Current Accounts	-	(28)
Cash and Cash Equivalents as per Cash Flow Statement	8,339	21,269

==> picture [61 x 52] intentionally omitted <==

These consolidated financial results of the Group have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their meeting held on May 21, 2021.
The Company has allotted 162,016 and 522,267 (60,707 shares are allotted through Hindalco Employee Welfare Trust in Q4 FY21) equity Shares of ₹1/- each to the option grantees pursuant to the exercise of options under the Employee Stock Option Schemes during the quarter and year ended March 31, 2021, respectively.
On April 14, 2020, the Group completed its acquisition of 100% of the issued and outstanding shares of Aleris Corporation (Aleris), a global supplier of rolled aluminium products. As a result, the acquisition increases the Group’s footprint as an aluminium rolled products manufacturer by expanding the portfolio of services provided to its customers.

The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with Ind AS 103 ‘Business Combinations’. The purchase price has been provisionally allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired has been allocated to goodwill. The Group has completed the purchase price allocation as on March 31, 2021.

Details of amounts paid and payable, including allocation based on Purchase Price Accounting in accordance with IndAS 103 are summarised below:

summarised below:	summarised below:
₹ Crore
Particulars As on June 30, 2020 *		As on March 31, 2021
i) Total amount paid or payable (US $ 2,775 million)	21,098	21,098
ii) Less: Aleris Debt and other financial liabilities at fair value	15,310	15,310
iii) Purchase Consideration as per Ind AS 103 (i – ii)	5,788	5,788
iv) Fair Value of Net identifiable assets acquired: Assets Less: Liabilities (includes (ii) above)	26,328 (23,033) 3,295	25,730 (23,504) 2,226
v) Goodwill	2,493	3,562

represents provisional value

Fair Value of Net Identifiable Assets acquired has been finalised at ₹ 2,226 Crore (Provisional Fair Value as on June 30, 2020 was ₹ 3,295 Crore) after measurement period adjustment due to presentational alignment of pending derivative settlements, revisions in valuation of intangible assets on refinement in key assumptions, such as discount rates and growth rates, deferred tax impacts, change in estimated costs to sell related to discontinued operations, identified uncertain tax positions and customs related adjustments. As a result, allocation of Purchase Price towards Goodwill has gone up to ₹ 3,562 Crore.

Borrowings:
a. In April 2020, Novelis availed short-term loan to the tune of ₹ 8,363 Crore ($1.1 billion) for the purpose of funding a portion of the consideration payable in connection with the acquisition of Aleris. This loan has been prepaid in full during the year ended March 31, 2021. The transactions resulted in loss amounting to ₹ 63 Crore ($ 8.4 million) (included in "Finance cost") and gain of ₹ 18 Crore ($ 2.4 million) (included in "Other Income") for the year ended March 31, 2021 due to modification of cash flows. Out of the above, ₹ 12 Crore ($ 1.6 million) of gain is related to the prepayment made in the quarter ended March 31, 2021.
b. In March 2021, Novelis issued ₹ 4,299 Crore (€ 500 million) Senior Notes bearing interest at 3.375% due in 2029 under the laws of Ireland (the "2029 Senior Notes"). The 2029 Senior Notes are subject to semi-annual interest payments and mature on April 15, 2029. The proceeds were used to pay down a portion of the 2017 Term Loans, plus accrued and unpaid interest. In addition, a portion of the proceeds were allocated to finance and/or refinance new and/or existing eligible green projects, which are currently contemplated to consist of renewable energy or pollution prevention and control type projects. Debt issuance costs related to the issuance of the 2029 Senior Notes amounted to ₹ 91 Crore ($12.5 million), which will be amortized as an increase to interest expense and amortization of debt issuance costs over the term of the note.

==> picture [15 x 47] intentionally omitted <==

c. In March 2021, Novelis borrowed ₹ 3,649 Crore ($ 480 million) of term loans (the "2021 Term Loans") under its Term Loan Facility. The 2021 Term Loans mature on March 31, 2028 and are subject to 0.25% quarterly amortization payments. The existing loans under the Term Loan Facility accrue interest at LIBOR plus 2%. The proceeds of the 2021 Term Loans were applied to refinance a portion of the 2017 Term Loans. Debt issuance costs related to the issuance of the 2021 term Loans amounted to ₹ 68 Crore ($9 million), which will be amortized as an increase to interest expense and amortization of debt issuance costs over the term of the note.

==> picture [66 x 56] intentionally omitted <==

This partial repayment of 2017 Term Loans resulted into a loss on extinguishment of debt of ₹ 62 Crore ($8 million) (included in "Finance cost") in the statement of consolidated financial results for the quarter and year ended March 31, 2021.

(a) The results for the Discontinued Operations are as below:

(a) The results for the Discontinued Operations are as below:
			₹ Crore
Particulars		Q4 FY21 *	FY21
Total Income		(46)	7,948
Total Expenses		(31)	8,421
Impairment loss recognised as a result of remeasurement of fair value less cost to sell		-	1,661
Loss before income tax		(15)	(2,134)
Income Tax benefit		(2)	354
Loss after tax from Discontinued Operations	(i)	(17)	(1,780)
Gain/ (Loss) on sale of Discontinued Operations		-	68
Income tax benefit on sale of Discontinued Operations		-	13
Gain/ (Loss) after income tax on sale of Discontinued Operations	(ii)	-	81
Profit/ (Loss) from Discontinued Operations	(i + ii)	(17)	(1,699)
Remeasurement of Defined Benefit Obligation of Discontinued Operations (Net of tax ₹	9 crore)	-	51
Other Comprehensive Income/(Loss) for the Period from discontinued operations		-	51
Total Comprehensive Income/(Loss) for the Period from discontinued operations		(17)	(1,648)

Includes foreign currency translation impact
(b) On November 8, 2020, the Group entered into a definitive agreement with American Industrial Partners (AIP) for the sale of Lewisport and the sale was completed on November 30, 2020 ("transaction date for Lewisport business"). Upon closing, the Group has received ₹ 1,335 Crore ($ 180 million) in cash proceeds. In addition, the Group has recorded a ₹ 123 Crore ($ 17 million) receivable for net working capital adjustments. The sale has resulted into a loss of ₹ 17 Crore ($2 million), net of tax.

The results of operations of Lewisport have been presented as discontinued operations in the Statement of Consolidated Financial Results for the quarter and year ended March 31, 2021.

