Hindustan Zinc Limited announced earnings results for the fourth quarter and full year ended March 31, 2018. For the quarter, the company reported Total sales of INR 61,740 million against INR 66,710 million a year ago. revenue from operations was INR 62,770 million compared to INR 62,550 million a year ago. profit before exceptional items was INR 36,020 million compared to INR 36,830 million a year ago. EBITDA was INR 36,600 million against INR 37,700 million a year ago. Profit After Taxes was INR 25,050 million against INR 30,570 million a year ago. Earnings per basic and diluted shares was INR 5.93 compared to INR 7.23 a year ago.

The fourth quarter recorded the highest ever production from underground mines. Total mined metal production in Fourth Quarter was 255,000 tonnes, up 6% quarter over quarter and down 18% year over year. The sequential increase in production was on account of higher ore grades while the year over year decrease was driven primarily by decline in overall ore grades due to transition from open cast to underground mining. The Company recorded highest ever lead and silver metal production during the quarter. Integrated lead metal production was 50,000 tonnes, 9% higher quarter over quarter and 11% higher year over year on account of higher mine feed and smelter efficiency. Integrated silver production was at 170 MT, up 28% sequentially and up 22% year over year due to higher silver feed and smelter efficiency. Integrated zinc metal production was 206,000 tonnes, 3% higher quarter over quarter and 4% lower year over year in line with availability of mined metal.

For the year revenue from operations was INR 220,840 million compared to INR 172,730 million a year ago. The company reported total sales of INR 222,130 million against INR 185,710 million a year ago. EBITDA was INR 123,760 million against INR 97,340 million a year ago. Profit before exceptional items was INR 122,570 million compared to INR 102,000 million a year ago. Profit After Taxes was INR 92,760 million against INR 83,160 million a year ago. Basic and diluted earnings per share was INR 21.95 compared to INR 19.68 a year ago.

For the year, the production of mined metal, refined metal and silver for the year were the highest ever and in line with guidance provided at the beginning of the year. Mined metal production for Fiscal Year 2018 was 947,000 tonnes, 4% higher year over year. This was driven by higher ore production from underground mines, partly offset by lower open-cast production and lower ore grades. Integrated zinc, lead and silver production were higher by 18% year over year, 21% year over year and 23% year over year respectively to record highs, in line with uniform flow of mined metal. annual production of refined silver was at 558 MT. annual production of refined zinc-lead was at 960 kt.

Mined metal and refined zinc-lead production in 2019 is expected to be slightly higher than that of last year, filling the gap caused by completion of open-cast production. Silver production is expected to be in the range of 650 to 700 MT. COP before royalty is projected to be in the range of USD 950 to 975 per MT in 2019. Tax rate is expected to trend up while quarterly depreciation expense is expected to be in the range of INR 3,500 million to INR 4,000 million. The project capex on mining and smelter expansions is expected to be approximately USD 400 million in 2019.