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ICICI Securities Report
Hindustan Zinc Ltd. continues to prepare for its eventual leap towards 1.2 million tonne per annum and then 1.35 mtpa of mined metal production.
While, FY22 was expected to witness ramp-up in production to 1.2 mtpa, second wave of Covid-19 outbreak in India seems to have postponed the same.
Management guided for a conservative 11.5% YoY mined metal production growth (mid-point).
Similarly, silver production guidance has been stemmed down to 720 tonne.
The decline in guided range because of Covid-19 is more than offset by commodity inflation, as can be seen in our FY22E earnings (up 10%).
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