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Hindustan Zinc Q4 results: Net profit drops 21% to Rs 2,038 crore

Revenue from the zinc mining business - the biggest segment - fell 16%, resulting in a 12% drop in overall revenue to Rs 7,285 crore

Hindustan Zinc
The company reported a 2% increase in zinc production for the fourth quarter, but sales fell 17%.
Reuters
2 min read Last Updated : Apr 19 2024 | 3:31 PM IST
India's Hindustan Zinc reported a sixth consecutive quarter of declining profit on Friday as zinc prices fell amid subdued demand, sending the miner's shares down by as much as 2.7%.
 
Net profit fell 21% to Rs 2,038 crore ($244.1 million) in the January-March quarter, the country's top zinc producer said. Analysts, on an average, had expected a profit of Rs 1,982 crore, as per LSEG data.
 
The metals miner, which is majority-owned by Vedanta , was up 0.6% before announcement. The metals index was last up 0.9%.
Domestic zinc prices continued to be soft during the quarter as global metal prices were subdued on demand concerns from top consumer China.
 
The company reported a 2% increase in zinc production for the fourth quarter, but sales fell 17%.
 
Revenue from the zinc mining business - the biggest segment - fell 16%, resulting in a 12% drop in overall revenue to Rs 7,285 crore.
 

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Both mined metal and refined metal production in fiscal year 2025 is expected to be higher than last year, the miner said, adding that its silver production was the third-highest globally in 2024 - up 12% in the quarter from a year earlier.
 
Separately, in March, the Indian government, Hindustan Zinc's largest minority shareholder, rejected the miner's proposal to split into different units, according to a government official.

The company is first among its peers to report quarterly earnings. Vedanta, Hindalco and Tata Steel will report their results next month.

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Topics :Hindustan ZincQ4 Results

First Published: Apr 19 2024 | 3:28 PM IST

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