Hindustan Zinc trades marginally lower on profit booking, production decline in Q2

For Q2FY24, Hindustan Zinc’s mined metal production was 252 kilo tonne, down by a percent from the year-ago period, largely due to lower ore production at Rampura Agucha and Kayad mines

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Hindustan Zinc fell 0.45 percent on October 3 morning, after the Vedanta group company announced a decline in metal production in the second quarter of the current financial year. The stock had sharply gained on Friday on news of possible corporate restructuring.

Hindustan Zinc‘s mined metal production was 252 kilo tonne, down a percent year on year (YoY), mainly due to lower ore production at Rampura Agucha and Kayad mines,  partly offset by better overall metal grades, the company said in a business update to BSE.

Refined metal production in the second quarter also fell 2 percent YoY to 241 kilo tonne on account of scheduled maintenance activity. Integrated zinc production at 185 kilo tonnes fell 2 percent for the same period, and refined lead production was 57 kilo tonnes, flat compared to Q2FY23.

For Q2FY24, wind power generation was 157 MU, up 27 percent YoY due to higher wind velocity and seasonality impact, the company said.

Also read: Hindustan Zinc mined metal output drops marginally to 2.52 lakh tonnes in Q2

Talking to CNBC TV-18, Hindustan Zinc CEO Arun Misra said the company’s silver business vertical had the potential of possessing higher multiples and unlocking value. Hindustan Zinc is the only producer of silver in the country.

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“We believe that the proposed exercise will ease disinvestment by the government and will also help in realising better potential value considering separate silver & Recycling entities fetching a higher PE Multiple,” Misra said about the proposed Vedanta demerger.

He added that it would provide options to investors to invest in separate entities like base metal, precious metal, recycling business.
” Our strategy is to enhance zinc capacities organically as well as inorganically and aim to become number one Zinc & Lead producer,” Misra added.

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