Hindustan Copper Q3: Consolidated PAT and income up, declares interim dividend of Re 1

Hindustan Copper's revenue and PAT grew significantly

Kolkata-based miner Hindustan Copper reported significant growth in its consolidated topline and profit for the October-December quarter. The increase comes amid the government-owned firm's efforts to grow its copper production and a significant increase in copper prices during a global shortage.

For the reported quarter, the company reported a revenue of Rs 687 crore, compared to Rs 328 crore for the same quarter the year prior. The firm's profit for the quarter stood at Rs 156 crore, compared to Rs 63 crore a year ago.

Hindustan Copper's board declared an interim dividend of Re 1 per share.

With demand for copper growing from a number of sectors, such as renewable energy, data centres, wires, and other sectors, Indian copper producers and refiners have struggled to scale up to meet that demand. Around 90 percent of India's copper requirement is met by imports.

Hindustan Copper's management have noted its efforts to increase production of copper threefold to 12 million tonne per annum. It has aimed to reopen some closed mines, in order to quickly scale up production. The firm has also looked for overseas assets, inking a pact with Chilean miner CODELCO, the world's largest copper miner, in order to engage best practices in mining.

The company's shares closed 0.2 percent lower on the National Stock Exchange at Rs 612 per share.