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Hindustan Zinc, a Vedanta Group company, has reported that its net profit dipped three per cent to Rs 1,618 crore in the first quarter of this fiscal due to lower output.
Net sales were up marginally at Rs 2,963 crore (Rs 2,939 crore).
EBITDA decreased ten per cent to Rs 1,352 crore due to lower production volumes and higher production cost.
Refined zinc production was down 19 per cent at 1,41,000 tonnes, while lead output dipped 21 per cent to 22,000 tonnes. Silver production was down 28 per cent to 56,000 tonnes.
Zinc metal cost of production before royalty during the quarter was at Rs 60,093 ($1,005) a tonne, which is 29 per cent higher in rupee terms and 20 per cent higher in dollar terms from a year ago.
The lower production volumes significantly impacted costs, accentuated by rupee depreciation, planned plant shutdowns and higher mine development, the company said.
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