Hindalco Industries Limited

157 million

Q2 Fiscal Year 2024 Highlights • • • • Net income attributable to our common shareholder of $157 million, down 14% YoY; Net income excluding special items was $180 million, down 11% YoY Adjusted EBITDA

14%

024 Highlights • • • • Net income attributable to our common shareholder of $157 million, down 14% YoY; Net income excluding special items was $180 million, down 11% YoY Adjusted EBITDA of $484 mi

180 million

e to our common shareholder of $157 million, down 14% YoY; Net income excluding special items was $180 million, down 11% YoY Adjusted EBITDA of $484 million, down 4% YoY Rolled product shipments of 933 kiloto

11%

areholder of $157 million, down 14% YoY; Net income excluding special items was $180 million, down 11% YoY Adjusted EBITDA of $484 million, down 4% YoY Rolled product shipments of 933 kilotonnes, down

484 million

wn 14% YoY; Net income excluding special items was $180 million, down 11% YoY Adjusted EBITDA of $484 million, down 4% YoY Rolled product shipments of 933 kilotonnes, down 5% YoY Adjusted EBITDA per tonne sh

4%

come excluding special items was $180 million, down 11% YoY Adjusted EBITDA of $484 million, down 4% YoY Rolled product shipments of 933 kilotonnes, down 5% YoY Adjusted EBITDA per tonne shipped of

5%

YoY Adjusted EBITDA of $484 million, down 4% YoY Rolled product shipments of 933 kilotonnes, down 5% YoY Adjusted EBITDA per tonne shipped of $519, up 1% YoY ATLANTA, November 7, 2023 – Novelis Inc.

1%

led product shipments of 933 kilotonnes, down 5% YoY Adjusted EBITDA per tonne shipped of $519, up 1% YoY ATLANTA, November 7, 2023 – Novelis Inc., a leading sustainable aluminum solutions provider an

4.1 billion

in new rolling and recycling capacity." Net sales decreased 14% versus the prior year period to $4.1 billion for the second quarter of fiscal year 2024, primarily driven by lower average aluminum prices and

290 million

e product mix, and some lower freight costs. Net cash flow provided by operating activities was $290 million in the first six months of fiscal year 2024 compared to $196 million in the prior fiscal year peri

196 million

by operating activities was $290 million in the first six months of fiscal year 2024 compared to $196 million in the prior fiscal year period, primarily due to favorable changes in working capital, partially o

300 million

ing capital, partially offset by lower Adjusted EBITDA. Adjusted Free Cash Flow was an outflow of $300 million in the first six months of fiscal year 2024, higher than the prior year period outflow of $96 mill

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Media Contact

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Investor Contact

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Current assets

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Current liabilities

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Special Items

1

Ref

a. Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) ISIN: INE038A01020 b. ________________________________________________________________________________ Please find enclosed herewith the Press release and Investor Presentation of Novelis Inc. for its results of Q2 FY24 ending September 30, 2023. The above information will also be made available on the Company’s website www.hindalco.com and Novelis Inc. website www.novelis.com Sincerely, for Hindalco Industries Limited Geetika Anand Company Secretary & Compliance Officer Hindalco Industries Limited Corporate Office: 6th & 7th Floor, Birla Centurion, Pandurang Budhkar Marg, Worli, Mumbai – 400030, India | T: +91 22 66626666/62610555 | F: +91 22 62610400/62610500 Registered Office: 21st Floor, One International Center, Tower 4, Near Prabhadevi Railway Station, Senapati Bapat Marg, Prabhadevi, Mumbai – 400013 | W: www.hindalco.com |E: hilin

Investor Contact

Megan Cochard +1 404 316 7525 julie.groover@novelis.adityabirla.com +1 404 760 4170 megan.cochard@novelis.adityabirla.com 3 Novelis Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in millions) Net sales Cost of goods sold (exclusive of depreciation and amortization) Selling, general and administrative expenses Depreciation and amortization Interest expense and amortization of debt issuance costs Research and development expenses Loss on extinguishment of debt, net Restructuring and impairment expenses, net Equity in net income of non-consolidated affiliates Other (income) expenses, net Income from continuing operations before income tax provision Income tax provision Net income from continuing operations Loss from discontinued operations, net of tax Net income Net loss attributable to noncontrolling interest Three Months Ended September 30, 2022 2023 2022 $ 4,107 $ 4,799 $ 8,198 $ 9,888 6,978 8,405 3,477 182 136 78 23 5 4 4,140 181 134 65 23 — 1 356 267 155 48 5 7 (4)

Current assets

Cash and cash equivalents Accounts receivable, net — third parties (net of allowance for uncollectible accounts of $7 and $5 as of September 30, 2023, and March 31, 2023, respectively) — related parties Inventories Prepaid expenses and other current assets Fair value of derivative instruments Assets held for sale Total current assets Property, plant and equipment, net Goodwill Intangible assets, net Investment in and advances to non–consolidated affiliates Deferred income tax assets Other long-term assets — third parties — related parties Total assets LIABILITIES AND SHAREHOLDER’S EQUITY

Current liabilities

Current portion of long-term debt Short-term borrowings Accounts payable — third parties — related parties Fair value of derivative instruments Accrued expenses and other current liabilities Return of capital payable - related party Total current liabilities Long-term debt, net of current portion Deferred income tax liabilities Accrued postretirement benefits Other long-term liabilities Total liabilities Commitments and contingencies Shareholder’s equity Common stock, no par value; unlimited number of shares authorized; 1,000 shares issued and outstanding as of September 30, 2023, and March 31, 2023 Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total equity of our common shareholder Noncontrolling interest Total equity Total liabilities and equity September 30, 2023 March 31, 2023 $ 1,158 $ 1,498 1,811 135 2,761 175 121 1 6,162 5,228 1,073 568 873 152 1,751 156 2,729 178 145 3 6,460 4,900 1,076 589 877 166 275 2 14,333 $ 293 3 14,364 51 $ 692 88 671

Special Items

Loss on extinguishment of debt, net Metal price lag Restructuring and impairment expenses, net Tax effect on special items 5 22 4 — 24 1 5 17 7 (8) (6) (7) — 21 2 (4) Net income from continuing operations, excluding special items $ 180 $ 203 $ 335 $ 510 8 Segment Information (unaudited) The following tables present selected segment financial information (in millions, except shipments which are in kilotonnes). Selected Operating Results Three Months Ended September 30, 2023 Adjusted EBITDA North America Europe Asia South America Eliminations and Other Total $ 208 $ 100 $ 82 $ 93 $ 1 $ 484 Shipments (in kt) Rolled products – third party Rolled products – intersegment Total rolled products 390 — 390 252 4 256 155 20 175 136 8 144 — (32) (32) 933 — 933 Selected Operating Results Three Months Ended September 30, 2022 Adjusted EBITDA North America Europe Asia South America Eliminations and Other Total $ 191 $ 73 $ 113 $ 127 $ 2 $ 506 Shipments (in kt) Rolled products – third party Rolled pro