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Motilal Oswal Report
Hindustan Zinc Ltd.'s Q2 FY21 result was strong, as expected, led by higher silver volumes and prices.
Silver Ebit was the highest ever at Rs 10.8 billion (up 117% YoY; up 103% QoQ), contributing 46% to overall Ebit (the second highest ever).
Hindustan Zinc declared interim dividend of Rs 21.3 per share, amounting to Rs 90 billion (approximately 50% of net cash balance) and implying a dividend yield of approximately 10%.
Volume ramp-up, however, has been lagging guidance. Moreover, the pledging of shareholding by promoter Vedanta Ltd. is an additional overhang on the stock.
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