Vedanta group firm Hindustan Zinc on Tuesday reported 85.2 percent rise in net profit at Rs 2,481 crore for the quarter ended March 31, 2021 on the back of higher income.
The company had posted a net profit of Rs 1,339 crore in the year-ago period, Hindustan Zinc said in a filing to BSE.
The income increased to Rs 7,242 crore in the quarter under review over Rs 4,861 crore in the year-ago period, the filing said.
"Net profit for the quarter was Rs 2,481 crore, up 85 per cent Y-o-Y and 13 per cent sequentially, driven by recovery in metal prices and strict cost disciple,” the company said in a statement.
Company’s CEO Arun Mishra said, "We are conscious of the fact that the country is going through COVID pandemic the scale of which has not been seen before. We are doing whatever we can including supplying liquid oxygen from our smelters to hospitals in and around Udaipur. I am also happy to inform we exited the year at run-rate of 1.2 MTPA.”
Vinaya Jain, Senior VP and Head Finance said the company achieved lowest ever annual dollar cost production since the transition to underground mining operations.
He further said the company will continue its endeavour to improve business efficiencies and reduce costs through enhanced use of technology, digitalisation efforts, data-driven decision making and most importantly, investment in people capabilities to sustainingly generate industry leading returns and create long term value for all stakeholders.
The company said its mine metal production for the quarter was up 15 percent year-on-year to 2,88,000 tonne on account of higher ore production, partly offset by lower overall grade.
Integrated metal production was 2,56,000 tonne for the quarter, up 16 percent year-on-year.The company further said project capex for the year is expected to be approximately $100 million.