Hindustan Zinc's net profit increases by 33% in Q2, revenue grows 36%
2 min read . Updated: 21 Oct 2022, 02:46 PM IST
Premium- Shares of Hindustan Zinc rose about 0.7% to ₹280 apiece on the BSE
Hindustan Zinc on Friday reported a consolidated net profit of ₹2,680 crore, up nearly 33% as compared to ₹2,017 crore in the corresponding quarter of the previous fiscal. Shares of Hindustan Zinc rose about 0.7% to ₹280 apiece on the BSE.
Meanwhile, its revenue from operations grew by over 36% to ₹8,336 crore, on account of higher refined metal & silver volumes, gain from strategic hedging, zinc prices and favourable exchange rates partly offset by lower lead and silver prices, from ₹6,122 crore in the year ago quarter. The company said it delivered YoY increase in quarterly metal volume by 18%, silver by 28%.
EBITDA for the quarter was ₹4,387 Crore, up 31.7% y-o-y and down 16.9% sequentially, primarily due to higher revenues being partially offset by increased costs owning to the input commodity inflationary environment.
Commenting on the performance, Arun Misra, CEO, said: “With last twelve months run-rate for both mined & refined metal comfortably sustaining above one million tonnes, we are fully geared to deliver another stellar performance this year. In-line with our commitment to net zero by 2050, I am happy to share that we have signed a Power Delivery Agreement for sourcing up to 200 MW renewable energy, which will avoid 1.2 million MT of carbon emission."
Mined metal production for the quarter was at 255 kt, up 2.8% y-o-y on account of better grades and improved mill recoveries. On a sequential basis mined metal production grew by 1.4% largely on account of better grades. Overall H1 FY23 mined metal production was 507 kt, an increase of 8.0% y-o-y owing to increased ore production, further supported by better grades and improved operational efficiencies, it said.
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Hindustan Zinc, a Vedanta group company, is an integrated producer of zinc, lead and silver. The metal stock is down more than 12% in 2022 (YTD) so far.
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