(c) On September 30, 2020, the Group has completed the sale of its assets at Duffel, Belgium to ALVANCE, the international aluminum business of the GFG Alliance at a consideration of ₹ 2,675 Crore (€310 million as of September 30, 2020). Divestiture of Duffel was a precondition to the acquisition of Aleris as determined by the European Commission and Chinese State Administration for Market Regulation (SAMR). At the transaction date the Group has received ₹1,812 Crore (€210 million) in cash. Both the parties have agreed to a post-closing arbitration process on the remaining ₹863 Crore (€100 million as of September 30, 2020). The arbitration does not relate to future events and relates solely to the period prior to consummation of the sale and the amount ₹863 Crore (€100 million as of September 30, 2020) has been recorded as contingent consideration. The contingent consideration is measured at fair value through profit and loss at each reporting date till the amount is realised by the Group. Changes to the estimated fair value resulting from subsequent measurement will be recorded to “Net income (loss) from discontinued operations, net of tax". The sale was completed in Q2FY21 and resulted into a gain of ₹98 Crore ($13 million), net of tax.

The results of operations of Duffel have been presented as discontinued operations in the Statement of Consolidated Financial Results for the quarter and year ended March 31, 2021.

==> picture [14 x 46] intentionally omitted <==

==> picture [66 x 56] intentionally omitted <==

Exceptional Income / (Expenses) during the quarter and year ended March 31, 2021 consists of the following:


Particulars	Q4 FY21	FY21
Charitable Donation to support COVID 19 pandemic relief measures	-	(395)
Exgratia amount paid to the employees for their contribution during COVID 19 pandemic	-	(54)
Employee severance cost pursuant to restructuring program in a manufacturing unit in Novelis Germany and in a mining operation in India	11	(131)
Provision related to Additional Surcharge (ASC) and Cross Subsidy Surcharge (CSS) levied on
the Company due to failure of the captive power producer (from whom the Company sourced power in earlier years) to comply with the captive status criteria under Central	-	(39)
Electricity Act, 2003
Renewable Energy Certificates (REC) recognised during the period subsequent to approval
received from Odisha Electricity Regulatory Commission (OERC) permitting adjustment of
excess REC purchased during earlier years against future Renewable Power Obligation (RPO)	23	127
and reversal of excess Renewable Power Obligation (RPO) provision related to FY20
subsequent to Madhya Pradesh Electricity Regulatory Commission (MPERC) order
Total	34	(492)

During quarter ended June 30, 2020 in line with the changes in the internal structure for reporting financial information to the entity’s chief operating decision maker (CODM), the Group changed the composition of its ‘Aluminium segment’ and corresponding change in ‘All Other Segments’. ‘Aluminium segment’ includes Aluminium business of Hindalco Industries Limited, Utkal Alumina International Limited (UAIL), Hindalco Almex Aluminium Limited (HAAL), Suvas Holdings Limited (SHL) and Minerals and Minerals Limited (M&M). Previously, HAAL, SHL and M&M were included as part of “All Other Segments’. There is no change in ‘Copper segment’. ‘All Other Segments’ include remaining subsidiaries. The corresponding segment information of previous periods has also been restated accordingly and this change did not have a material impact on previously reported segment information.
The outbreak of coronavirus (COVID19) pandemic impacted businesses around the globe during the current financial year. The Group’s operations, revenues, and profitability during the current year has improved and has reached almost the pre-COVID19 level. The Group has made a detailed assessment of its liquidity position for a period of at least one year from the balance sheet date, of the recoverability and carrying values of its assets comprising property, plant and equipment, Intangible assets, Trade Receivables, Inventory, investments, other current and non-current assets and ability to pay its liabilities as they become due and effectiveness of internal financial controls at the balance sheet date, and has concluded that there are no material impact or adjustments required in the consolidated financial statements.

Management is of the view that considering the nature of its business operations, existing customer and supplier relationships and its market position, impact on its business operations, if any, arising from COVID19 pandemic is not expected to be significant. The impact of COVID19 pandemic may be different from that estimated as at the date of approval of these results. The Group will continue to monitor any material changes to future economic conditions.

The Taxation Law (Amendments) Ordinance 2019 (‘the Ordinance’), provides an option to domestic companies in India to pay income-tax at a lower rate of 22% (plus applicable surcharge and cess) instead of the normal rate of 30% (plus applicable surcharge and cess) depending on the conditions specified in this behalf under section 115 BAA of the Income Tax Act, 1961. A domestic company can avail of the lower tax rate only if it opts for not availing of certain exemptions or incentives specified in this behalf in the Ordinance. There is no time limit prescribed under the above to choose the option of lower tax rate under section 115BBA, however, once chosen it is irreversible.

The Company and some of its subsidiaries are having carried forward unabsorbed depreciation, accumulated MAT credit and tax incentives to be availed/adjusted against future taxable profits. Based on the projections prepared by the management, including its plan for future capital expenditure for capacity enhancement, the Group has determined that exercising the option of lower rate will be beneficial only from April 01, 2037. The Group has assessed that the net deferred tax liability of the Company and some of its subsidiaries India as at March 31, 2021 would get reversed within the period for which Group is expected to continue to be in the existing tax regime. Accordingly, the Group has not made any adjustments to reverse its deferred tax liability balances as at March 31, 2021.

==> picture [15 x 46] intentionally omitted <==

==> picture [66 x 56] intentionally omitted <==

Consolidated results of the Group and results of Novelis segment for the quarter and year ended March 31, 2021 include results of Aleris for the period April 14, 2020 to March 31, 2021 and as such are not comparable with the previous periods.
The figures of the quarter ended March 31, 2021 and March 31, 2020 are balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the respective financial years.

14. Subsequent Event:

In prior years, Novelis filed four lawsuits spanning several years challenging the inclusion of State VAT (ICMS) in the tax base for calculating Social Contribution Tax (PIS and COFINS).

The lawsuits asserted that the calculation methodology was unconstitutional as it resulted in the assessment of a tax upon a tax. The Novelis lawsuits were consistent with lawsuits filed by a significant number of other taxpayers. In 2017, the Brazilian Supreme Court ruled the leading case in favor of the taxpayers, deciding that the inclusion of ICMS in the tax base for PIS and COFINS was unconstitutional. Previously the Group estimated the refund on a net basis (output tax paid less input credit) and recognized the benefit.

