Hindustan Zinc Q4 earnings: The Vedanta-promoted firm said its revenue from operations fell 12.02 per cent YoY to Rs 7,285 crore for the fourth quarter compared with Rs 8,281 crore in the same quarter last year.
Hindustan Zinc Q4 results: Profit tanks 21% to Rs 2,038 crore; stock reacts
Hindustan Zinc Ltd, which has Vedanta as promoter, on Friday reported a 21 per cent year-on-year (YoY) drop in consolidated net profit at Rs 2,038 crore for the March quarter compared with Rs 2,583 crore in the same quarter last year. Other income for the quarter fell to Rs 273 crore compared with Rs 354 crore in the same quarter last year.
The company said its revenue from operations fell 12.02 per cent YoY to Rs 7,285 crore for the fourth quarter compared with Rs 8,281 crore in the same quarter last year.
Hindustan Zinc said the figures of the quarter ended March 31, 2024 and corresponding quarter ended March 31, 2023 were the balancing figures between audited figures for the full financial year ended March 31, 2024 and March 31, 2023 and nine months unaudited published figures up to December 31, 2023 and December 31, 2022 respectively.
Vedanta held 2,74,31,54,310 shares or 64.92 per cent stake in Hindustan Zinc as on March 31.
Following the quarterly results, shares of Hindustan Zinc fell 2 per cent to Rs 396.55 on BSE. Despite this, the stock is up 25 per cent for 2024 so far.
CEO Arun Misra said: “FY 2023-24 has been a year of solid growth for HZL, with mined metal, refined metal, and silver recording its highest historic production levels, supported by a backdrop of fatality-free operations. As part of our strategy, it was driven by our increased focus on silver & metal production and cost optimisation. The company withstood the market headwinds during the year, ensuring preservation of margins and shareholder value.”
Misra said fuelled by Hindustan Zinc’s robust silver maximisation strategy, the company has now become the 3rd largest silver producer globally.
Additionally, during the quarter, Hindustan Zinc incorporated ‘Hindmetal Exploration Services Private Limited’, as a wholly owned subsidiary, with an objective to explore, discover, develop and tap mineral resources aligning with the national focus and vision.
“Our commitment on the sustainability efforts remains robust. I am happy to share that our renewable energy (RE) power delivery agreement of 450 MW is advancing well and the first flow of RE power is now preponed and expected to begin in April’24, contributing to our journey towards achieving net zero targets. Our company has been awarded the CII National HR Excellence Award underscoring our exemplary people practices. With the full implementation of commissioned projects, HZL is poised for another exceptional year ahead,” it said.
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