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Hindustan Zinc: Valuation prices in most positives

Higher dividend payout likely to limit downside for HZL

April 26, 2022 / 10:49 AM IST
Hindustan Zinc: Valuation prices in most positives

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PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Hindustan Zinc (HZL; CMP: Rs 345; Market capitalisation: Rs 145732 crore) has lowered its production guidance for FY23 from the previous target of 1.1-1.2 million tonnes because of smelter bottlenecks. The  management remains hopeful of achieving the target in FY24. HZL has hedged 15 percent of its zinc volumes in FY23 at above $4000 per tonne. The company expects zinc prices to be supportive on the back of higher cost, supply cuts, and lower global inventories. March quarter and FY22...

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