Hindustan Zinc rose 0.15% to Rs 134.20 at 15:21 IST on BSE after net profit rose 7% to Rs 1640 crore on 25% growth in income from operations to Rs 3521 crore in Q2 September 2013 over Q2 September 2012.
The Q2 result was announced during trading hours today, 23 October 2013.
Meanwhile, the S&P BSE Sensex was down 97.92 points or 0.47% at 20,767.05.
On BSE, 2.55 lakh shares were traded in the counter as against average daily volume of 1.81 lakh shares in the past two weeks.
The stock was volatile. The stock rose as much as 1.86% at the day's high of Rs 136.50 so far during the day. The stock lost as much as 1.41% at the day's low of Rs 132.10 so far during the day.
Hindustan Zinc attributed the increase in revenue to higher sales volume and rupee depreciation, partially offset by lower silver price.
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Earnings before interest, taxation, depreciation and amortization (EBITDA) surged 28% to Rs 1904 crore in Q2 September 2013 over Q2 September 2012. The positive impact of higher EBITDA was partly offset by lower other income due to mark-to-market losses on investments during the quarter, the company said in a statement.
With regard to the status of the expansion projects, Hindustan Zinc said that the Rampura Agucha underground mine project is operational via ramps and commercial production will ramp up in Q3 and Q4 of FY 2014. The Kayad mine project will also commence commercial production in FY 2014, the company said.
As on 30 September 2013, the company had cash and cash equivalents of Rs 23632 crore. The company said that it follows a conservative investment policy and invests in fixed deposit with banks and high quality debt instruments including AAA/AA rated bonds and debt mutual funds.
Hindustan Zinc is one of the largest integrated producers of zinc-lead with a capacity of 1 million MT per annum and a leading producer of silver.
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