On May 13, 2021, in its ruling the Brazilian Supreme Court decided that the credit should be calculated based on gross methodology (on output tax basis) and with an effective date from March 2017, except for the companies that filed their lawsuits before this date, which will have the right from their respective initial proceedings. This decision is yet to be published. Assuming that the final, published ruling is consistent with the Group’s current interpretation of the decision, Novelis will be required to book an incremental benefit to true-up the credit from the amount recorded following the net methodology and will record this additional benefit in the period in which the ruling is published. The Group has not yet quantified the incremental benefit, but the benefit is expected to be material.

The Board of Directors of the Company have recommended dividend of ₹ 3.00 per share for the year ended March 31, 2021.
Figures of previous periods have been regrouped/ reclassified wherever necessary to conform to current period classification.

By and on behalf of the Board

==> picture [70 x 37] intentionally omitted <==

Place: Mumbai Dated: May 21, 2021

Satish Pai Managing Director

==> picture [15 x 47] intentionally omitted <==

==> picture [66 x 57] intentionally omitted <==

HINDALCO INDUSTRIES LIMITED

Regd. Office: Ahura Centre, 1st Floor, B-Wing, Mahakali Caves Road, Andheri (East), Mumbai 400093 Website: www.hindalco.com, Email: [email protected], Corporate Identity No. L27020MH1958PLC011238

==> picture [15 x 47] intentionally omitted <==

Statement of Standalone Audited Financial Results for the Year ended March 31, 2021	Statement of Standalone Audited Financial Results for the Year ended March 31, 2021	Statement of Standalone Audited Financial Results for the Year ended March 31, 2021	Statement of Standalone Audited Financial Results for the Year ended March 31, 2021	Statement of Standalone Audited Financial Results for the Year ended March 31, 2021	Statement of Standalone Audited Financial Results for the Year ended March 31, 2021
	(₹ in Crore, except otherwise stated)
Particulars	Quarter ended			Year ended
	31/03/2021	31/12/2020	31/03/2020	31/03/2021	31/03/2020
	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
Income
Revenue from Operations	14,412	11,351	9,992	42,701	40,242
Other Income	53	185	208	650	739
Total Income	14,465	11,536	10,200	43,351	40,981

Expenses
Cost of Materials Consumed	9,590	6,943	5,230	27,324	22,585
Trade Purchases	41	429	241	1,098	256
Change in Inventories of Finished Goods, Work-in-Progress and Stock-in- Trade	(77)	(382)	30	(1,821)	-
Employee Benefits Expense	502	442	469	1,844	1,922
Power and Fuel	1,484	1,452	1,652	5,668	6,989
Finance Cost	331	352	401	1,469	1,679
Depreciation and Amortization Expense	442	414	442	1,708	1,708
Impairment Loss on Non-Current Assets	-	-	-	140	-
Impairment Loss/ (Reversal) on Financial Assets (Net)	(1)	(3)	(12)	(7)	4
Other Expenses	1,386	1,288	1,241	4,361	4,822
Total Expenses	13,698	10,935	9,694	41,784	39,965

Profit/ (Loss) before Exceptional Items and Tax	767	601	506	1,567	1,016
Exceptional Income/ (Expenses) (Net) (Refer Note 5)	23	(69)	-	7	(64)
Profit/(Loss) before Tax	790	532	506	1,574	952
Tax Expenses:
Current Tax Expense	137	98	85	283	137
Deferred Tax Expense	158	94	95	298	195
Profit/ (Loss) for the Period	495	340	326	993	620

Other Comprehensive Income/ (Loss)
Items that will not be reclassified to Statement of Profit and Loss
Remeasurement of Defined Benefit Obligation	22	11	(92)	57	(152)
Change in fair value of Equity instruments designated as FVTOCI	1,982	1,023	(1,713)	4,351	(2,582)
Income Tax effect	(8)	(4)	7	(20)	28
Items that will be reclassified to Statement of Profit and Loss
Change in fair value of Debt instruments designated as FVTOCI	(13)	5	3	(9)	5
Effective Portion of Cash flow Hedges	(588)	(476)	(205)	(757)	(484)
Cost of Hedging Reserve	38	18	(171)	(168)	(589)
Income Tax effect	197	158	135	326	374
Other Comprehensive Income/ (Loss) for the period	1,630	735	(2,036)	3,780	(3,400)
Total Comprehensive Income/ (Loss) for theperiod	2,125	1,075	(1,710)	4,773	(2,780)

Paid up Equity Share capital (Net of Treasury Shares) (Face value of ₹ 1/- per share)	222	222	222	222	222
Other Equity				49,842	45,272

Earnings per share:
Basic (₹)	2.22	1.53	1.47	4.46	2.79
Diluted (₹)	2.22	1.53	1.47	4.46	2.79

==> picture [66 x 56] intentionally omitted <==

Notes:

Statement of Standalone Assets and Liabilities are given below:

Notes: 1. Statement of Standalone Assets and Liabilities are given below:
		(₹ in Crore)
Particulars	As at	As at
	31/03/2021	31/03/2020
	(Audited)	(Audited)
ASSETS
Non-Current Assets
Property, Plant and Equipment (including Right of Use Assets)	32,061	33,045
Capital Work In Progress	1,587	1,209
Investment Properties	8	9
Intangible Assets	321	314
Intangible Assets Under Development	122	73
Financial Assets
Investment in Subsidiaries	16,794	16,793
Investment in Associates and Joint Ventures	142	48
Other Investments	7,437	2,959
Loans	11	14
Derivatives	225	46
Other Financial Assets	188	165
Non Current Tax Assets (Net)		- 325
Other Non-Current Assets	843	717
	59,739	55,717
Current Assets
Inventories	15,989	11,225
Financial Assets
Investments	7,358	4,839
Trade Receivables	1,602	2,093
Cash and Cash Equivalents	1,003	3,265
Bank Balances other than Cash and Cash Equivalents	16	15
Loans	49	55
Derivatives	495	862
Other Financial Assets	254	120
Other Current Assets	1,438	1,799
	28,204	24,273
Non-Current Assets or Disposal Group Classified as Held For Sale	4	68
	28,208	24,341
	87,947	80,058
EQUITY & LIABILITIES
Equity
Equity Share Capital	222	222
Other Equity	49,842	45,272
	50,064	45,494
Liabilities
Non-Current Liabilities
Financial Liabilities:
Borrowings	15,174	15,660
Lease Liabilities	236	241
Trade Payables
(I) Outstanding dues of micro enterprises and small enterprises;		- -
(II) Outstanding dues of creditors other than micro enterprises and small enterprises		- -
Derivatives	390	141
Other Financial Liabilities	10	8
Provisions	421	497
Deferred Tax Liabilities (Net)	1,966	1,975
Other Non-Current Liabilities	609	628
	18,806	19,150
Current Liabilities
Financial Liabilities:
Borrowings	4,290	7,384
Lease Liabilities	75	76
Supplier’s Credit	255	-
Trade Payables
(I) Outstanding dues of micro enterprises and small enterprises;	52	17
(II) Outstanding dues of creditors other than micro enterprises and small enterprises	8,748	3,973
Derivatives	1,555	487
Other Financial Liabilities	1,402	1,004
Provisions	831	928
Current Tax Liabilities (Net)	1,168	997
Contract Liabilities	136	158
Other Current Liabilities	565	390
	19,077	15,414
	37,883	34,564
	87,947	80,058

