Mumbai, Maharashtra, India
Hindustan Zinc Limited today announced results for its first quarter ended 30 June 2006. Revenues increased 206% to Rs. 1,610 crores and net profits increased 491% to Rs. 874 crores.
Mined metal production was 131,374 tonnes for the quarter, an increase of 15% over output in the corresponding prior quarter, primarily due to the increased output from Rampura Agucha mines. Refined zinc production was 82,240 tonnes during the quarter as compared with 57,631 tonnes produced in the corresponding prior quarter, mainly due to production from the new hydro smelter.
Sales during the quarter were augmented by the sale of 56,000 dry metric tonnes of surplus zinc concentrate. The average LME prices for zinc for Q1 FY2007 was $3,293 per tonne as compared to $1,276 per tonne in the corresponding prior quarter
Net profits were Rs 874 crore, an increase of 491% as compared with the corresponding prior quarter, primarily due to higher prices and metal volumes, as well as a reduction in unit operating costs mainly due to operating efficiencies achieved at the new captive power plant as offset by higher royalties linked to LME prices.
About HZL
HZL is India's only integrated producer of zinc and among the world's leading integrated producers, with an Indian domestic market share is approximately 70%. Its zinc capacity is currently 400,000 tpa with smelter operations are situated in Chanderiya, Debari and Visakhapatnam. HZL has lead-zinc mines in Dariba, Rampura Agucha, and Zawar. HZL recently commissioned a 50,000 tpa Ausmelt lead plant, increasing its capacity to 85,000 tpa. HZL has nearly 6,000 employees. The company is a subsidiary of Vedanta Resources plc.
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Sumanth Cidambi, Hindustan Zinc Limited, +44 20 7659 4732 / +91 (022) 6646 1531 sumanth.cidambi@vedanta.co.in
Kinshuk Gupta, IPAN, +91 (011) 42492117/ +91 (011) 42492100 Kinshuk.gupta@ipan.com
Source: Hindustan Zinc Limited (Business Wire India)
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