Vedanta Group firm Hindustan Zinc has paid Rs 400 crore as advance tax for the October-December quarter, an over 23 per cent rise on a year-on-year basis, the company said today.
“The higher advance tax payment is due to improved efficiency in business operations and expansion in business,” it said in a statement, adding that the company had paid Rs 325 crore for the same period last fiscal.
In the first three quarters of the current financial year, the Rajasthan-based zinc, lead and silver producer has cumulatively paid Rs 1,025 crore as advance tax, the statement added.
Hindustan Zinc, in which the government sold a majority stake to Vedanta Group in 2002, currently produces 10,64,000 tonnes of zinc and lead, while its silver production stood at about 180 tonnes in 2010-11.
Stating that the Vedanta Group firm has invested about Rs 12,000 crore on expansion since its disinvestment, the statement said the company recently commissioned a 1,00,000 tonnes per annum lead smelter at Dariba in Rajasthan and 350 tonnes per annum silver refinery at Pantnagar in Uttarakhand.
“These are only going to give a boost to the company’s revenue,” it added.