Oct 19 (Reuters) - India's Hindustan Zinc reported a more than two-fold rise in quarterly profit on Monday, helped by higher zinc and silver prices and increased production.
Here are some details:
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The Vedanta group company has operations spanning the mining, processing and refining of zinc, lead and silver, as well as wind power generation
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Consolidated net profit was at 64.12 billion rupees ($675.5 million) for the three months ended September 30 against 26.49 billion rupees a year earlier
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Net profit margin climbed to 42% from 31% a year ago
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The results come as zinc prices have surged on supply disruptions and expectations of a global market deficit
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Firmer silver prices, supported by demand for precious metals, have improved the profit outlook for Hindustan Zinc, according to Jefferies
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Hindustan Zinc's mined metal production rose 5% on-year to 271 kilo tons in the quarter, while refined metal production climbed 7% to 264 kilo tons
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The company's silver production rose 20% to 173 tons, while revenue from silver sales more than doubled
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Zinc production costs, excluding royalty, fell 29% to $703 per ton, supported by higher production, better ore grades and increased renewable power consumption, the company said
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The firm, which commands roughly three-fourths of India's zinc market, reported a 76.5% rise in total revenue from operations to 150.93 billion rupees
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Total expenses rose 31.5% to 68.95 billion rupees
($1 = 94.9300 Indian rupees)
Reporting by Surbhi Misra and Abhinav Parmar in Bengaluru; Editing by Mrigank Dhaniwala
Source: Reuters