Vedanta group firm Hindustan Zinc on Thursday reported a 14.50 per cent growth in net profit at Rs.1,539.79 crore for the quarter ended September 30, 2012, largely due to higher volumes of refined lead and silver.
The company had reported a net profit of Rs.1,344.69 crore during the corresponding quarter of the previous fiscal. Net sales were up nearly 9 per cent at Rs.2,822.30 crore vis-a-vis Rs.2,593.49 crore, the company said in a filing to the Bombay Stock Exchange.
In a separate statement, the company said its production of refined lead at 24,000 tonnes during the quarter was up 40 per cent, while its silver production increased by 63 per cent to 80 tonnes. However, refined zinc production was down 17 per cent to 1,53,000 tonnes during the quarter.
“During second quarter and first-half of 2012-13, the positive impact of higher lead-silver volumes and rupee depreciation was offset by lower zinc volumes, lower prices of zinc, lead and silver,” the statement said.
During the quarter, international market prices of zinc, lead and silver were down in the range of 15 to 23 per cent.
“Our results show our ability to deliver consistent performance from our best-in-class assets. We will continue our growth story in future and maintain our cost leadership to deliver industry leading performance,” Chairman Agnivesh Agarwal said in the statement.
The company further said it expected its mined metal production for the entire year to be “slightly higher than the previous year”.
About the expansion plans, the company said that development of its Rampura Agucha and Kayar underground mines, which could produce zinc, lead and silver, were progressing well and would “start commercial production in 2013-14”.
Meanwhile, the company board recommended an interim dividend of Rs.1.60 per share of Rs.2 each.
Shares of the company closed at Rs.134.80 apiece on the BSE on Thursday, down 0.26 per cent from the previous close.
Keywords: Hindustan Zinc