The firm, in which the government holds a 29.54% stake, recorded a 7.4% decline in revenue from operations, totaling Rs 7,067 crore, compared to Rs 7,628 crore in Q3 FY23.
On Friday, Hindustan Zinc, owned by Vedanta, reported a 5.9% decrease in net profit to Rs 2,028 crore in Q3 FY24 compared to Rs 2,156 crore in the same quarter of FY23. However, sequentially, the company's net profit increased by 17%.
With the government holding a 29.54% stake in the company, revenue from operations stood at Rs 7,067 crore, reflecting a 7.4% decline from Rs 7,628 crore in Q3 FY23. Total income for Q3 FY24 was Rs 7,606 crore, while total expenses were Rs 4,937 crore.
The EBITDA dropped by 14% to Rs 3,560 crore in Q3 compared to Rs 3,717 crore in the corresponding quarter last year.
For the first nine months until December 2023 of FY24, revenue from operations amounted to Rs 21,383 crore, marking a 16% YoY decrease. The profit during this period was Rs 5,721 crore, down 28% year-on-year.
The company achieved its highest-ever nine-month mined metal and silver production, leading to industry-leading Compound Annual Growth Rate (CAGR) and progress towards meeting annual goals. Notably, it reported the lowest zinc cost of production in the last 10 quarters, standing at $1,095 per MT, marking the fourth consecutive quarter of cost reduction.
For the quarter, mined metal production reached 271 kt, showing an 8% sequential increase and a 7% year-on-year growth. This was propelled by higher ore production at Rampura Agucha and Sindesar Khurd mines, coupled with improved mined metal grades compared to the previous year.
As of December 31, 2023, the company's gross investments and cash & cash equivalents amounted to INR 9,743 Crore, compared to Rs 11,393 Crore at the end of September '23, invested in high-quality debt instruments. The total outstanding borrowings as of Dec '23 were Rs 10,111 Crore. During the quarter, the company disbursed a dividend of Rs 2,535 crore.
Arun Misra, CEO, highlighted the company's record nine-month mined metal and silver production, emphasizing sustainable operational progress and safety practices. He also mentioned the company's commitment to decarbonization, initiating the use of electric and LNG vehicles for intra-unit movements and goods transportation to reduce Scope 3 emissions.
Misra further noted the company's top ranking in the S&P Global Corporate Sustainability Assessment (CSA) 2023 among 238 companies in the metals and mining sector, achieving a score of 85 out of 100.
