Mined metal production was 190kt in Q2 and 377kt in H1, as compared with 210kt and 398kt in the corresponding prior periods. In line with the mined metal production, integrated production of refined zinc was 153kt in Q2 and 310kt in H1. Integrated production of refined lead was 24kt in Q2 and 53kt in H1.

Integrated refined Silver production was 80 tonnes in Q2 and 160 tonnes in H1, up 63% and 66% respectively, driven by the ramp-up of SK mine and Dariba lead smelter.

Financial Performance

Revenues were Rs. 2,822 Crore in Q2 and Rs. 5,535 Crore in H1, up 9% and 2% respectively compared to the corresponding prior periods. Net profit was up 15% in Q2 at Rs. 1,540 Crore and up 10% in H1 at Rs. 3,121 Crore, compared to the corresponding prior period. During Q2 and H1 of FY2013, the positive impact of higher Lead-Silver volumes and Rupee depreciation was offset by lower zinc volumes, lower prices of Zinc, Lead and Silver.

The Zinc COP, excluding royalty, during the quarter was Rs. 46,750 per MT ($844), compared to Rs 38,800 ($847) in the corresponding prior quarter. The increase was primarily on account of higher excavation cost and Rupee depreciation.

Interim Dividend

HZL’s Board of Directors has recommended an interim dividend of 80% i.e. Rs. 1.60 per share on equity share of Rs 2.00 each, as compared to an interim dividend of Rs 1.50 per share last year. The record date for the payment of interim dividend is 26th October 2012.

Expansion Projects

At the greenfield Kayar mine, a milestone of development ore production was achieved towards the end of the quarter. Both Rampura Agucha and Kayar underground mines are progressing well and will start commercial production in FY2014.

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