==> picture [15 x 47] intentionally omitted <==

==> picture [66 x 56] intentionally omitted <==

2. Statement of Standalone Cash Flows is given below:

==> picture [15 x 47] intentionally omitted <==

	₹ in Crore	₹ in Crore
Particulars	Year ended
	31/03/2021	31/03/2020
	(Audited)	(Audited)
CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax	1,574	952
Adjustment for :
Finance costs	1,469	1,679
Depreciation and amortization	1,708	1,708
Non-Cash Employee Share-Based payments	15	27
Impairment Loss/ (Reversal) on Financial Assets (Net)	(7)	4
Impairment on Non-Current Assets	140	-
Other Non-Operating Income	(6)	(83)
Unrealised Foreign Exchange (Gain)/ Loss (Net)	(1)	57
Unrealised (Gain)/ Loss on Derivative Transactions (Net)	434	(116)
Fair Value (Gain)/ Loss on modification of Borrowings (Net)	(56)	(19)
(Gain)/ Loss on Assets held for Sale (Net)	-	3
(Gain)/ Loss on Property, Plant and Equipment and Intangible Assets Sold/Discarded (Net)	20	16
Interest Income	(105)	(176)
Dividend Income	(18)	(56)
Exceptional Income	(127)	(25)
Changes in Cash Flow Hedges net of reclassification from OCI	(121)	(412)
(Gain)/ Loss on Investments measured at FVTPL (Net)	(421)	(345)
Operating profit before working capital changes	4,498	3,214
Changes in working capital:
(Increase)/ Decrease in Inventories	(3,927)	(615)
(Increase)/ Decrease in Trade receivables	493	35
(Increase)/ Decrease in Financial assets	(35)	3
(Increase)/ Decrease in Non financial assets	268	69
Increase/ (Decrease) in Trade payables	4,022	(1,044)
Increase/ (Decrease) in Financial liabilities	(9)	25
Increase/ (Decrease) in Non-Financial Liabilities (including Contract Liabilities)	48	(216)
Cash Generated from Operation before Tax	5,358	1,471
Refund/ (Payment) of Income Tax (Net)	206	1,315
Net Cash Generated/ (Used) - Operating Activities	5,564	2,786
CASH FLOW FROM INVESTING ACTIVITIES
Payments to acquire Property Plant and Equipment, Intangible Assets and Investment Property	(1,137)	(1,395)
Proceeds from disposal of Property Plant and Equipment, Intangible Assets and Investment Property	14	30
Sale proceeds from Slump Sale	-	25
Investment in Subsidiaries	(1)	(15)
Investment in Associates and Joint Ventures	-	(2)
Investment in Equity Shares at FVTOCI	(43)	(653)
(Purchase)/ Sale of Other Investments (Net)	(2,278)	(697)
Loans and deposits given	(167)	(80)
Receipt of Loans and deposits given	8	347
Interest received	100	140
Dividend received	18	56
Net Cash Generated/ (Used) - Investing Activities	(3,486)	(2,244)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of equity shares (Including Share Application Money)	5	6
Treasury Shares acquired by ESOP Trust	-	(7)
Repayment of Non Current Borrowings	(6)	-
Principal Payments of Leases Liabilities	(69)	(63)
Proceeds from/ (Repayment of) Current Borrowings (Net)	(2,829)	3,121
Increase/ (Decrease) in Supplier's Credit	255	-
Finance cost paid	(1,440)	(1,562)
Dividend Paid (including Dividend Distribution Tax)	(222)	(314)
Net Cash Generated/ (Used) - Financing Activities	(4,306)	1,181

Net increase/ (decrease) in cash and cash equivalents	(2,228)	1,723
Add: Opening Cash and Cash Equivalents	3,231	1,508
Closing Cash and Cash Equivalents	1,003	3,231

Reconciliation of Closing Cash and Cash Equivalents with Balance Sheet
Cash and cash equivalents as reported in Balance Sheet	1,003	3,265
Less: Fair value gain/ (loss) on liquid investments	-	(6)
Less: Temporary Overdraft Balance in Current Accounts	-	(28)
Cash and Cash Equivalents asper Cash Flow Statement	1,003	3,231

==> picture [66 x 57] intentionally omitted <==

The standalone financial results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their meeting held on May 21, 2021.
The Company has allotted 162,016 and 522,267 (60,707 shares are allotted through Hindalco Employee Welfare Trust in Q4 FY21) equity shares of ₹1/- each to the option grantees pursuant to the exercise of options under the Employees Stock Option Schemes during the quarter and year ended March 31, 2021, respectively.
Exceptional Income/ (Expenses) for the quarter and year ended March 31, 2021 consist of the following:

		(₹ Crore)
Particulars	Q4FY21	YTD FY21
Exgratia amount paid to the employees for their contribution during COVID 19 pandemic.	-	(48)
Employee severance cost comprising voluntary retirement scheme offered to employees pursuant to the restructuring of a mining operation of the Company.	-	(33)
Provision related to Additional Surcharge (ASC) and Cross Subsidy Surcharge (CSS) levied on
the Company due to failure of the captive power producer (from whom the Company sourced power in earlier years) to comply with the captive status criteria under Central Electricity Act,	-	(39)
2003.
Renewable Energy Certificates (REC) recognised during the period subsequent to approval
received from Odisha Electricity Regulatory Commission (OERC) permitting adjustment of
excess REC purchased during earlier years against future Renewable Power Obligation (RPO)	23	127
and reversal of excess Renewal Power Obligation (RPO) provision related to FY20 subsequent
to Madhya Pradesh Electricity Regulatory Commission (MPERC) order.
Total	23	7

The Company is a large corporate as per the applicability criteria given under the SEBI circular dated November 26, 2018. The Company is in compliance with the requirements of the above SEBI circular applicable to large corporate borrowers.
The outbreak of coronavirus (COVID19) pandemic impacted businesses around the globe during the current financial year. The Company’s operations, revenues, and profitability during the current year has improved and has reached almost the pre-COVID19 level. The Company has made a detailed assessment of its liquidity position for a period of at least one year from the balance sheet date, of the recoverability and carrying values of its assets comprising property, plant and equipment, Intangible assets, Trade Receivables, Inventory, investments, other current and non-current assets and ability to pay its liabilities as they become due and effectiveness of internal financial controls at the balance sheet date, and has concluded that there are no material impact or adjustments required in the standalone financial results.

