Hindustan Zinc trades in green even after 5.9% dent on Q3 net profit

According to analysts at Motilal Oswal, Hindustan Zinc’s Q3FY24 performance has been largely in line with estimates.

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Shares of Hindustan Zinc gained 0.40 percent at the open on January 20, a day after the Vedanta group company announced its Q3FY24 results.  At 9:20am, the stock was trading at Rs 316.30. It saw marginal gains of 0.62 percent on January 19 and traded at Rs 314.20 after the earnings were announced just before market close.

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For the reporting period ended December 2023,  Hindustan Zinc reported a 5.9 percent decline in net profit to Rs 2,028 crore from Rs 2,156 crore in the previous fiscal. Net profit grew 17 percent Q0Q. Revenue from operations for the reporting period was Rs 7,067 crore as against Rs 7,628 crore a year back. Revenue grew 8 percent on-quarter. The earnings before tax, depreciation and amortization (EBITDA) stood at Rs 3,560 crore in the quarter ended December 2023 as against Rs 3,717 crore last year.

According to analysts at Motilal Oswal, which has a ‘neutral’ call on the stock with a target price of Rs 310, the performance has been largely in line with estimates. “To account for improved demand outlook, we have slightly increased our FY 2025/FY 2026 EBITDA estimates by 1 percent/4 percent,” the brokerage added.

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