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3QFY2011 Result Reviews
Hindustan Zinc
Hindustan Zinc’s (HZL) net revenue grew by impressive 20.3% qoq to `2,601cr on account of
higher zinc, lead and silver realisations, which witnessed a qoq improvement of 14.2%,
17.5% and 34.2%, respectively. Further, top-line growth was supported by higher zinc and
lead concentrate sales of 36,000dmt and 12,800dmt, respectively, (concentrate sales were
nil in 2QFY2011) despite lead sales volumes declining by 14.7% qoq due to maintenance
shutdown at Ausmelt and ISF smelters. Thus, led by higher realisations, EBITDA came in at
`1,507cr, up 33.9% qoq, as margins expanded by 591bp qoq to 57.9%. Further, other
income increased by 12.5% qoq to `207cr, which resulted in net profit growing by 35.9%
qoq to `1,290cr. We maintain our Neutral view on the stock.
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