Management is of the view that considering the nature of its business operations, existing customer and supplier relationships and its market position, impact on its business operations, if any, arising from COVID -19 pandemic is not expected to be significant. The impact of COVID 19 pandemic may be different from that estimated as at the date of approval of these standalone financial results. The Company will continue to monitor any material changes to future economic conditions.

The Taxation Law (Amendments) Ordinance 2019 (‘the Ordinance’), provides an option to domestic companies to pay income-tax at a lower rate of 22% (plus applicable surcharge and cess) instead of the normal rate of 30% (plus applicable surcharge and cess) depending on the conditions specified in this behalf under section 115 BAA of the Income Tax Act, 1961. A domestic company can avail of the lower tax rate only if it opts for not availing of certain exemptions or incentives specified in this behalf in the Ordinance. There is no time limit prescribed under the above to choose the option of lower tax rate under section 115BAA, however, once chosen it is irreversible.

The Company is having carried forward unabsorbed depreciation, accumulated MAT credit and tax incentives to be availed/adjusted against future taxable profits. Based on the projections prepared by the management, including its plan for future capital expenditure for capacity enhancement, the Company has determined that exercising the option of lower rate will be beneficial only from April 01, 2037. Company has assessed that the net deferred tax liability as at March 31, 2021 would get reversed within the period for which Company is expected to continue to be in the existing tax regime. Accordingly, the Company has not made any adjustments to reverse its deferred tax liability balances as at March 31, 2021.

Since the segment information as per Ind AS 108-Operating Segments is provided on the basis of consolidated financial results, the same is not provided separately for the standalone financial results.
Additional disclosures as per Clause 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015:

==> picture [15 x 47] intentionally omitted <==

==> picture [66 x 57] intentionally omitted <==

			(₹ in Crore, except otherwise stated)	(₹ in Crore, except otherwise stated)	(₹ in Crore, except otherwise stated)
S. No.	Particulars	As at 31/03/2021		As at 31/03/2020
a.	Debt-Equity ratio (in times)	0.40		0.51
	Debt-Equity ratio = ((Long Term Borrowings + Short Term Borrowings + Current Portion of Long Term Borrowings + Long Term Lease Liabilities + Short Term Lease Liabilities)/ Total Equity)
b.	Previous due date for the payment of Interest of Non-Convertible Debentures(NCDs)
	(a) 9.55% NSDs Series-I (2012) (issued on 25/04/2012)	25/04/2020		25/04/2019
	(b) 9.55% NSDs Series-II (2012) (issued on 27/06/2012)	27/06/2020		27/06/2019
	(c) 9.60% NSDs Series-III (2012) (issued on 02/08/2012)	02/08/2020		02/08/2019
	Interest has been paid	Yes		Yes
c.	Previous due date for the repayment of Principal of NCDs
	(a) 9.55% NSDs Series-I (2012) (issued on 25/04/2012)	Not Applicable		Not Applicable
	(b) 9.55% NSDs Series-II (2012) (issued on 27/06/2012)	Not Applicable		Not Applicable
	(c) 9.60% NSDs Series-III (2012) (issued on 02/08/2012)	Not Applicable		Not Applicable
	Principal has been repaid	Not Applicable		Not Applicable
d.	Next due date and amount for the payment of interest of NCDs	Amount	Date	Amount	Date
	(a) 9.55% NSDs Series-I (2012) (issued on 25/04/2012)	287	25/04/2021	287	25/04/2020
	(b) 9.55% NSDs Series-II (2012) (issued on 27/06/2012)	143	27/06/2021	143	27/06/2020
	(c) 9.60% NSDs Series-III (2012) (issued on 02/08/2012)	144	02/08/2021	144	02/08/2020
e.	Next due date and amount for the repayment of Principal of NCDs	Amount	Date	Amount	Date
	(a) 9.55% NSDs Series-I (2012) (issued on 25/04/2012)	3,000	25/04/2022	3,000	25/04/2022
	(b) 9.55% NSDs Series-II (2012) (issued on 27/06/2012)	1,500	27/06/2022	1,500	27/06/2022
	(c) 9.60% NSDs Series-III (2012) (issued on 02/08/2012)	1,500	02/08/2022	1,500	02/08/2022
f.	Debt Service Coverage Ratio (in times)	3.17		2.49
	DSCR = Profit before Depreciation, Impairment Loss on Non-Current Assets, Finance Cost and Tax/ (Finance Cost (net of capitalization) + Scheduled Principal Repayment(ExcludingPrepayment))
g.	Interest Service Coverage Ratio (in times)	3.33		2.58
	ISCR = Profit before Depreciation, Impairment Loss on Non-Current Assets,Finance Cost and Tax/Finance Cost(net of capitalization)
h.	Capital Redemption Reserve	102		102
i.	Debenture Redemption Reserve	1350		1200
j.	Net Worth	50064		45494
k.	Paid up Debt Capital (Outstanding Debt)	20240		23367
l.	The Company had a credit rating "AA+" by CARE and CRISIL for its NCDs at the time of issue. The said rating has been retained by CARE to"AA+"and revised by CRISIL to"AA".
m.	The Company continues to maintain 100% asset cover for the secured NCDs issued by it.
n.	Disclosure with respect to previous and next due dates for the repayment of principal and Interest amount of CPs is as under
	ISIN	Previous Due Date		Next Due Date
	(a)INE038A14270	10/07/2020		NA
	(b) INE038A14288	08/10/2020		NA
	(b) INE038A14296	28/12/2020		NA
o.	The Company has repaid Commercial Papers (CP) on their respective due dates. No Commercial Papers of the Company is outstanding as on March 31, 2021. The Company has retained its ‘A1+’ rating both for CRISIL and CARE for its CP program.

