Hindustan Zinc Q3FY22 Results: Profit rose 23% to Rs 2,701 crore

Vedanta Group firm Hindustan Zinc Ltd today reported a 22.77 per cent jump in the consolidated profit at Rs 2,701 crore for the quarter ended December 31, 2021 (Q3FY22). It had posted a consolidated profit of Rs 2,200 crore in the corresponding quarter of the previous financial year (Q3FY21).

The company's revenue from operations grew 32.43 per cent to Rs 7,990 crore in the period under consideration compared to Rs 6,033 crore posted last year.

EBITDA (earnings before interest, taxes, depreciation, and amortisation) of the integrated mining and resources producer of zinc, lead, silver and cadmium jumped 33.68 per cent to Rs 4,370 crore compared to Rs 3,269 crore posted last year.

"At the current run rate, we are confident to deliver on the one million mark this year. Hindustan Zinc is also geared to invest in world-class technologies and equipment to produce value-added zinc alloy products and provide matching international quality in the domestic market," said, Arun Misra, CEO, Hindustan Zinc.

He further added, "The company's ESG (environmental, social and governance) journey is progressing well. We stand committed to decarbonising our mining operations. We will invest USD 1 bn over the next five years in our climate change initiatives to bring down dependence on thermal power and progress on our journey to net-zero by 2050."

Besides, the company further said that the board of directors at its meeting held on Friday approved the scheme of arrangement between the company and its shareholders. The scheme inter-alia provides for capital reorganisation of the company, whereby it is proposed to transfer the amounts standing to the credit of the general reserves to the retained earnings of the company with effect from the appointed date (as defined in the scheme)," it said.

The scheme is subject to receipt of regulatory approvals from the National Company Law Tribunal, Sebi, BSE and National Stock Exchange and such other clearances as may be applicable.