Hindustan Zinc limited announces results for Q2 FY2016
The following release was issued today by
Results for the Second Quarter Ended
Operational Performance
§ Mined metal production - 240kt; up 13% y-o-y
§ Integrated saleable zinc production - 211kt; up 22% y-o-y
§ Highest ever integrated saleable lead & silver production - 39kt &
Financial Performance
§ Record EBITDA - Rs.
§ Net Profit - Rs.
Interim Dividend
§ Interim dividend of Rs. 1.90 per share (95%) maintained
§ Special interim dividend of Rs. 1.90 per share (95%)
Mr. Agnivesh Agarwal, Chairman - 'Hindustan Zinc delivered another robust performance despite strong headwinds in the commodity markets. We achieved one of our best results by resiliently adhering to our strategy of volume growth, operational efficiency and cost discipline. Under the leadership of newly appointed CEO, we remain firmly committed to our strategic goals of sustainable and profitable growth enhanced by on-going expansion projects.'
Financial Summary(In Rs. crore, except as stated)
Particulars | Q2 | Q1 | H1 | ||||
2016 | 2015 | Change | 2016 | 2016 | 2015 | Change | |
Net Sales/Income from Operations | |||||||
Zinc | 2,886 | 2,839 | 2% | 2,787 | 5,673 | 4,896 | 16% |
Lead | 507 | 443 | 14% | 411 | 918 | 895 | 3% |
Silver | 357 | 313 | 14% | 259 | 616 | 631 | -2% |
Others | 158 | 154 | 3% | 138 | 297 | 290 | 2% |
Total | 3,908 | 3,749 | 4% | 3,596 | 7,504 | 6,712 | 12% |
EBITDA | 2,188 | 2,000 | 9% | 1,672 | 3,860 | 3,352 | 15% |
Profit After Taxes | 2,285 | 2,184 | 5% | 1,921 | 4,206 | 3,801 | 11% |
Earnings per Share (Rs.) | 5.41 | 5.17 | 5% | 4.55 | 9.95 | 9.00 | 11% |
Mined Metal Production ('000 MT) | 240 | 213 | 13% | 232 | 472 | 376 | 26% |
Refined Metal Production ('000 MT) | |||||||
Total Refined Zinc | 211 | 181 | 17% | 187 | 398 | 321 | 24% |
- Refined Zinc - Integrated | 211 | 174 | 22% | 187 | 398 | 312 | 28% |
Total Saleable Refined Lead1 | 40 | 30 | 34% | 31 | 71 | 61 | 17% |
- Saleable Lead - Integrated | 39 | 26 | 53% | 27 | 67 | 47 | 41% |
Total Refined Saleable Silver2,3(in MT) | 112 | 80 | 39% | 75 | 187 | 162 | 15% |
- Saleable Silver - Integrated | 110 | 67 | 64% | 74 | 184 | 123 | 50% |
Wind Power (in million units) | 159 | 170 | -6% | 127 | 286 | 316 | -9% |
Zinc CoP without Royalty (Rs. / MT)4 | 50,236 | 54,732 | -8% | 50,955 | 50,554 | 56,782 | -11% |
Zinc CoP without Royalty ( $ / MT) | 771 | 903 | -15% | 802 | 787 | 943 | -17% |
Zinc LME ($ / MT) | 1,847 | 2,311 | -20% | 2,190 | 2,013 | 2,196 | -8% |
Lead LME ($ / MT) | 1,714 | 2,181 | -21% | 1,942 | 1,824 | 2,140 | -15% |
Silver LBMA ($ / oz.) | 14.9 | 19.8 | -25% | 16.4 | 15.6 | 19.7 | -21% |
USD-INR | 64.9 | 60.6 | 7% | 63.5 | 64.2 | 60.2 | 7% |
(1) Excluding captive consumption of 1,
(2) Excluding captive consumption of 7.8 MT in Q2 FY2016 and 19.1 MT in H1 FY2016 as compared with 9.1 MT and 17.8 MT in respective corresponding prior period.
(3) Silver occurs in Lead & Zinc ore and is recovered in the smelting and silver-refining processes.
(4) Historical CoP has changed due to re-allocation of administrative expenses between zinc and lead.
Note: Numbers may not add up due to rounding off.
Operational PerformanceProductionMined metal production increased by 13% to 240kt during the quarter as compared to a year ago, driven primarily by higher ore production across mines. For the six month period, mined metal production increased by 26% to 472kt from corresponding prior period.
Integrated zinc metal production during the quarter increased by 22% y-o-y to 211kt on account of enhanced smelter efficiency and conversion of WIP inventory. During H1 FY 2016, integrated zinc metal production was 398kt, up 28% from a year ago.
Integrated saleable lead and silver metal production was the highest ever during the quarter, up 53% y-o-y to 39kt and up 64% y-o-y to
Revenues increased by 4% during the quarter to Rs.
EBITDA was at an all time high, increasing by 9% y-o-y to Rs.
During the quarter, Government of
Net profit increased by 5% to Rs.
The Board of Directors has declared a special interim dividend of 95% i.e. Rs. 1.90 per share, in addition to maintaining last year's interim dividend of 95% i.e.
As on
The Company will hold an earnings conference call on
Primary: +91 22 3960 0762
Secondary: +91 22 6746 5962
For further information, please contact:
Communications | Finsbury |
Roma Balwani President - Group Communications, Sustainability and CSR Tel: +91 22 6646 1000 gc@vedanta.co.in | Daniela Fleischmann Tel: +44 20 7251 3801 |
Investors | |
Ashwin Bajaj Director - Investor Relations Radhika Arora Associate General Manager - Investor Relations | Tel: +44 20 7659 4732 Tel: +91 22 6646 1531 ir@vedanta.co.in |
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Disclaimer
This press release contains 'forward-looking statements' - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' 'should' or 'will.' Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
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