Hindustan Zinc Q4 profit declines 13% to Rs 1,881 crore

Written by PTI | New Delhi | Updated: Apr 22 2014, 10:56am hrs
Hindustan Zincs net profit dipped 13% to R1,881 crore in the January-March quarter on lower volumes.

The company, a unit of Anil Agarwal-led Sesa Sterlite with interests in zinc, lead and silver, said it plans to invest $250 million in FY15, when volumes are expected to be marginally higher.

Hindustan Zinc (HZL) had clocked a profit of R2,166 crore a year earlier, it said in a statement.

"In Q4, net profit declined by 13% to R1,881 crore compared to the previous year, in line with EBITDA and partly offset by higher other income," HZL said.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) were lower by 18% in the quarter on lower volume and metal prices, it said. Other income rose to R589 crore from R401 crore.

The company announced a 175% dividend for 2013-14, during which revenue rose 7% to R13,459 crore, driven by higher volumes of zinc sales.

"Mined metal production for the year was 8,80,000 tonne, marginally higher than previous year and a record. Production in the second half of FY14 was lower than what we had planned initially due to slower-than-expected ramp up of underground mining projects and changes in mining sequence, wherein preference was given to primary mine development," HZL said.