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Revenue
₹6,791 Cr
verified against source
Revenue YoY
-19%
reported change
EBITDA
₹3,122 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 Q2 FY24 revenue of ₹6,791 crore (down 19% YoY) and EBITDA of ₹3,122 crore (down 29% YoY), impacted by lower zinc LME prices and scheduled maintenance shutdowns. PAT fell 35% YoY to ₹1,729 crore. Cost of production improved to $1,137/ton (down 10% YoY), aided by softer coal prices, higher linkage coal usage, and better ore grades. Management maintained FY24 guidance for production and cost ($1,125-1,175/ton), with confidence in achieving the lower end. Key positives include highest-ever H1 mined metal output (509kt) and commissioning of India's first fumer plant. Risks include global zinc demand weakness and potential coal price volatility.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to achieve the lower end of the cost guidance range for the full year.
- Management reiterated production guidance for mined metal and refined metal.
- Company is working on debottlenecking initiatives to increase smelting capacity to 1.25 million tons.
- Completion will enable over 50% of energy requirement to be met through green power.
Risks flagged
- Muted global demand due to sluggish economies in US, China, and Europe could pressure prices and volumes.
- Thermal coal prices are fluctuating; any sustained increase could impact cost guidance.
- The conversion of general reserve to retained earnings is still awaiting NCLT order, with next hearing on Nov 8.
- Fertilizer project depends on rock phosphate availability from RSMM and imports; commissioning timeline is 18-24 months.
Key quotes
- We have produced more than 1 million ton for two consecutive years. Every year, we are starting with a opening stock of MIC for the smelters to process.
- Given this cost trajectory, we believe that for the whole year, we should be towards the lower end of the cost guidance on a full year basis.
- The focus at a low LME environment is to minimize development required for production and maximize on the grade in every mine, so that our overall cost of producing the Metal in Concentrate is the lowest.
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