Hindustan Zinc Limited Results For The Second Quarter And Half Year Ended 30 September 2012

Hindustan Zinc Limited (“HZL” or the “Company”) today announced results for the second quarter (“Q2”) and Half Year ended 30 September 2012.

Q2 HIGHLIGHTS

Operational
  • Mined metal production in line with the mine plan
  • Refined Lead production up by 60%
  • Refined Silver production up by 86%
  • Greenfield Kayar mine strikes developmental ore, ahead of schedule

Financial Performance
  • Net Revenue up 9% to Rs. 2,822 Crore
  • Net Profit up 15% to Rs. 1,540 Crore

Interim Dividend
  • Interim dividend of Rs 1.60 per share

“Our results show our ability to deliver consistent performance from our best-in-class assets. We will continue our growth story in future and maintain our cost leadership to deliver industry leading performance”, said Mr. Agnivesh Agarwal, Chairman of Hindustan Zinc.
 

Unaudited Financial Summary
(In Rs Crore, except as stated)
   

Quarter Ended
  Half Year Ended
30th September 30th September
  2012   2011   Change   2012   2011   Change
Net Sales/Income from Operations        
Zinc 1,843 2,034 (9%) 3,659 4,140 (12%)
Lead 341 174 96% 683 418 63%
Silver 449 247 82% 837 566 48%
Others 189 138 37% 356 291 22%
Total 2,822 2,593 9% 5,535 5,415 2%
 
Cash Profit (Net Profit + Depreciation) 1,714 1,491 15% 3,469 3,120 11%
 
Profit After Taxes 1,540 1,345 15% 3,121 2,840 10%
 
Earnings Per Share (Rs.) 3.64 3.18 15% 7.39 6.72 10%
 
Production - Mined Metal ('000 tonnes)
Zinc & Lead 190 210 (9%) 377 398 (5%)
 
Production - Refined Metal ('000 tonnes)
Total Zinc 163 185 (12%) 324 378 (14%)
- Fully integrated Zinc 153 185 (17%) 310 376 (17%)
Total Lead 1 27 17 60% 58 33 75%
- Fully integrated Lead 24 17 40% 53 33 59%
Total Silver 2 (tonnes) 92 49 86% 174 96 81%
- Fully integrated Silver 80 49 63% 160 96 66%
 
Zinc LME (USD/MT) 1,885 2,224 (15%) 1,906 2,236 (15%)
Lead LME (USD/MT) 1,975 2,459 (20%) 1,974 2,503 (21%)
Silver LBMA (USD/oz) 29.8 38.8 (23%) 29.6 38.4 (23%)
USD-INR   55.24   45.76   21%   54.74   45.26   21%

(1) Including captive consumption of 1,435 tonnes and 3,076 tonnes in Q2 and half-year, as compared with 1,348 tonnes and 2,739 tonnes in corresponding prior periods, respectively.

(2) Including captive consumption of 7,523 Kgs and 16,166 Kgs in Q2 and half-year, as compared with 7,193 Kgs and 14,389 Kgs in corresponding prior periods, respectively.

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

Operational Performance

Mined metal production during H1 is in line with our mine plan. The production is expected to progressively increase during Q3 and Q4, such that H2 should more than make up the H1 shortfall. We expect the mined metal production for the full year to be slightly higher than the previous year.

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