Hindustan Zinc expects mined metal and finished metal production to be higher in FY2022 (April-March) as compared to the prior year at around 1.02-1.05mn mt each. The company has planned a project capex worth $100mn.
India’s sole zinc miner, Hindustan Zinc reported higher refined zinc production to 195,000mt in the March quarter (Q4) compared to the previous year. In FY2021 refined zinc production rose by 4pc to 716,000mt from the previous year.
Zinc and lead production rose 16pc to 256,000mt in Q4. Production in the entire fiscal reached 930,000mt, up 7pc from a year ago. The company’s production guidance for FY22 has been raised to 1.02-1.05mn mt for both mined metal and finished metal.
Hindustan Zinc’s total mined production for Q4 was up 15pc to 288,000mt on the back of higher ore production which was slightly offset by lower grade overall. Metal in concentrate production rose 18pc as ore production was higher.
Yearly metal in concentrate production was up 6pc compared to the prior year despite the loss of 18 days of production due to lockdown and restrictions.
Financials
Revenue from operations in Q4 was Rs67.25bn ($903.6mn), up 56pc from the prior year on the back of higher metal and silver volumes and also increased prices of zinc, lead and silver. Sales volume of zinc jumped 15pc and for lead, 29pc from the prior year amid robust demand.
Similarly, for the entire year, revenues rose by 20pc to Rs220.71bn on the back of higher metal prices and higher sales. Net profit in Q4 was 24.81bn, up by 85pc from the prior year. Net profit for FY2021 was Rs79.8bn.
($1=Rs74.42)