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Hindustan Zinc Limited Results For The First Quarter Ended 30 June 2012

Stocks in this article: SLT

Hindustan Zinc Limited (“HZL” or the “Company”) today announced results for the first quarter (“Q1”) ended 30 June 2012.

Highlights for the quarter

  • Net profit up 6% to Rs. 1,581 Crore or Rs. 3.74 per share
  • Refined Lead and Silver production up 91% and 75% respectively
  • Cash and cash equivalents of Rs. 19,404 Crore, as at 30 June 2012

“During the first quarter of FY 2013, we ramped up Sindesar Khurd mine (SKM) resulting in a strong 70%+ increase in integrated Lead and Silver production. Ore production at SKM has increased to more than 1.5 times from a year ago. SKM’s steady ramp-up and low cost of production reflect high mechanisation of our operations, which will be emulated at all our future underground mining projects”, said Mr. Agnivesh Agarwal, Chairman of Hindustan Zinc.

Unaudited Financial Summary

( in Rs. Crore, except as stated)


Quarter Ended30 June

    2,012   2,011   Change %
Net Sales/Income from operations  
Zinc 1,816 2,104 -14%
Lead 342 255 34%
Silver 388 309 26%
Others 167 153 9%
Total 2,713 2,821 -4%
Cash Profit (Net Profit + Depreciation) 1,755 1,629 8%
Profit After Taxes 1,581 1,495 6%
Earnings Per Share (Rs.) 3.74 3.54 6%
Production - Mined Metal ('000 tonnes)
Zinc & Lead 187 188 -1%
Production - Refined Metal ('000 tonnes)
Total Zinc 161 193 -16%
- Fully integrated Zinc 157 191 -18%
Total Lead (1) 31 16 91%
- Fully integrated Lead 29 16 79%
Total Silver (tonnes) (2) 82 47 75%
- Fully integrated Silver (tonnes) 79 47 70%
Metal Prices and Exchange Rate
Zinc LME (USD / MT) 1,928 2,250 -14%
Lead LME (USD / MT) 1,974 2,550 -23%
Silver LBMA (USD / Oz) 28.3 38 -26%
INR / USD   54.2   44.7   21%

(1) Including captive consumption of 1,641 tonnes in Q1 FY2013 vs. 1,391 tonnes in Q1 FY2012

(2) Including captive consumption of 8,643 kg in Q1 FY2013 vs. 7,196 kg in Q1 FY2012

(3) Silver occurs in Lead & Zinc ore and is recovered in the smelting and silver-refining processes


Operational Performance

Mined metal production during the quarter was in line with current year’s mine plan at 187,000 tonnes, compared to 188,000 tonnes in the corresponding prior quarter. Mined metal output at Sindesar Khurd mine increased by around 60% from a year ago, offsetting lower output from Rampura Agucha mine. In line with the mine plan and as announced earlier, production in H1 FY2013 is expected to be marginally lower than H1 FY2012, but will be more than made up in H2 FY2013.

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