New Delhi: Vedanta Limited’s Hindustan Zinc has posted a 14.6 percent rise in net profit at Rs 2,081 crores for Q2 of financial year 2019-20, the company said in a regulatory filing on Tuesday. The company’s net profit stood at Rs 1,815 crores in the corresponding period of the previous financial year.
The total income of Hindustan Zinc, however, slipped to Rs 5,101 crores during Q2 FY2019-20 2019 from Rs 5,175 crores in the year-ago period.
Mined metal production for the September quarter stood at 2,19,000 tonnes, marking a 3 percent rise sequentially on account of higher ore production.
Integrated metal production was at 2,10,000 tonnes for the quarter, almost flat from a year ago.
Integrated zinc production was 1,66,000 tonnes, up 2 percent year-on-year in line with mined metal production, while integrated lead production was down 11 percent year-on-year to 44,000 tonnes due to production issues at Dariba lead smelter.
‘We’re setting up Hindustan Zinc for 1.35 MTPA capacity’
Commenting on the performance, HZL Chairman Kiran Agarwal said, “We are setting up Hindustan Zinc for 1.35 MTPA (million tonnes per annum) capacity in a phased manner over the coming years through focussed exploration, smart technology interventions and disciplined execution of expansion projects.”
“We are strengthening our fundamentals of low-cost operations and long mine-life in order to be at the forefront and deliver industry-leading returns for our shareholders,” Agarwal said.
‘HZL looks to deliver better performance in H2’
HZL CEO Sunil Duggal said the company looks to deliver better performance in the second half of the fiscal on the back of opening of new mines and completion of expansion projects.
“We are entering H2 with the last phase of expansion projects getting completed, enabling 1.2 mtpa capacity. With rapid development initiatives leading to opening of newer mining blocks and increasing shaft haulage, we expect to deliver a better performance in H2,” he said.
HZL chief financial officer Swayam Saurabh said investments in automation and digitisation were steadily delivering results and would support cost optimisation goals. “Our target is to maintain our strong financial profile and cost leadership through higher productivity,” Saurabh said.
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Shares of Hindustan Zinc closed higher by 1.64 percent at Rs 220.55 on BSE.