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Motilal Oswal Report
Hindustan Zinc Ltd.’s Q3 FY24 revenue stood at Rs 73 billion (down 7% YoY), in line with our estimate of Rs 75 billion. Ebitda stood at Rs 35 billion (down 5% YoY), in line with our estimate of Rs 34 billion. The YoY decline in Ebitda was due to lower zinc sales volumes, lower zinc average selling price, higher marketing cost and strategic hedging impact, partially offset by increased silver/lead volumes, reduction in cost of production, and favorable exchange rates.
The CoP stood at $1,095/tonne (the lowest CoP in the last 10 quarters and the fourth consecutive quarter of consistent improvement). The reduction in CoP is driven by better volumes, enhanced operational efficiencies, and the benefits of lower coal prices.
Adjusted profit after tax stood at Rs 20 billion (down 6% YoY), above our estimate of Rs 18 billion. APAT was higher on the back of higher ‘other income’ and lower-than-expected tax outgo. Hindustan Zinc declared a second Interim dividend of Rs 6 per share in Dec 2023.
Mined metal production stood at 271 kilo tonne (up 5% YoY), refined Zinc volume stood at 203 kt (down 3% YoY), refined Lead volume stood at 56 kt (up 22% YoY) and silver volume stood at 197 tonne (up 22% YoY).
During nine months-FY24, revenue stood at Rs 214 billion (down 16% YoY), Ebitda stood at Rs 100 billion (down 24% YoY), and APAT stood at Rs 57 billion (down 28% YoY).
Hindustan Zinc posted the highest ever nine months mined metal production of 780 kt (up 2% YoY) on the back of improved metal grades. Gross debt as on Dec-23 stood at Rs 101 billion and cash and cash equivalents on the books are over Rs 97 billion.
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