Novelis Inc. (NVL) [Rocket]

In millions, except per share items	Jun-30-23	Mar-31-23	Sep-30-22	Jun-30-22	Mar-31-22	Dec-31-21	Sep-30-21	Jun-30-21
	10-Q	8-K	10-Q	10-Q	10-K	10-Q	10-Q	10-Q
Revenues:
South America			3,044	2,888	2,638	2,433	2,192	2,022
Other					4,193	3,180	3,208	3,232
Total revenues			19,063	18,383	17,149	15,931	14,846	13,705
Revenue growth [+]			28.4%	34.1%	39.7%	40.1%	36.9%	27.9%
South America			38.9%	42.8%	46.7%	40.1%	26.6%	13.8%
Cost of goods sold			16,523	15,816	14,576	13,299	12,280	11,247
Gross profit			2,540	2,567	2,573	2,632	2,566	2,458
Gross margin			13.3%	14.0%	15.0%	16.5%	17.3%	17.9%
Selling, general and administrative [+]			675	636	631	608	601	588
Sales and marketing			501	462		457	450	437
General and administrative					174
Research and development			93	91	92	94	91	88
Equity in earnings			15	11		10		1
Other operating expenses			-297	-202	-94	-78	-96	-207
EBITDA [+]			2,084	2,053	1,952	2,018	1,970	1,990
EBITDA growth			5.8%	3.2%	19.4%	51.4%	69.1%	84.3%
EBITDA margin			10.9%	11.2%	11.4%	12.7%	13.3%	14.5%
Depreciation and amortization			554	554	550	552	552	559
EBIT [+]			1,530	1,499	1,402	1,466	1,418	1,431
EBIT growth			7.9%	4.8%	28.4%	73.9%	96.7%	107.7%
EBIT margin			8.0%	8.2%	8.2%	9.2%	9.6%	10.4%
Non-recurring items			5	4		2		26
Interest expense			231	226	227	234	246	256
Interest expense			231	226	227	234	246	256
Other income (expense), net [+]			-81	13	125	146	150	48
Gain (loss) on debt retirement					-64	-77	-76	-12
Other			-83	-53	61	69	74	36
Pre-tax income			1,213	1,282	1,299	1,376	1,303	1,197
Income taxes			246	260	281	395	386	375
Tax rate			20.3%	20.3%	21.6%	28.7%	29.6%	31.3%
Minority interest				0	1
Earnings from continuing ops			966	1,021	1,017	981	916	821
Earnings from discontinued ops			1		-63	-66	-87	-266
Net income			967	1,021	954	915	829	555
Net margin			5.1%	5.6%	5.6%	5.7%	5.6%	4.0%



EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.