IBEF: April 28, 2021
Hindustan Zinc, a Vedanta group company, registered an increase in net profit of 85.2% to Rs. 2,481 crore (US$ 331.73 million) for the quarter ended March 31, 2021, due to higher revenue. Hindustan Zinc recorded a net profit of Rs. 1,339 crore (US$ 179.03 million) in the previous financial year, according to a BSE filing. In the current quarter, revenue increased to Rs. 7,242 crore (US$ 968.31 million), up from Rs. 4,861 crore (US$ 649.95 million) in the previous quarter.
The quarter's net profit was Rs. 2,481 crore (US$ 331.73 million), an increase of 85% YoY and 13% sequentially, due to an improvement in metal prices and effective cost control.
Company's CEO, Mr. Arun Mishra said, "We are aware that the country is experiencing a COVID-19 pandemic on a level that has never been seen before. We're doing all we can, including supplying liquid oxygen to hospitals in and around Udaipur from our smelters.”
Mr. Vinaya Jain, Senior VP and Head Finance said, “After the transition to underground mining activities, the company has achieved the lowest annual dollar cost output.” He further said that the company will stay focused to increase business efficiencies and cut costs by leveraging technology, digitalization efforts, data-driven strategic planning, and, most importantly, investing in employee’s skills in order to further generate value for the stakeholders.”
The company reported that mine metal output increased 15% YoY to 2,88,000 tonne, attributed to higher ore production partially offset by lower overall grade.
For the quarter, integrated metal output was 2,56,000 tonne, an increase of 16% YoY. The company also stated that project capex for the year is estimated at ~ US$ 100 million.
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