Comments
Vedanta Group firm Hindustan Zinc (HZL) today posted a 42.3 per cent jump in net profit to Rs 3,056.96 crore for the quarter ended March 31, 2017, on the back of higher production and sale of mined metal.
The company had posted a net profit of Rs 2,147.22 crore in the year-ago quarter, HZL said in a filing to BSE.
Its total income during the quarter was Rs 7,237.28 crore, a rise of 72.4 per cent over the year—ago period.
“Revenues during the quarter were Rs 6,699 crore, up 97 per cent Y-o-Y on account of strong zinc, lead and silver prices, higher production and sale of mined metal,” the company said in a statement.
HZL Chairman Agnivesh Agarwal said the 2016-17 fiscal has been record breaking for Hindustan Zinc in many ways.
The record performance of the company, supported by strong zinc prices, helped HZL generate unparalleled value for its stakeholders during the year, he added.
“The company returned Rs 27,157 crore...to shareholders in the 12 months ended March 31, 2017, a record in Indian corporate history. I am also pleased to see the company’s record contribution to the government treasury (including royalties, taxes and dividends) of Rs 17,760 crore,” the chairman said.
The company achieved highest-ever mined metal production during the quarter, up 13 per cent from previous quarter and 66 per cent Y-o-Y.
The increase was on account of higher volumes from Rampura Agucha open cast mine, in line with the mine plan and as per the guidance of higher production in the second half of FY’17.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.