Hindustan Zinc Q4 earnings: According to the Vedanta-backed company, its operating revenue for the fourth quarter was down 12.02 percent year over year to Rs 7,285 crore from Rs 8,281 crore the previous year.
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Vedanta is the proprietor of Hindustan Zinc Ltd., which on Friday revealed a 21% YoY decline in consolidated net profit for the March quarter to Rs 2,038 crore from Rs 2,583 crore in the same period the previous year. Compared to the same quarter previous year, when it was Rs 354 crore, other income for the quarter decreased to Rs 273 crore.
According to the corporation, its operating revenue for the fourth quarter decreased 12.02 percent year over year to Rs 7,285 crore from Rs 8,281 crore during the same period the previous year.
The numbers from the quarters that ended March 31, 2024, and the corresponding quarter that ended March 31, 2023, according to Hindustan Zinc, were the balancing figures between the nine months of unaudited published figures up to December 31, 2022, and December 31, 2023, respectively, and the audited figures for the full financial year ended March 31, 2024, and March 31, 2023.
As of March 31, Vedanta owned 2,74,31,54,310 shares, or 64.92 percent of Hindustan Zinc.
Following the quarterly results, Hindustan Zinc’s BSE shares dropped 2% to Rs 396.55. In spite of this, the stock has already increased by 25% for 2024.
“FY 2023-24 has been a year of solid growth for HZL,” stated CEO Arun Misra. “With a backdrop of fatality-free operations, mined metal, refined metal, and silver recorded their highest historic production levels.” It was motivated by our strategy’s heightened emphasis on cost optimization and the production of silver and other metals. The firm maintained profits and shareholder value throughout the year by withstanding market challenges.”
According to Misra, Hindustan Zinc has grown to be the third-largest producer of silver in the world thanks to its effective silver maximization strategy.
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In addition, Hindustan Zinc established “Hindmetal Exploration Services Private Limited” as a fully owned subsidiary during the quarter. The company’s goal is to explore, identify, develop, and access mineral resources that are in line with the emphasis and vision of the country.
“We are still firmly committed to our sustainability initiatives. I’m pleased to report that the 450 MW renewable energy power supply deal is moving along nicely, with the first flow of RE electricity scheduled to start on April 24. This will help us reach our net zero objectives. The CII National HR Excellence Award has been given to our organization, highlighting our excellent people practices. With all commissioned projects completed, HZL is ready for another outstanding year,” the statement read.
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