Hindustan Zinc rallied 3.72% to Rs 327.60 after the company announced that its mined metal production stood at 299,000 tonnes in Q4 FY24, registering a growth of 11% QoQ.
The mined metal production was mainly driven by mix of improved mined metal grades and higher ore production across mines.Year on year basis, mined metal production shed marginally during the quarter as compared with Rs 301,000 tonnes recorded in 31 March 2023.
The zinc miner said that the refined metal production was at 273,000 tonnes in Q4 FY24, sequentially up by 6% resulting from better plant availability and up 1% YoY.
Refined lead production came in at 53,000 tonnes in Q4 FY24, declining 2% YoY and down 5% QoQ.
Saleable silver production was 6.1 million ounces (moz) in Q4 FY24, up 4% YoY on account of WIP depletion. It is down 4% QoQ with lead metal production partly offset by WIP depletion.
Wind power generation for Q4 FY24 was 61 million units, down 14% YoY & up 11% QoQ, depending upon wind velocity & seasonality impact.
For full year FY24, the mined metal production was at 10,79,000 tonnes, up 2% YoY, driven by improved mined metal grades.
Silver recorded the highest volume in FY24 in line with managements operational & financial strategy, at 24 moz up 5% YoY. Refined lead production was at 216,000 tonnes, up 3% YoY.
Meanwhile the company informed that it has received Rs 1.86 crore GST demand notices from office of assistant commissioner, Tirunelveli, Tamil Nadu, for an input tax credit, which is regarded as ineligible by the tax authority. The company said it will file an appeal against the orders.
Hindustan Zinc, a Vedanta Group company, is an integrated producer of zinc, lead and silver. As of September 2023, Vedanta held 64.92% stake in the company.
The companys net profit fell 5.93% to Rs 2,028 crore on 7.35% decrease in revenue from operations to Rs 7,067.00 crore in Q3 FY24 over Q3 FY23.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
