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Posted on : Oct 20, 2014

Hindustan Zinc Ltd., India's lone integrated producer of zinc and lead, reported a higher net profit on increased sales and other income.

The Udaipur, Rajasthan-based company posted a second-quarter net profit of Rs.2,183.52 crore or Rs.5.17 per share, rose by 33 percent from the Rs.1,640.25 crore or Rs.3.88 per share in the second-quarter of 2014.

Quarterly net sales grew by six percent to Rs.3,749.22 crore from Rs.3,520.45 crore in the year-ago quarter, mainly driven by higher zinc LME price, partly offset by lower volumes and silver prices and rupee rupee depreciation. Other operating income for the quarter totaled Rs.53.16 crore, up by 37 percent from Rs.38.68 crore in the prior-year quarter, whereas other income for the quarter more than double to Rs.696.65 crore from Rs.266.88 crore last year.

The company said the EBITDA during the quarter was up by five percent to Rs.2,000 crore, compared to previous year, primarily due higher LME prices despite lower volumes and the recent increase in royalty rates.

During the quarter, income from 'Zinc, Lead & Silver' segment increased by six percent to Rs.3,681.71 crore from Rs.3,460.39 crore in the corresponding quarter last year, while that of 'Wind Energy' amounted to Rs.67.51 crore, compared with Rs.60.06 crore in the previous-year quarter, an increase of 12 percent.

Mined metal production in Q2FY15 was up by 30 percent sequentially at 212,575 MT, compared with 163,131 MT in the previous quarter and down by four percent from 221,646 MT a year-ago.

The zinc metal cost of production before royalty during the quarter was Rs.55,154 ($910), which is higher by nine percent (12 percent in Dollar terms) from a year-ago, though it improved significantly from Q1. The increase is attributed to lower production volumes, smelter shutdown cost,s increased employee expenses and higher mine development expenses, partly offset by higher credits and rupee appreciation, the company said.

For the first six months, the company's net profit increased by 15 percent to Rs.3,801.19 crore from Rs.3,300.70 crore in the corresponding period a year ago. Net sales and other income rose by four percent to Rs.6,809.57 crore from Rs.6,543.29 crore for the comparable period last year, while other income amounted to Rs.1,414.02 crore, compared with Rs.886.78 crore for the six months ended September 30, 2013.

Mined metal production in H1FY15 was 375,706 MT, compared with 459,471 MT in the corresponding period last year.

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