NEW DELHI: Vedanta group firm Hindustan Zinc Ltd (HZL) on Friday reported 34.5 per cent rise in consolidated net profit at Rs 2,327 crore for the quarter ended September 30, 2024, on the back of higher income. The company had posted net profit of Rs 1,729 crore in the year-ago period.
The consolidated income of the company in the July-September period rose to Rs 8,522 crore from Rs 7,014 in the corresponding quarter of the previous fiscal, HZL said in a filing to BSE.
The company earned a revenue of Rs 6,403 crore in the second quarter from the zinc, lead and other segments and Rs 1,550 crore from the silver vertical.
In a statement the company said that the total revenue from operations during the quarter was Rs 8,252 crore, up 22 per cent Y-o-Y due to better metal and silver volumes and zinc and silver prices, further supported by a strong dollar and marginally offset by lower lead prices.
Company’s Chief Executive Officer Arun Misra said, “Hindustan Zinc has continued to gather momentum from its previous quarter to record historic highs in its second quarter mined and refined metal production. Leveraging strong precious metal prices, we have focused on maximising our silver production through pyro operations on lead mode, resulting in a 10 per cent sequential increment in silver volumes.”
To advance the company’s net zero commitment, the board has approved the third round-the-clock renewable energy delivery agreement with Serentica for 530 MW, totalling RE power contribution to over 70 per cent of the total power requirement, Misra said.
The board in its meeting held on Friday approved investment of Rs 327 crore for minimum 26 per cent equity stake in Serentica Renewable India Private Ltd (SRIPL) or its affiliates.
SRIPL was incorporated for the implementation of renewable energy power projects in order to cater to the long-term power requirement of HZL under the power delivery agreement.
SRIPL or its affiliates will create captive power projects in different parts of the country and provide renewable power to the company on a long‐term basis.
HZL recorded its highest ever second quarter mined metal production at 2,56,000 tonnes. This marks 2 per cent Y-o-Y increase due to higher ore production at Zawar Mine.
Refined zinc production was 1,98,000 tonnes, up 7 per cent Y-o-Y.
The saleable silver production for the quarter was 184 metric, up two per cent Y-o-Y.
Hindustan Zinc is the world’s second-largest integrated zinc producer and the third-largest silver producer. The company supplies to more than 40 countries and holds a market share of about 75 per cent of the primary zinc market in India.