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Hindustan Zinc Q3FY22 result: Net profit rises 23% to Rs 2,701 cr

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Hindustan Zinc Q3FY22 result: Net profit rises 23% to Rs 2,701 cr

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Hindustan Zinc reported Rs 4,370 crore EBITDA for the October-December period. The company's EBITDA margin stood at 54.7 percent for the December quarter. "We delivered the best-ever 9M (nine months) mined metal production and historic-high quarterly refined metal production. At the current run rate, we are confident to deliver on the one million mark this year, CEO Arun Misra said.

Hindustan Zinc Q3FY22 result: Net profit rises 23% to Rs 2,701 cr
Vedanta group firm Hindustan Zinc Ltd on Friday reported a 22.7 percent jump in consolidated net profit to Rs 2,701 crore for the quarter ended December 31, 2021. The company has reported a consolidated net profit of Rs 2,200 crore in the year-ago period, Hindustan Zinc Ltd said in a filing to the BSE.
Its revenue increased to Rs 7,990 crore for the third quarter of the current financial year. For the year-ago period, the company's revenue stood at Rs 6,033 crore.
Analysts in a CNBC-TV18 poll had estimated a net profit of Rs 2,690 crore over a revenue of Rs 7,895 crore.
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Hindustan Zinc reported Rs 4,370 crore in earnings before interest, taxes, depreciation and ammortisation (EBITDA) for the October-December period. For the year-ago period, the company had registered an EBITDA of Rs 3,269 crore.
The company's EBITDA margin stood at 54.7 percent for the December quarter.
Analysts had estimated the company's EBITDA at Rs 4,350 crore and the EBITDA margin at 55.1 percent.
Its consolidated income during October-December 2021 period increased to Rs 8,269 crore, compared with Rs 6,483 crore a year ago, the filing said.
"We delivered the best-ever 9M (nine months) mined metal production and historic-high quarterly refined metal production. At the current run rate, we are confident to deliver on the one million mark this year. Hindustan Zinc is also geared to invest in world-class technologies and equipment to produce value-added zinc alloy products and provide matching international quality in the domestic market," the company's CEO Arun Misra said. The company's ESG (environmental, social and governance) journey is progressing well, he added.
"We stand committed to decarbonising our mining operations. We will invest USD 1 billion over the next five years in our climate change initiatives to bring down dependence on thermal power and progress on our journey to net zero by 2050," Misra said. The company further said that the board of directors at its meeting held on Friday approved the scheme of arrangement between the company and its shareholders.
"The scheme inter-alia provides for capital reorganisation of the company, whereby it is proposed to transfer the amounts standing to the credit of the general reserves...to the retained earnings...of the company with effect from the appointed date (as defined in the scheme)," it said. The scheme is subject to receipt of regulatory approvals from the National Company Law Tribunal, Sebi, BSE and National Stock Exchange and such other clearances as may be applicable.
(WIth inputs from PTI)
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