Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹7,549 Cr
verified against source
Revenue YoY
-15%
reported change
EBITDA
₹13,677 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hindustan Zinc reported a resilient Q4 FY24 despite a 25% YoY decline in zinc prices. Revenue from operations for the full year was approximately INR 29,000 crore, down 15% YoY, while EBITDA stood at INR 13,677 crore, down 22% YoY. The company maintained an industry-leading EBITDA margin of 47% due to significant cost improvements, with zinc cost of production falling to $1,051/ton in Q4, the lowest in 12 quarters. Record metal production of 1,079 KT and silver production of 746 tons were achieved, making HZL the third-largest silver producer globally. Management guided FY25 mine metal production of 1,100-1,125 KT and refined metal production of 1,075-1,100 KT, with cost guidance of $1,050-$1,100/ton. A potential demerger of the silver business could unlock $3-4 billion in market cap, but is delayed pending government disinvestment. Key risks include lease expiries for major mines by 2030 and execution of expansion plans.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects continued growth in mine metal production, targeting 1,100-1,125 KT for FY25.
- Refined metal production is guided at 1,075-1,100 KT for FY25.
- Sellable silver production is expected to be between 750 and 775 tons in FY25.
- Zinc cost of production is guided at $1,050-$1,100 per ton for FY25, factoring in higher grade and zinc-lead mode operations.
Risks flagged
- Rampura Agucha and Zawar mines have leases expiring in 2030, accounting for 65% of current output. Auction terms and royalty impact are uncertain.
- Management plans to double capacity to 2 million tons in 2.5-3 years, but this requires significant capital and regulatory approvals.
- The demerger is delayed due to government's disinvestment process, potentially postponing value unlocking of $3-4 billion.
- Despite recent rally, zinc prices remain sensitive to global demand and supply disruptions, impacting revenue and margins.
Key quotes
- We feel that this is the right time for government to disinvest and also help us to demerge these entities and create a silver as a separate entity because we continuously believe that that will unlock another $3 billion-$4 billion on the market cap.
- Despite a 25% year-on-year fall in zinc prices, we successfully maintained our industry-leading margin of 47%, underscoring our strong foothold in the first decile of zinc mining cost curve.
- We are in the process of engaging global consultants... to look at the mine expansion... so that we can come back to you and place before you a vision of making this company 2 million ton.
Research modules