Hindustan Zinc fell 0.28% to Rs 216.40 after net profit dropped 26.72% to Rs 1,620 crore on 15.66% decline in net sales to Rs 4,626 crore in Q3 December 2019 over Q3 December 2018.
On a standalone basis, profit before tax was down by 26.43% to Rs 2,095 crore in Q3 December 2019 as against Rs 2,848 crore in Q3 December 2018. Net tax expense for Q3 December 2019 declined 25.43% to Rs 475 crore from Rs 637 crore in Q3 December 2019. The Q3 results was declared during market hours today, 20 January 2020.
EBITDA fell 20% to Rs 2,288 crore in Q3 December 2019 over Q3 December 2018. Mined metal production fell 5% to 235 kilo-tonne in Q3 December 2019 over Q3 December 2018. Refined metal production fell 9% to 219 kilo-tonne in Q3 December 2019 over Q3 December 2018. Silver production fell 16% to 149 million-tonne in Q3 December 2019 over Q3 December 2018.
Commenting on the Q3 results, Sunil Duggal, the CEO of Hinduatan Zinc, said that, "We have delivered good performance in a challenging market environment and are committed to maintain the growth trajectory. We remain focused on our fundamentals of sustainability, efficiency, technology & digitalization to maintain industry leadership and deliver healthy return to our shareholders."
Swayam Saurab, the CFO of Hindustan Zinc, said that, "Our target is to maintain cost leadership by bringing in operational efficiencies and higher productivity through technology adoption and digital transformation, aided by completion of our key projects."
The cash & cash equivalents for the quarter Q3 December 2019 jumped 15.10% to Rs 19,513 from Rs 16,952 at the end of FY2019 and was majorly invested in high quality debt instruments.
Hindustan Zinc is engaged in the mining and smelting of zinc, lead and silver metal in India. The company's segments are mining and smelting of zinc, lead and silver and wind energy.
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As of 31 December 2019, the Government of India holds 29.54% stake in the company.
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