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Revenue
₹7,310 Cr
verified against source
Revenue YoY
-7%
reported change
EBITDA
₹3,559 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 Q3 FY24 with revenue of ₹7,310 crore (down 7% YoY but up 8% sequentially) and EBITDA of ₹3,559 crore (up 14% sequentially). EBITDA margin expanded to 49% (up 300 bps QoQ) driven by record silver production of 197 tons (+22% YoY) and cost optimization. COP fell to $1,095/ton, the lowest in 10 quarters, aided by higher volumes, softer coal prices, and operational efficiencies. Management reaffirmed FY24 volume guidance and expects to achieve the lower end of COP guidance ($1,125-1,175/ton). Silver now contributes over 45% of profits. Key risks include global zinc demand weakness and delays in the business restructuring plan pending government approval.
Colored figures show movement against the previous available record.
Guidance to track
- Management confirmed achieving mined metal, refined metal, and silver production guidance for FY24, with Q4 typically being the best quarter.
- COP for Q3 was $1,095/ton; management expects full-year COP to be at the lower end of the guided range, trending towards $1,000/ton design cost.
- Management expects silver production to be better than committed guidance, with Fumer project adding ~30 tons annually from next year.
- The new roaster at Debari is expected to be commissioned between January and March 2025.
Risks flagged
- Zinc demand remains subdued in Europe and the US, with Chinese stimulus not yet boosting prices as expected.
- The board-approved restructuring plan is pending agreement from government nominee directors; management expects closure by March/April 2024.
- Domestic coal availability declined from 45% in Q2 to 30-31% in Q3, though power plant modifications allow higher ash coal usage.
Key quotes
- Our EBITDA margin increased from 46% in previous quarter to 49% in quarter 3 FY 2024. It was supported by prioritizing silver production as well.
- Silver segment now account for over 45% of our profit in FY 2024, as compared to 27% in the last year, underscoring our commitment to maximize shareholder value.
- I won't hazard a guess. I would be happy if it continues at the current level, maybe ±$50 for another quarter. I think that will help us out.
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