Revenue from operations too dropped 4% to Rs 8,281 crore for the reporting quarter, mainly on account of lower zinc, lead and silver prices partly offset by higher metal and silver volumes.
The revenue figure was at Rs Rs 8,631 crore in the year-ago period. Sequentially, revenue was up by 8%, led by improved metal and silver volumes.
The company has reported an EBITDA of Rs 4,208 crore for the March quarter, down 16.0% year-on-year and up 13.2% sequentially.
For the full year, Hindustan Zinc has recorded the highest ever PAT of Rs 10,511 crore on the back of record production of over 1 million tonne metal. Meanwhile, revenues stood at Rs 34,098 crore for the year, witnessing an increase of 16% YoY.
“By registering a historic high annual operational and financial performance, it was undeniably a landmark year for Hindustan Zinc. This year saw us accomplish the superlative milestone of crossing the 1 million tonne metal mark which is a true reflection of our persistent focus on volume delivery and operational efficiency,” said Arun Misra, CEO, Hindustan Zinc.
“Further, we are progressing well on our strategic development projects directed towards capacity expansion, synergetic growth, and value integration,” he added.Operationally, the company clocked highest ever quarterly mined metal production since UG transition at 301 kt, an increase of 2% year-on-year, owing to higher ore production and improved mined metal grades.
Meanwhile, refined metal production stood at 269 kt, an increase of 3% year-on-year.
On Friday, Hindustan Zinc shares were down 1.33% at Rs 323.35 on NSE. The stock has been flat on a year-to-date basis.
The company’s consolidated gross investments and cash and cash equivalents stood at Rs 10,061 crore as of March 2023, compared to Rs 16,482 crore as at end of December 2022.
Hindustan Zinc said both mined metal and refined metal production in FY24 is expected to be higher than last year. Mined metal is expected to be between 1,075-1,100 kt and refined metal production in the range of 1,050-1,075 kt.
The Board approved the appointment of Sandeep Modi, currently Interim CFO, as Chief Financial Officer (KMP) of the company with effect from April 21.
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