Hindustan Zinc Clocks 19.4 Per Cent Rise In Q1 Net Profit At Rs 2,345 Crore
Date
8/2/2024 12:00:16 PM
(MENAFN- IANS) New Delhi, Aug 2 (IANS) Hindustan Zinc Ltd on Friday announced a 19.4 per cent increase in net profit to Rs 2,345 crore for the April-June quarter of the current financial year, compared to the corresponding figure of Rs 1,964 crore for the same quarter of the previous year (2023-24).
The company's revenue from operations rose 11 per cent to Rs 7,893 crore during the quarter from Rs 7,111 crore in the same period of the previous financial year.
The growth in revenue was driven by higher metal volume and better silver prices. The company's EBITDA stood at Rs 3,946 crore, up 18 per cent year-on-year.
While the company's zinc, lead and others segment recorded Q1 revenue at Rs 6,421 crore, the silver segment reported revenue of Rs 1,427 crore, and wind energy posted revenue at Rs 45 crore.
The company, which currently holds around 75 per cent market share in the sector domestically, reported a 14 per cent rise in zinc sales for the first quarter.
The company, which has become the world's third highest producer of silver, posted a 10 per cent growth in its sales of the precious metal rose on higher market prices.
CEO Arun Misra said that the mining major "has started the year on a strong note, recording highest ever first quarter mined and refined metal production, leveraging strong metal prices during the quarter. We have expedited the commencement of our renewable energy power delivery with the receipt of the first flow of RE power from the Serentica 180 MW solar project in May 2024".
He also said that the company had plans to diversify into high-end sectors with strategic partnerships for utilising waste streams for extracting saleable products and supplying for next-generation nickel-zinc batteries.
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