Hindustan Zinc announced Q1FY24 results:
- Highest-ever first-quarter mined metal and silver production with consistent refined metal production.
- Mined metal: 257 kt
- Refined metal: 260 kt
- Saleable silver: 179 MT
- Zinc COP: USD 1,194 per MT
- Revenue from operations during the quarter was Rs 7,282 crore, down 22.4% YoY
- EBITDA for Q1FY24 was Rs 3,359 crore, down 36.4% YoY and 20.2% QoQ
- Net profit for Q1FY24 was at Rs 1,964 crore, down 36.5% YoY and 24.0% QoQ; impacted due to lower metal prices.
Commenting on the performance, Arun Misra, CEO, said: “Hindustan Zinc has once again demonstrated its ability to deliver in a highly volatile external environment by accomplishing highest ever first quarter mined metal and silver production and maintaining a consistent run-rate of refined metal production. We strongly believe that in a cyclical commodity business, protecting margins is fundamental, hence our strong focus lies on optimising cost and enhancing volumes. The cornerstone of Hindustan Zinc’s strategic priorities is to maximise shareholders' return, and delivering as per commitment is an accurate reflection of the same. Our strategic development projects are also progressing well and are now on track, while we continue to progress on our sustainability journey toward net zero by 2050. I am also happy to share that Hindustan Zinc has been certified as a ‘Great Place to Work’ for the fifth consecutive year. With such endorsements at the backdrop, we strive to grow safely, responsibly, and sustainably.”
Sandeep Modi, CFO, said: “Amidst the macro-economic headwinds moderating the base metal prices, Hindustan Zinc had a positive start of the year with a strong operational performance, attributable to consistent cost optimisation efforts and operational efficiencies, thereby protecting margins. With a first-time sequential drop in the first quarter cost of production in the recent past, we continue to maintain our cost leadership in the global zinc cost curve. As we advance in this transformational year, we continue to focus on our ongoing development projects, automation & digitalisation investments, and sustainable operations. I am happy to share that Hindustan Zinc has been recognised with the ‘Masters of Risk Jury Award in Metals & Mining and ESG Specialization’ at CNBC-ICICI Lombard India Risk Management Awards 2023.”