The figures of the quarter ended March 31, 2021 and March 31, 2020 are balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the respective financial years.
The Board of Directors of the Company have recommended dividend of ₹ 3.00 per share for the year ended March 31, 2021.
Figures of previous periods have been regrouped/ reclassified wherever necessary to conform to current period classification.

By and on behalf of the Board

==> picture [69 x 37] intentionally omitted <==

Satish Pai Managing Director

==> picture [15 x 47] intentionally omitted <==

Place: Mumbai Dated: May 21, 2021

Price Waterhouse & Co Chartered Accountants LLP

INDEPENDENT AUDITOR’S REPORT

To the Board of Directors of Hindalco Industries Limited

Report on the Audit of Consolidated Financial Results

Opinion

We have audited the consolidated annual financial results of Hindalco Industries Limited (hereinafter referred to as the ‘Holding Company’) and its subsidiaries (Holding Company and its subsidiaries together referred to as ‘the Group’), its joint ventures and associate companies for the year ended March 31, 2021 and the consolidated statement of assets and liabilities and the consolidated statement of cash flows as at and for the year ended on that date (together referred to as the ‘consolidated financial results’), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial statements / financial information of the subsidiaries, joint ventures and associate companies, the aforesaid consolidated financial results:
(i) include the annual financial results of the entities listed in Annexure 1;
(ii) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
(iii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the “Act”) and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Group, its joint ventures and associate companies for the year ended March 31, 2021 and the consolidated statement of assets and liabilities and the consolidated statement of cash flows as at and for the year ended on that date.

Basis for Opinion

==> picture [15 x 46] intentionally omitted <==

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for the Audit of the Consolidated Financial Results’ section of our report. We are independent of the Group, its joint ventures and associate companies in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion.
Price Waterhouse & Co Chartered Accountants LLP, 252, Veer Savarkar Marg, Shivaji Park, Dadar (West) Mumbai - 400 028

T: +91 (22) 66691000, F: +91(22) 66547804 / 07

Registered office and Head office: Plot No. Y-14, Block EP, Sector V, Salt Lake Electronic Complex, Bidhan Nagar, Kolkata 700 091Price Waterhouse & Co. (a Partnership Firm) converted into Price Waterhouse & Co Chartered Accountants LLP (a Limited Liability Partnership with LLP Identity no: LLPIN AAC-4362) witheffect from July 7, 2014. Post its conversion to Price Waterhouse & Co Chartered Accountants LLP, its ICAI registration number is 304026E/E-300009 (ICAI registration number before conversion was 304026E)

Price Waterhouse & Co Chartered Accountants LLP

INDEPENDENT AUDITOR’S REPORT To the Board of Directors of Hindalco Industries Limited Report on the Consolidated Financial Results Page 2 of 5

Board of Directors’ Responsibilities for the Consolidated Financial Results

These Consolidated financial results have been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its joint ventures and associate companies and the consolidated statement of assets and liabilities and the consolidated statement of cash flows in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its joint ventures and associate companies are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and of its joint ventures and associate companies for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid.
In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group and of its joint ventures and associate companies are responsible for assessing the ability of the Group and its joint ventures and associate companies to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group and its joint ventures and associate companies or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its joint ventures and associate companies are responsible for overseeing the financial reporting process of the Group and of its joint ventures and associate companies.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.

==> picture [15 x 46] intentionally omitted <==

INDEPENDENT AUDITOR’S REPORT To the Board of Directors of Hindalco Industries Limited Report on the Consolidated Financial Results Page 3 of 5

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls. (Refer paragraph 15 below)
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and of its joint ventures and associate companies to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its joint ventures and associate companies to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial statements/ financial information of the entities within the Group and of its joint ventures and associate companies to express an opinion on the consolidated financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

==> picture [15 x 46] intentionally omitted <==

INDEPENDENT AUDITOR’S REPORT To the Board of Directors of Hindalco Industries Limited Report on the Consolidated Financial Results Page 4 of 5

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

We did not audit the financial statements of eight subsidiaries and consolidated financial information of one subsidiary included in the consolidated financial results, whose financial statements / financial information reflect total assets of Rs. 118,609 crores and net assets of Rs. 33,302 crores as at March 31, 2021, total revenues of Rs. 91,698 crores and Rs. 26,730 crores, total net profit after tax of Rs. 2,555 crores and Rs. 1,429 crores, and total comprehensive income (comprising of profit after tax and other comprehensive income) of Rs. 3,667 crores and Rs. 1,301 crores for the year ended March 31, 2021 and for the period from January 1, 2021 to March 31, 2021 respectively, and cash outflows of Rs. 11,059 crores for the year ended March 31, 2021, as considered in the consolidated financial results. The consolidated financial results also include the Group’s share of net (loss) after tax of Rs. () crore and Rs. () crore and total comprehensive (loss) (comprising of (loss) after tax and other comprehensive income) of Rs. () crore and Rs. () crore for the year ended March 31, 2021 and for the period from January 1, 2021 to March 31, 2021 respectively, as considered in the consolidated financial results, in respect of one joint venture and three associate companies, whose financial statements have not been audited by us. These financial statements / financial information have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint venture and associate companies is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 10 above.
represent figures below the rounding convention used in this report
We did not audit the financial statements of one subsidiary located outside India, included in the consolidated financial results, whose financial statements reflect total assets of Rs. 231 crores and net assets of Rs. 66 crores as at March 31, 2021, total revenues of Rs. 235 crores and Rs. 74 crores, total net profit/(loss) after tax of Rs. (10) crores and Rs. 3 crores and total comprehensive (loss) (comprising of profit/(loss) after tax and other comprehensive (loss)) of Rs. (16) crores and Rs. (3) crores for the year ended March 31, 2021, and for the period from January 1, 2021 to March 31, 2021, respectively, and net cash inflows of Rs. * crore for the year ended March 31, 2021, as considered in the consolidated financial results have been prepared in accordance with accounting principles generally accepted in its country and have been audited by other auditor under generally accepted auditing standards applicable in its country. The Holding Company’s management has converted the financial statements of such subsidiary located outside India from the accounting principles generally accepted in its country to the accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company’s management. Our opinion in so far as it relates to the balances and affairs of such subsidiary located outside India is based on the report of other auditor and the conversion adjustments prepared by the Management of the Holding Company and audited by us.
represent figures below the rounding convention used in this report

==> picture [14 x 46] intentionally omitted <==

INDEPENDENT AUDITOR’S REPORT To the Board of Directors of Hindalco Industries Limited Report on the Consolidated Financial Results Page 5 of 5

