Vedanta group company Hindustan Zinc Ltd (HZL) on Monday reported 33 per cent growth in net profit at Rs.2,184 crore for the quarter ended September 30, 2014, as compared to Rs.1,640 crore in the same period last year.
Total income has increased by 17 per cent to Rs.4,499 crore from Rs.3,826 crore.Revenues were up 6 per cent at Rs.3,749 crore in said quarter. “The year-on-year increase was driven by higher zinc LME (London Metal Exchange) price, partly offset by lower volumes and silver prices and rupee appreciation,” the company said in a statement.
Mine development has increased by 21 per cent in the first six months to 24.9 km.“All expansion projects are advancing well although the progress of Rampura Agucha underground was slower than expectation. Underground mine development rates at Rampura Agucha are expected to improve during the second half due to enhancement in productivity and resources,” the company said.
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“To mitigate the risk of delay in expansion projects, mine design and planning for further deepening of the pit at Rampura Agucha is under progress, which will extend the life of the open pit. The preparatory work for pit deepening is likely to be initiated in the last quarter,” the company added.
“Positive zinc fundamentals have translated into improved LME prices. At the same time, we continue to demonstrate our commitment towards project development and delivering value to stakeholders. We remain focused on improving the profitability of our operations,” said HZL Chairman Agnivesh Agarwal.