The research house has lowered FY20-22 EBITDA estimate by 4-5 percent.
Hindustan Zinc declined 3.6 percent intraday on October 30 after research house Citi cut its target price to Rs 210 from Rs 215 per share.
Citi maintained a neutral rating on the stock but lowered FY20-22 earnings before interest, tax, depreciation and amortisation (EBITDA) estimate by 4-5 percent.
At Rs 2,100 crore, Q2 EBITDA was down 9 percent YoY, on lower metal production and zinc/lead prices, while target multiple was at a premium to peers such as Boliden, Korea Zinc, it said.
The company's Q2FY20 net Profit rose 14.7 percent at Rs 2,081 crore against Rs 1,815 crore, while revenue was down 5.6 percent at Rs 4,511 crore versus Rs 4,777 crore, YoY.
EBITDA shed 9.1 percent at Rs 2,117 crore, and EBITDA margin was down 190 bps at 46.9 percent.At 0945 hours, Hindustan Zinc was quoting at Rs 214.90, down Rs 5.65, or 2.56 percent, on the BSE.LIVE NOW... Video series on How to Double Your Monthly Income... where Rahul Shah, Ex-Swiss Investment Banker and one of India's leading experts on wealth building, reveals his secret strategies for the first time ever. Register here to watch it for FREE.