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Revenue
₹7,282 Cr
verified against source
Revenue YoY
-22%
reported change
EBITDA
₹3,359 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hindustan Zinc reported Q1 FY24 revenue of INR 7,282 crore, down 22% YoY, primarily due to lower zinc and lead LME prices. EBITDA fell 36% YoY to INR 3,359 crore, while PAT declined 37% to INR 1,964 crore. Despite the top-line pressure, the company delivered a strong operational performance with highest ever Q1 mined metal production of 257,000 tons and silver output of 179 tons. Cost of production before royalty improved 6% YoY to $1,194/ton, aided by softer coal prices, better grades, and operational efficiencies. Management maintained FY24 cost guidance of $1,125-$1,175/ton and CapEx guidance of $375 million. Key growth projects—alloy plant, Rajpura Dariba mill, and fumer plant—are on track for Q2 commissioning. Risks include sustained weakness in LME zinc prices and potential delays in mine expansion approvals.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to achieve the lower end of the cost guidance range, supported by softer input costs and structural efficiency improvements.
- Maintenance CapEx of $375 million for FY24, with $90 million spent in Q1. Growth CapEx for roaster and fertilizer projects is progressing.
- These projects are on track for commissioning in the second quarter, enhancing value-added product portfolio and recovery.
- After roaster commissioning, expansion of electrowinning and leaching will follow, targeting 1.25 Mt capacity from FY24 levels.
Risks flagged
- Zinc LME prices remain weak due to global macroeconomic headwinds; further decline could pressure revenues and margins.
- Management provided no update on the Zinc International acquisition, indicating no progress; regulatory hurdles may persist.
- Analyst raised concern about brand fee (currently 2%) and possible royalty rate changes; management declined to comment on future changes.
- While management expressed confidence in project timelines, any delays in commissioning of alloy plant, roaster, or fertilizer plant could impact growth targets.
Key quotes
- We are completely unhedged as of now. We do only strategic hedging. Last time we did, when we believed that prices had gone to the top. At this point of time, we have not any hedged quantity.
- Our cost reduction program has resulted in continuous cost optimization for 2 consecutive quarters, with a total saving of approximately $100 in last 6 months.
- I have always been saying that looking at global supply/demand scenario, anywhere between $2,900-$3,100 is a stable, and I think the journey is towards that only.
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