Hindustan Zinc Q2FY24 result: Consolidated profit drops 35% to Rs 1,729 cr

The consolidated net profit of Hindustan Zinc Limited for the second quarter of the current financial year (Q2FY24) saw a fall of 35.48 per cent to Rs 1,729 crore, compared to Rs 2,680 crore for the corresponding quarter of the previous year, the company said in a BSE filing. Sequentially, the net profit was down 11.96 per cent. In Q1FY24, the net profit of the company was Rs 1,964 crore.

The revenue from operations for Q2FY24 came in at Rs 6,619 crore, compared to Rs 8,127 crore year-on-year (y-o-y). This is a fall of 18.55 per cent. On a quarter-on-quarter (q-o-q) basis, the revenue for operations was down 6.91 per cent. It stood at Rs 7,111 crore in Q1FY24.

The total income for Q2FY24 came in at Rs 7,014 crore, compared to Rs 8,703 crore y-o-y, registering a fall of 19.4 per cent. On a q-o-q basis, the total income was down 7.27 per cent. It was Rs 7,564 crore in Q1FY24.

Earlier this month, the Centre announced that it is planning to sell its remaining stake in Hindustan Zinc Ltd (HZL) in smaller tranches over an extended period. The residual stake is valued at Rs 40,000 crore.

The Hindustan Zinc Limited stock closed at Rs 309 on Friday.