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Revenue
₹8,130 Cr
verified against source
Revenue YoY
12%
reported change
EBITDA
₹3,946 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hindustan Zinc delivered a strong Q1 FY25 with record mined and refined metal production of 263kt and 262kt respectively. Revenue grew 12% YoY to INR 8,130 crore, driven by higher volumes and favorable LME prices. EBITDA rose 17% YoY to INR 3,946 crore, with margins expanding to 48.5% (up 300bps YoY) as cost of production fell 7% YoY to $1,107/ton. PAT increased 19% to INR 2,345 crore. Management maintained FY25 volume guidance of 5-7% metal growth and cost guidance of $1,050-1,100/ton. Key growth drivers include the upcoming 160kt roaster (commissioning preponed to Q3), 500kt fertilizer plant (Q2 FY26), and renewable energy ramp-up (8.5% of power mix). Risks include potential retrospective mining cess from Rajasthan government (contingent liability of INR 142 crore) and global zinc price volatility amid uncertain macro environment.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year mined and refined metal production to grow 5-7% over FY24, driven by debottlenecking and new roaster commissioning.
- Silver production is expected to grow 3-5% YoY, with WIP accumulation in Q1 to be liquidated in subsequent quarters.
- Management reiterated cost guidance for FY25, expecting to end the year in the lower quartile of the range.
- The new roaster at Debari is now expected to commission by end of Q3 FY25, adding ~15kt of zinc production in FY25.
Risks flagged
- The Supreme Court reserved judgment on whether states can levy additional surcharge/cess on mining. A retrospective application could increase costs, though management believes the impact is immaterial.
- Zinc prices declined from Q1 highs due to lack of Chinese stimulus, European slowdown, and geopolitical uncertainties. Management expects prices to recover only by Q4 FY25.
- Sellable silver production dropped 7% YoY in Q1 due to WIP accumulation from late mode of pyro operation. While management expects liquidation, any delay could impact silver volume guidance.
Key quotes
- We have sold forward 90 KT of the zinc production for the fiscal year, around 10% of our annual production of zinc, demonstrating our agile decision making and flexibility to harness right opportunities.
- We are factoring the consensus of the $2,900-$3,000, and the silver at $30-$32.
- We have set a new standard in the Indian metals and mining industry by launching the first-ever task force on nature-related financial disclosures or TNFD report.
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