The consolidated financial results includes the unaudited financial information of three subsidiaries, whose financial information reflect total assets of Rs. 5 crores and net assets of Rs. * crore as at March 31, 2021, total revenues of Rs. 11 crores and Rs. 2 crores, total net (loss) after tax of Rs. (5) crores and Rs. (1) crore, and total comprehensive (loss) (comprising of (loss) after tax and other comprehensive income) of Rs. (5) crores and Rs. (1) crore for the year ended March 31, 2021 and for the period from January 1, 2021 to March 31, 2021, respectively, and cash inflows of Rs. * crore for the year ended March 31, 2021, as considered in the consolidated financial results. The consolidated financial results also includes the Group’s share of net profit/(loss) after tax of Rs. 5 crores and Rs. () crore and total comprehensive income/(loss) (comprising of profit/(loss) after tax and other comprehensive income) of Rs. 5 crores and Rs. () crore for the year ended March 31, 2021 and for the period from January 1, 2021 to March 31, 2021, respectively, as considered in the consolidated financial results, in respect of one joint venture and one associate company, whose financial statements / financial information have not been audited by us. These financial statements / financial information are unaudited and have been furnished to us by the Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint venture and associate company, is based solely on such unaudited financial statements / financial information. In our opinion and according to the information and explanations given to us by the Management, these financial statements / financial information are not material to the Group.
represent figures below the rounding convention used in this report

Our opinion on the consolidated Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements / financial information certified by the management.

The consolidated financial results include the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which are neither subject to limited review nor audited by us.
The consolidated financial results dealt with by this report have been prepared for the express purpose of filing with stock exchanges. These results are based on and should be read with the audited consolidated financial statements of the Group, its joint ventures and associate companies, for the year ended March 31, 2021 on which we have issued an unmodified audit opinion vide our report dated May 21, 2021.

For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 304026E/ E-300009

==> picture [119 x 47] intentionally omitted <==

Sumit Seth Partner Membership Number: 105869 UDIN 21105869AAAAAJ6064

Mumbai May 21, 2021

Price Waterhouse & Co Chartered Accountants LLP

Annexure 1

Sr. No.	Name
	Subsidiaries
1	Utkal Alumina International Limited
2	Minerals & Minerals Limited
3	AV Minerals (Netherlands) N.V.
4	Dahej Harbour & Infrastructure Limited
5	Hindalco Almex Aerospace imited
6	East Coast Bauxite Mining Company
7	Renuka Investments & Finance Limited
8	Renukeshwar Investments & Finance Limited
9	Lucknow Finance Company Limited
10	Suvas Holdings Limited
11	Hindalco Jan Seva Trust
12	Copper Jan Seva Trust
13	Utkal Alumina Jan Seva Trust
14	Utkal Alumina Social Welfare Foundation
15	Kosala Livelihood and Social Foundation
16	A V Metal Inc.
17	Hindalco do Brasil Industria e Comercio de Alumina Ltda
18	Novelis Inc.
19	Novelis do Brasil Ltda
20	Brecha Energetica Ltda
21	4260848 Canada Inc.
22	4260856 Canada Inc.
23	8018227 Canada Inc.
24	Novelis (China) Aluminum Products Co. Ltd.
25	Novelis (Shanghai) Aluminum Trading Company
26	Novelis Lamines France S.A.S.
27	Novelis PAE S.A.S.
28	Novelis Aluminum Beteiligungs GmbH
29	Novelis Deutschland GmbH
30	Novelis Sheet Ingot GmbH
31	Novelis (India) Infotech Ltd.
32	Novelis Aluminum Holding Unlimited Company
33	Novelis Italia SpA
34	Novelis de Mexico S.A. de C.V.
35	Novelis Korea Limited
36	Novelis AG
37	Novelis Switzerland S.A.
38	Novelis MEA Ltd.
39	Novelis Europe Holdings Limited
40	Novelis UK Ltd.
41	Novelis Services Limited
42	Novelis Corporation
43	Novelis South America Holdings LLC
44	Novelis Holdings Inc.

==> picture [15 x 46] intentionally omitted <==

Price Waterhouse & Co Chartered Accountants LLP

Sr. No.	Name
45	Novelis Services (North America) Inc.
46	Novelis Global Employment Organization, Inc.
47	Novelis Services (Europe) Inc.
48	Novelis Vietnam Company Limited
49	Aleris Asia Pacific International (Barbados) Ltd.
50	Aleris Aluminum (Zhenjiang) Co., Ltd.
51	Aleris (Shanghai) Trading Co., Ltd.
52	Aleris Asia Pacific Limited
53	Aleris Aluminum Japan, Ltd.
54	Aleris Aluminum Denmark ApS
55	Aleris Aluminum France S.a.r.l.
56	Aleris Casthouse Germany GmbH
57	Aleris Deutschland Holding GmbH
58	Aleris Rolled Products Germany GmbH
59	Aleris Aluminum Netherlands B.V.
60	Aleris Aluminum Poland sp. z.o.o.
61	Aleris Switzerland GmbH
62	Aleris Aluminum UK Limited
63	Aleris Holding Canada ULC
64	Aleris Corporation
65	Aleris International Inc.
66	Aleris Rolled Products, LLC
67	Aleris RM, Inc.
68	Aleris Rolled Products, Inc.
69	Nichols Aluminum LLC
70	Aleris Rolled Products Sales Corporation
71	IMCO Recycling of Ohio, LLC
72	Name Acquisition Co.
73	Nichols Aluminum-Alabama LLC
74	UWA Acquisition Co.

	Joint Ventures
1	MNH Shakti Limited
2	Hydromine Global Minerals (GMBH) Limited


Sr. No.	Name
	Associates
1	Aditya Birla Science & Technology Company Private Limited
2	Aditya Birla Renewables Subsidiary Limited
3	Aditya Birla Renewables Utkal Limited
4	Aditya Birla Renewables Solar Limited
5	Deutsche Aluminum Verpachung Recycling GMBH
6	France Aluminum Recyclage SPA

==> picture [15 x 46] intentionally omitted <==

Price Waterhouse & Co Chartered Accountants LLP

INDEPENDENT AUDITOR’S REPORT

To the Board of Directors of Hindalco Industries Limited

Report on the Audit of Standalone Financial Results

Opinion

We have audited the standalone annual financial results of Hindalco Industries Limited (hereinafter referred to as the ‘Company’) for the year ended March 31, 2021 and the standalone statement of assets and liabilities and the standalone statement of cash flows as at and for the year ended on that date, attached herewith, being submitted by the Company pursuant to the requirement of Regulations 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (‘Listing Regulations’).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial results:
(i) are presented in accordance with the requirements of Regulations 33 and 52 of the Listing Regulations in this regard; and
(ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the “Act”) and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Company for the year ended March 31, 2021 and the standalone statement of assets and liabilities and the standalone statement of cash flows as at and for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for the Audit of the Standalone Financial Results’ section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Board of directors’ responsibilities for the standalone financial results

