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Hindustan Zinc Limited (“HZL”
or the “Company”)
today announced its results for the first quarter ended 30 June 2008 (“Q1”).
Revenues and net profit for Q1 were Rs 1,644 crore and Rs 848 crore
respectively.
Unaudited Financial Summary
(in Rs crore, except as stated)
Q1
FY 2008-09
FY 2007-08
% Change
Net Sales/Income from operations
1,644
1,970
- 17%
Cash Profit (PBDT)
1,180
1,725
-32%
Net Profit After Taxes
848
1,211
-30%
Earnings Per Share (Rs.)
20.07
28.67
Production – Mined Metal (MT)
Zinc
138,278
134,339
3%
Lead
19,584
19,442
1%
Production – Saleable Metal (MT)
Zinc
127,889
92,631
38%
Lead
17,298
13,651
27%
During Q1, HZL produced 127,889 tonnes of zinc and 17,298 tonnes of
lead, an increase of 38% and 27% respectively compared with the
corresponding prior quarter. The mined zinc metal and lead metal
production was marginally up at 138,278 tonnes and 17,298 tonnes
respectively.
During the quarter, the sale of zinc and lead concentrate was lower at
10,507 dry metric tonnes as compared to 54,385 dry metric tonnes in the
corresponding prior quarter. This was primarily on account of higher
smelter production, leading to a decrease in the surplus concentrate
available for sale.
The positive impact of higher volumes on sales and PBDT in Q1 was offset
by the adverse impact on account of a decline in zinc LME prices (from
US $3,667 in Q1 FY 2008 to US $2,115 in Q1 FY 2009) by 42%.
During Q1, the Company was able to achieve significant reduction in the
operating cost on the back of increased volumes, improved operational
efficiencies and higher byproduct credits.
Progress of Projects
In Q1, the Company successfully commissioned 88,000 tpa zinc
debottlenecking project at Chanderiya and Debari.
With the commissioning of 16 MW wind power generation capacities, HZL
has successfully completed its ongoing wind energy project and now has
capacity of 123.2 MW wind power.
During the quarter, HZL announced expansion projects that will take its
total integrated zinc-lead capacity to 1,065,000 tonnes per annum with
fully integrated mining, smelting and captive power generation
capacities; making HZL the world’s largest
integrated zinc-lead producer by 2010. The total investment in these
projects is estimated at Rs. 3,600 crore.
For further information, please contact:
Sumanth Cidambi
Associate Director – Investor Relations
sumanth.cidambi@vedanta.co.in
Tel: +91 22 6646 1531
Sheetal Khanduja
Manager - Investor Relations
sheetal.khanduja@vedanta.co.in
Tel: +91 22 6646 1427
About Hindustan Zinc
HZL is India’s leading integrated producer of
zinc and is among the world’s leading
integrated producers. It has a metal production capacity of 754,000
tonnes per annum with its smelter operations situated in Chanderiya,
Debari and Visakhapatnam. HZL has lead-zinc mines in Rajpura Dariba,
Rampura Agucha, Sindesar Khurd and Zawar. HZL has approximately 6,400
employees. The company is a subsidiary of the NYSE listed, Sterlite
Industries (India) Limited (NYSE:SLT) and London listed FTSE 100
diversified metals and mining major, Vedanta Resources plc.
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.