Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Hindustan Zinc Profit Beats Estimates on Higher Metal Output

Don't Miss Out —
Follow us on:

April 25 (Bloomberg) -- Hindustan Zinc Ltd., India’s largest zinc and silver producer, reported a better-than-expected 54 percent gain in fourth-quarter profit, aided by higher metal output.

Net income rose to 21.7 billion rupees ($401 million), or 5.13 rupees a share, in the three months ended March 31 from 14.1 billion rupees, or 3.34 rupees, a year earlier, the unit of London-based Vedanta Resources Plc said today in an exchange filing. The median of 27 analyst estimates compiled by Bloomberg was 18.2 billion rupees. Sales surged 25 percent to 38.5 billion rupees.

Earnings before interest and tax from zinc and lead climbed 37 percent to 15.6 billion rupees. Refined silver output increased 33 percent to 117 tons, while production of mined zinc rose 16 percent to 260,000 metric tons.

Total expenses gained 17 percent to 19.1 billion rupees, while fuel costs fell 14 percent to 2.76 billion rupees.

The shares of Udaipur, Rajasthan-based Hindustan Zinc rose 4.6 percent to 119.15 rupees at close of trade in Mumbai today.

Billionaire Anil Agarwal, who owns the Vedanta group, is seeking to buy the Indian government’s remaining stake in Hindustan Zinc. The shares will give Vedanta’s Mumbai-based unit Sterlite Industries (India) Ltd. control over a combined 964,000 tons of zinc and lead capacity and cash and equivalent of $3.3 billion.

To contact the reporter on this story: Abhishek Shanker in Mumbai at ashanker1@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.