These standalone financial results have been prepared on the basis of the standalone annual financial statements. The Company’s Board of Directors are responsible for the preparation and presentation of these standalone financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Company and the standalone statement of assets and liabilities and the standalone statement of cash flows in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with

==> picture [15 x 47] intentionally omitted <==

Price Waterhouse & Co Chartered Accountants LLP, 252, Veer Savarkar Marg, Shivaji Park, Dadar (West) Mumbai - 400 028

T: +91 (22) 66691000, F: +91(22) 66547804 / 07

Registered office and Head office: Plot No. Y-14, Block EP, Sector V, Salt Lake Electronic Complex, Bidhan Nagar, Kolkata 700 091 Price Waterhouse & Co. (a Partnership Firm) converted into Price Waterhouse & Co Chartered Accountants LLP (a Limited Liability Partnership with LLP Identity no: LLPIN AAC-4362) with effect from July 7, 2014. Post its conversion to Price Waterhouse & Co Chartered Accountants LLP, its ICAI registration number is 304026E/E-300009 (ICAI registration number before conversion was 304026E)

Price Waterhouse & Co Chartered Accountants LLP

INDEPENDENT AUDITOR’S REPORT To the Board of Directors of Hindalco Industries Limited Report on the Standalone Financial Results Page 2 of 3

Regulations 33 and 52 of the Listing Regulations. The Board of Directors of the Company are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the standalone financial results by the Directors of the Company, as aforesaid.

In preparing the standalone financial results, the Board of Directors of the Company are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors of the Company are responsible for overseeing the financial reporting process of the Company.

Auditor’s responsibilities for the audit of the standalone financial results

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls. (Refer paragraph 11 below)
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the standalone financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

==> picture [14 x 47] intentionally omitted <==

Price Waterhouse & Co Chartered Accountants LLP

INDEPENDENT AUDITOR’S REPORT To the Board of Directors of Hindalco Industries Limited Report on the Standalone Financial Results Page 3 of 3

Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other matters

The standalone financial results include the results for the quarter ended March 31, 2021, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which are neither subject to limited review nor audited by us.
The standalone annual financial results dealt with by this report has been prepared for the express purpose of filing with stock exchanges. These results are based on and should be read with the audited standalone financial statements of the Company for the year ended March 31, 2021 on which we issued an unmodified audit opinion vide our report dated May 21, 2021.

For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 304026E/ E-300009

==> picture [119 x 47] intentionally omitted <==

Sumit Seth Partner Membership Number: 105869 UDIN: 21105869AAAAAI6598

Mumbai May 21, 2021

AI assistant

Hindalco Industries Ltd. — Annual Report 2021

59187_rns_2021-05-21_a962de65-3251-4658-803f-92999b140c5a.pdf

Dear Sir,

Sub: Outcome of Board Meeting of Hindalco Industries Limited (‘the Company”) held on 21[st] May, 2021

Re: Regulation 33 & 30 of the Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations)

Hindalco Industries Limited

Media Release

HINDALCO REPORTS RECORD CONSOLIDATED Q4 FY21 RESULTS

on the back of improved macros and operational efficiencies

Q4 Consolidated Business EBITDA up 33% YoY

Q4 Consolidated PAT nearly tripled at ₹1,928 crore, up 189% YoY

Key Highlights of Q4 FY21

Key Highlights of FY21 (vs FY20)

MUMBAI, May 21, 2021

Table: Consolidated Financial Highlights for the Quarter and Year ended March 31, 2021

Commenting on the results, Mr. Satish Pai, Managing Director, Hindalco Industries Ltd., said,

Business Segment Performance in Q4 FY21 (vs Q4 FY20)

Novelis (including Aleris)

Aluminium India

Copper

Fourth Quarter Consolidated Results

Covid Response

Business Updates & Recognition

About Hindalco Industries Limited

Registered Office: Ahura Centre, 1st Floor, B Wing, Mahakali Caves Road Andheri (East), Mumbai 400 093; Website: www.hindalco.com; E mail: [email protected];Corporate Identity No. L27020MH1958PLC011238

Hindalco Industries Limited

SAFE HARBOUR

Table of Content

1. COVID-19 Response

2. Key Highlights – Q4 FY21

5. Sustainability Updates

6. Annexures :

COVID-19 Response : Supporting Employees

Financial Assistance

Central Planning

Workforce & Families

COVID-19 Response : Supporting the Community

1,000 O2 Concentrators

1,500 O2 Cylinders

2 1600 Tons Liquid O

Business Performance Key Highlights - Q4 FY21

Key Highlights : Q4 FY21

Novelis*

Aluminium

(India)

Key Highlights : Q4 FY21

...Contd.

Copper

Consolidated

Global

Economy Updates

Global GDP Growth (% YoY)

India GDP Growth (% YoY)

The RBI in its April monetary policy meeting retained its GDP growth estimate of 10.5%, highlighting downside risks

Global Aluminium Industry

Global Demand & Supply Balance (Mt)

Global Price of Aluminium (Cash -$/T)

CY20 (vs CY19)

Global aluminium prices continued to improve

Q1 CY21 (vs Q1 CY20)

Domestic Aluminium Industry

Domestic Demand (Kt)

▪ In Q4 FY21 the Domestic demand is likely to record the highest ever quarterly consumption at 1,077 KT (21% growth YoY)

Aluminium Flat Rolled Products (FRP) Industry

▪ The global FRP Demand is estimated to grow by ~8% in CY21 (vs CY20 contraction of ~5%) on account demand recovery and base effect.

Beverage Cans

Automotive

Aerospace

▪ India FRP Demand is estimated to surpass the pre-Covid levels in Q4 FY21

Copper Industry (Global)

Global Demand & Supply Balance (in Mt)

Production (Mt)

Consumption (Mt)

Q1 CY21 (vs Q1 CY20)

Copper Industry (Domestic)

Key Macro Drivers (Q4 FY21 vs Q4 FY20)

TC/RC

DAP Realisation

Business Performance : Q4 FY21

Hindalco Industries Ltd. Annual Report 2021