Hindustan Zinc Q4 profit rises by 18% to Rs 2,928 crore

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Vedanta group firm Hindustan Zinc Ltd on Friday reported an 18 percent rise in consolidated net profit to Rs 2,928 crore for the quarter ended on March 31, 2022, on the back of higher volumes and increase in metal prices. The company had posted a consolidated net profit of Rs 2,481 crore in the year-ago period, Hindustan Zinc Ltd said in a filing to BSE.

"Increase was mainly driven by higher volumes and higher metal prices," the company said in a statement. The consolidated income of the company during the January-March period increased to Rs 9,074 crore from Rs 7,242 crore in the year-ago period, the filing said.

"Hindustan Zinc delivered best-ever annual mined metal production and touched the record one million tonne mark this year. Our production of refined metal was also the highest ever. With the exit run-rate for refined metal at 1.2 MTPA (million tonnes per year), we are fully geared for another stellar performance this year," HZL CEO Arun Misra said. The company's focus, he said, is to produce more and more world-class value-added zinc alloy products with the use of the latest technology and equipment.

Hindustan Zinc is committed to decarbonising its mining operations and delivering on its ESG road map to achieve net zero by 2050, he added. The company's mined metal production for the quarter was at 2,95,000 tonnes, up 2.6 percent Y-o-Y due to higher ore production at Rajpura Dariba, Sindesar Khurd, and Rampura Agucha mines.

Hindustan Zinc's integrated metal production for the quarter increased by 1. 6 percent to 2,60,000 tonnes on a Y-o-Y basis. Hindustan Zinc, a Vedanta Group company, is an integrated producer of zinc, lead, and silver in the country.