HZL Announces Results for the First Quarter Ended 30 June 2014

        HZL Announces Results for the First Quarter Ended 30 June 2014    PR Newswire    MUMBAI, India, July 21, 2014  MUMBAI, India, July 21, 2014 /PRNewswire/ --  The following release was issued today by Sesa Sterlite Limited's subsidiary Hindustan Zinc Limited.                             Hindustan Zinc Limited                Results for the First Quarter Ended June 30, 2014   Hindustan Zinc Limited today announced its results for the first quarter ended June 30, 2014.   (Logo: http://photos.prnewswire.com/prnh/20140117/663814 )  Mr. Agnivesh Agarwal (Chairman,  Hindustan  Zinc) - "Zinc prices are looking up as market sentiments are improving and metal balance remains favourable. Our expansion projects will enhance our market leadership and we are aggressively accelerating our mine development efforts to increase future production."  Financial Summary  ( In Rs. Crore, except as stated )       Particulars                                               Q1                  Q4                                                      2015      2014     Change      2014     Net Sales/Income from Operations     Zinc                                            2,057     1,986         4%     2,591     Lead                                              452       402        12%       536     Silver                                            318       408       -22%       375     Others                                            136       143        -5%        87     Total                                           2,963     2,939         1%     3,589     EBITDA                                          1,352     1,506       -10%     1,736     Profit After Taxes                              1,618     1,660        -3%     1,881     Earnings per Share (Rs.)                         3.83      3.93        -3%      4.45     Mined Metal Production ('000 MT)                  163       238       -31%       200     Refined Metal Production ('000 MT)     Total Refined Zinc                                141       174       -19%       183     - Zinc - Integrated                               139       173       -20%       179     Total Saleable Refined Lead[1]                     31        31        -1%        36     - Saleable Lead - Integrated                       22        27       -21%        29     Total Refined Saleable Silver[2],[3](in MT)        82        96       -15%        91     - Saleable Silver - Integrated                     56        77       -28%        68     Wind Power (in million units)                     146       162       -10%        76     Zinc CoP without Royalty (Rs. / MT)            60,093    46,765        29%    55,467     Zinc CoP without Royalty ( $ / MT)              1,005       836        20%       899     Zinc LME ($ / MT)                               2,074     1,840        13%     2,029     Lead LME ($ / MT)                               2,096     2,049         2%     2,106     Silver LBMA ($ / oz.)                            19.6      23.1       -15%      20.5     USD-INR                                          59.8      55.9         7%      61.8  (1) Excluding captive consumption of 1,689 MT in Q1 FY 2015, as compared with 1,644 MT in corresponding prior period.   (2) Excluding captive consumption of 8,777 MT in Q1 FY 2015, as compared with 8,844 MT in corresponding prior period.       (3) Silver occurs in Lead & Zinc ore and is recovered in the smelting and silver-refining processes   Operational Performance   Mined metal production was 163,131 MT in Q1, as compared with 237,825 MT a year ago. The decrease is in-line with our mine plan, which involves lower mined metal production on a year-on-year basis in the first half of the year where we excavate more waste than ore. With higher production planned in second half, the transition to underground mining is progressing well.  Integrated refined metal production of zinc-lead during the quarter was lower by ~20% compared to a year ago, in-line with mined metal production.  The zinc metal cost of production before royalty during the quarter was Rs. 60,093 ($1,005), which is 29% higher in Rupee and 20% higher in USD term from a year ago. The lower production volumes significantly impacted costs, accentuated by rupee depreciation, planned plant shutdowns and higher mine development.  Financial Performance   Revenues were up 1% to Rs. 2,963 crore in Q1 FY 2015 as compared with the corresponding prior period. The increase was driven by higher zinc LME price & premium and rupee depreciation, offset by lower volumes.  EBITDA decreased by 10% to Rs. 1,352 crore in Q1 FY 2015 due to lower production volumes and higher production cost.  Net profit decreased by 3% to Rs. 1,618 crore in Q1 FY 2015. The impact of lower EBITDA was partly offset by strong other income during the quarter.  Expansion Projects   During the quarter, total mine development increased by 15%. Rampura Agucha and Sindesar Khurd shaft projects are progressing well. India's first paste-fill plant is under commissioning at Rampura Agucha mine. Mine design and planning for further deepening of the pit at Rampura Agucha is under progress to explore extension of mine life.  Liquidity and investment   As on June 30, 2014, the Company had cash and cash equivalents of Rs. 26,272 crore, out of which Rs. 22,172 crore was invested in mutual funds, Rs. 2,049 crore in bonds and Rs 2,000 crore were in fixed deposits with banks. The Company follows a conservative investment policy and invests in high quality debt instruments.  ___________________________________________________________________________________________________________  For Further information, please contact   About Sesa Sterlite Limited   Sesa Sterlite Limited ("Sesa Sterlite") is one of the world's largest diversified natural resources companies. Our business primarily involves exploring, extracting and processing minerals and oil & gas. We produce oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and have a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka. Sesa Sterlite has a strong position in emerging markets with over 80% of its revenues from India, China, East Asia, Africa and the Middle East.  Sustainability is at the core of Sesa Sterlite's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities.  Sesa Sterlite is a subsidiary of Vedanta Resources plc, a London-listed company. Sesa Sterlite is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.  Disclaimer   This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behavior of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.  Sesa Sterlite Limited   (Formerly known as Sesa Goa Limited)   Vedanta, 75, Nehru Road,  Vile Parle (East), Mumbai - 400 099  http://www.sesasterlite.com  Registered Office:   Sesa Ghor, 20 EDC Complex,  Patto, Panaji (Goa) - 403 001  CIN: L13209GA1965PLC000044  CommunicationsRoma Balwani Executive Vice President - Group Communications & CSR Tel: +91-22-6646-1330 gc@vedanta.co.in Investor RelationsAshwin Bajaj Senior Vice President - Investor RelationsSheetal Khanduja Associate General Manager - Investor RelationsHitesh Dhaddha Manager - Investor Relations Tel: +91-22-6646-1531 Sesasterlite.ir@vedanta.co.in  
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