Companies

Hind Zinc’s June-quarter profit dips 23% on lower output

Our Bureau Mumbai | Updated on July 21, 2020

Hindustan Zinc, a Vedanta Group company, has reported a 23 per cent fall in June quarter net profit at ₹1,359 crore against ₹1,765 crore logged in the same period last year, largely due to fall in both production and realisation.

Revenue from operations fell by 20 per cent to ₹3,898 crore (₹4,924 crore). Operating profit from lead and zinc business almost halved to ₹522 crore (₹1,427 crore) while that of silver was marginally up at ₹532 crore (₹500 crore).

The company has appointed Deputy CEO Arun Misra as CEO and Whole-time Director with the incumbent Sunil Duggal term comes to an end on July 31.

Similarly, Anjani Agarwal and Akhilesh Joshi will be inducted as independent director in place of AR Naryanaswamy and Arun L Todarwal whose term ends on July 31.

Mind metal production was down five per cent at 2.02 lakh tonnes due to Covid lockdown. Zinc production fell 8 per cent at 1.57 lakh tonnes while lead output was down 7 per cent at 44,000 tonnes and that of silver dipped 26 per cent to 117 tonnes.

Ebitda in the June quarter dropped 36 per cent to ₹1,599 crore.

Liquidity and cash reserves also plunged to ₹15,480 crore from ₹21,596 crore in March quarter.

Published on July 21, 2020

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