Hindustan Zinc’s net profit in the June quarter was down 36 per cent at ₹1,964 crore, against the ₹3,092 crore logged in the same period last year, largely due to lower realisation.
Revenue was down 23 per cent at ₹7,111 crore (₹9,236 crore) as income from zinc and lead fell to ₹5,674 crore (₹8,066 crore), while that of silver increased to ₹1,298 crore (₹1,109 crore). Wind energy revenue was down at ₹49 crore (₹61 crore).
Zinc production cost before royalty in the quarter was $1,194 (₹98,103) a tonne, down over 6 per cent due to lower coal and input commodity prices and better domestic coal (linkage) availability, further supported by better grades and operational efficiencies, said the company.
EBITDA in the quarter at ₹3,359 crore was down 36 per cent y-o-y on account of lower zinc and lead LME prices, which was partly offset by lower costs and better silver prices.
As on June-end, the company has reserves of ₹9,709 crore, against ₹10,061 crore in the March quarter. Total borrowings outstanding as of June quarter was ₹9,330 crore.
In this fiscal, the company expects mined metal production of 1,075-1,100 kt and refined metal production in the range of 1,050-1,075 kt.
Saleable silver production is projected to be between 725-750 tonnes, it said. Zinc cost of production in FY24 is expected to be between $1,125 and $1,175 a tonne. The company plans to invest $175 million to $200 million this fiscal.