Hindustan Zinc Limited
Results for the Second Quarter
Ended 30 September 2012
Hindustan Zinc Limited announced results for the second quarter (“Q2”) and Half Year ended 30
September 2012.
Q2
HIGHLIGHTS
Operational
Mined metal production in line with the mine plan
Refined Lead production up by 60%
Refined Silver production up by 86%
Greenfield Kayar mine strikes developmental ore, ahead of schedule
Financial
Performance
Net Revenue up 9% to Rs. 2,822 Crore
Net Profit up 15% to Rs. 1,540 Crore
Interim
Dividend
Interim dividend of Rs 1.60 per share
“Our results show our ability to deliver
consistent performance from our best-in-class assets. We will continue our
growth story in future and maintain our cost leadership to deliver industry
leading performance”, said Mr. Agnivesh Agarwal, Chairman of Hindustan Zinc.
Unaudited
Financial Summary
|
Hindustan Zinc
|
Q2 FY 13
|
Q1 FY13
|
%Dif QoQ
|
Q2 FY12
|
%Dif YoY
|
|
Net Sales
|
2822.3
|
2712.67
|
4.04
|
2593.49
|
8.82
|
|
Other Optg Income
|
43.16
|
35.04
|
23.17
|
43.35
|
-0.44
|
|
Total Income
|
2865.46
|
2747.71
|
4.29
|
2636.84
|
8.67
|
|
Total Expenses
|
1596.93
|
1255.18
|
27.23
|
1294.46
|
23.37
|
|
Profit from Operations
|
1268.53
|
1255.18
|
1.06
|
1294.46
|
-2
|
|
Other Income
|
539.76
|
574.3
|
-6.01
|
408.73
|
32.06
|
|
Finance Costs
|
-2.09
|
12.88
|
-116.23
|
9.16
|
-122.82
|
|
Exceptional (VRS) costs
|
23.86
|
||||
|
Profit Before Tax
|
1810.38
|
1816.6
|
-0.34
|
1670.17
|
8.39
|
|
Tax Expense
|
270.39
|
235.26
|
14.93
|
325.48
|
-16.93
|
|
Net Profit
|
1539.79
|
1581.34
|
-2.63
|
1344.69
|
14.51
|
|
Paid Up equity
|
845.06
|
845.06
|
0
|
845.06
|
0
|
|
Basic EPS(FV:Rs.2)
|
3.64
|
3.74
|
-2.67
|
3.18
|
14.47
|
|
Public Holding(%)
|
35.08
|
35.08
|
0
|
35.08
|
0
|
Operational Performance Mined
metal production during H1 is in line with our mine plan. The production is
expected to progressively increase during Q3 and Q4, such that H2 should more
than make up the H1 shortfall. We expect the mined metal production for the
full year to be slightly higher than the previous year. Mined metal production
was 190kt in Q2 and 377kt in H1, as compared with 210kt and 398kt in the
corresponding prior periods. In line with the mined metal production,
integrated production of refined zinc was 153kt in Q2 and 310kt in H1.
Integrated production of refined lead was 24kt in Q2 and 53kt in H1. Integrated
refined Silver production was 80 tonnes in Q2 and 160 tonnes in H1, up 63% and
66% respectively, driven by the ramp-up of SK mine and Dariba lead smelter.
Financial Performance
Revenues
(Net Sales) for H1 FY 13 were Rs. 5,535 Crore , up 2% compared
to Hi1 FY 12.
Net Sales for Q2 FY
13 at Rs.2822.30 Cr is up by 4.04% from Q1 FY 13 (Rs.2712.67 Cr); and up by
8.82% from Q2 FY 12 (Rs.2593.49 Cr).
Total Expenditure for Q2 FY 13 stands at Rs.1596.93 Cr; up by 6.99%
from Q1 FY 13 (Rs. 1492.53 Cr); and up by 21.21 % from Q2 FY 12 (Rs.1317.54 Cr).
Profit before Intt, Dep. & Taxes for Q2 FY 13 stands at Rs.1225.37 Cr; up by 0.43% from Q1 FY 13 (Rs.1220.14 Cr);
and down by -3.96 % from Q2 FY 12 (Rs.1275.95
Cr).
Net Profit for Q2 FY 13 stands at Rs.1539.79 down by -2.63% from Q1 FY
13 (Rs.1581.34 Cr); and up by 14.51
% from Q2 FY 12 (Rs.1344.69 Cr).
Net
profit was
up 10% in H1 FY 13 at Rs. 3,121 Crore, compared to H1 FY 12.
During
Q2 and H1 of FY2013, the positive impact of higher Lead-Silver volumes and
Rupee depreciation was offset by lower zinc volumes, lower prices of Zinc, Lead
and Silver. The Zinc COP, excluding royalty, during the quarter was Rs. 46,750
per MT ($844), compared to Rs 38,800 ($847) in the corresponding prior quarter.
The increase was primarily on account of higher excavation cost and Rupee
depreciation.
Basic EPS(FV:Rs.2) : Basic EPS in Q2 FY 13 was Rs.3.64;
compared to Rs.3.74 in preceding
Quarter of Q1 FY 13; and Rs.3.18 in Q2 FY 12, the corresponding quarter of
previous year.
52 week high/low price : 154.00/106.45
CURRENT
MP : Rs.134.35
Interim Dividend : Company
has recommended an interim dividend of 80% i.e. Rs. 1.60 per share on equity
share of Rs 2.00 each, compared to an
interim dividend of Rs 1.50 per share last year.
Expansion Projects At
the greenfield Kayar mine, a milestone of development ore production was
achieved towards the end of the quarter. Both Rampura Agucha and Kayar
underground mines are progressing well and will start commercial production in
FY 2014.
Liquidity and investment As
at 30 September 2012, the Company had cash and cash equivalents of Rs. 19,136
Crore. This includes Rs. 10,177 Crore in debt mutual funds, Rs. 1,663 in bonds
and Rs. 7,275 Crore in fixed deposits with banks. The Company follows a
conservative investment policy and invests in high quality debt instruments.
Our investment portfolio is rated “very good” by CRISIL – the highest rating.
* * *
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