Hindustan Zinc Ltd announces Q4FY24 results

Hindustan Zinc Limited ("HZL"), the leading global integrated producer of zinc, lead and silver, reported its results for the fourth quarter and full year ended March 31, 2024.

Key Highlights:

- Hindustan Zinc is now the 3rd largest silver producer globally, with highest silver annual production, up 5% y-o-y

- Holds 2nd largest zinc reserves and resources globally

- Industry leading production growth rate with best-ever annual metal production

- Highest-ever quarterly refined metal production for Q4 FY24, up 6% sequentially

- 1st decile of the global zinc mines cost curve; lowest annual COP in last 3 years at US$ 1,117/MT

- Quarterly Revenue up by 3% and EBITDA up by 2%

- Ranked first globally in S&P Sustainability Assessment in Metals and Mining sector

Commenting on the performance, Mr. Arun Misra, CEO, said: "FY 2023-24 has been a year of solid growth for HZL, with mined metal, refined metal, and silver recording its highest historic production levels, supported by a backdrop of fatality-free operations. As part of our strategy, it was driven by our increased focus on silver & metal production and cost optimisation. The company withstood the market headwinds during the year, ensuring preservation of margins and shareholder value. Fuelled by our robust silver maximisation strategy, I am thrilled to announce that HZL has now become the 3rd largest silver producer globally. Additionally, during the quarter, HZL also incorporated 'Hindmetal Exploration Services Private Limited', as a wholly owned subsidiary, with an objective to explore, discover, develop and tap mineral resources aligning with the national focus and vision.

Our commitment on the sustainability efforts remains robust. I am happy to share that our renewable energy (RE) power delivery agreement of 450 MW is advancing well and the first flow of RE power is now preponed and expected to begin in April'24, contributing to our journey towards achieving net zero targets. Our company has been awarded the CII National HR Excellence Award underscoring our exemplary people practices. With the full implementation of commissioned projects, HZL is poised for another exceptional year ahead."

Mr. Sandeep Modi, CFO, said: "Despite the plunging metal prices, HZL has consistently sustained its margin at a steady 47% by recording its fifth consecutive quarter of sustained cost reduction, clocking the lowest cost in last 3 years. This demonstrates the effectiveness of our agile decision-making strategy, with instances such as maximization of silver production leveraging the soaring silver prices, power plant modifications ensuring better linkage coal consumption thereby lowering the power costs along with operational & commercial efficiencies. I firmly believe that the challenges encountered throughout the year have strengthened our resilience and fortitude, propelling us to strive for even greater performance in the upcoming year towards our aspired annual targets and strong balance sheet."

Shares of Hindustan Zinc Limited was last trading in BSE at Rs. 398.85 as compared to the previous close of Rs. 404.75. The total number of shares traded during the day was 191814 in over 5584 trades.

The stock hit an intraday high of Rs. 411.10 and intraday low of 392.60. The net turnover during the day was Rs. 76903463.00.

Source : Equity Bulls

Keywords

HindustanZinc INE267A01025 HZL Q4FY24 FY2024 ResultUpdate