MUMBAI, India--(BUSINESS WIRE)-- Hindustan Zinc Limited (HINDZINC | 500188 | INE267A01025) - a Vedanta group company in zinc-lead-silver business has now become the 3rd largest* silver producer globally as per the World Silver Survey 2024 conducted by ‘The Silver Institute’, USA. The company’s Sindesar Khurd Mine now stands as the world's 2nd largest silver-producing mine moving up from last year’s 4th position. On this achievement, Chairperson of Hindustan Zinc – Ms. Priya Agarwal Hebbar said, “Silver plays a pivotal role in the global energy transition and our recent record silver producti...
The general evaluation of HINDUSTAN ZINC (IN), a company active in the Non Ferrous Metals industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date February 1, 2022, the closing price ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
HINDUSTAN ZINC: Earnings outlook remains strong, but priced in; Maintain Neutral (HZ IN, Mkt Cap USD18.6b, CMP INR327, TP INR300, 8% Downside, Neutral) Hindustan Zinc (HZ)'s 1QFY22 results were impacted by lower production, weighed by the second COVID wave and higher CoP, partly offset by higher metal prices. While EBITDA declined 8% QoQ to INR35.6b, a higher tax rate of 34% (due to the income mix change and lapse of tax incentives) led to 15% decline in adj PAT to INR21.2b. We cut our F...
Q3FY20 result highlights- in line operating profits HZ reported EBITDA of Rs22.9bn, up 8.1% qoq due to higher zinc and silver volumes. Mined metal production at 235,000t, was up 7% qoq. However, due to timing mismatch, integrated metal production stood at 219,000t, up 4% qoq. Refined Zinc production increased by 7% qoq to 178,000t while lead production declined by 7% qoq to 41,000t due to temporary issue at Dariba lead smelter. Zinc realisations (derived) were flat qoq to US$2,583/t whereas ...
(HZ IN, Mkt Cap USD12.6b, CMP INR212, TP INR225, 6% Upside, Neutral) Expect volumes to increase but valuations pricing in benefits** 3QFY20 results broadly reflect Hindustan Zinc’s (HZL) continuing challenges in ramping up production. While mined metal production did recover (+4% QoQ), it was on a low, seasonally weak base. Revenue/EBITDA was up 4%/8% QoQ (in-line). We expect volumes to recover in 4QFY20 as production issues recede with ramp-up from SK mines. We build in 17% QoQ improvement in ...
Q2FY20 result highlights- in line operating profits HZ reported EBITDA of Rs21.2bn, down 14.5% qoq due to lower zinc prices and lower silver volumes. Mined metal production at 219,000t, though up 3% qoq, but was adversely affected due to technical issues at SK and Rampur Agucha mine leading to lower average ore grade (7.18% in Q2 Vs 7.31% in Q1). Lower mined metal volume along with lower ore grade and annual maintenance shutdown of smelters at Dariba in July, led to lower integrated metal pro...
HINDUSTAN ZINC: In-line as production challenges continue (HZ IN, Mkt Cap USD13.1b, CMP INR221, TP INR234, 6% Upside, Neutral) Realizations offset lower volumes: Hindustan Zinc's (HZL) EBITDA of INR21.2b (-15% QoQ) was in line with our estimate of INR21.1b as the impact of lower metal volumes (-1% QoQ; 5% miss) was offset by higher-than-expected zinc premiums. PBT of INR20.9b exceeded our estimate by 7% due to higher other income (INR5.9b) led by MTM gains on investments. PAT too increase...
Q1FY20 result highlights- in line operating profits HZ reported EBITDA of Rs24.8bn, down 11% qoq dragged by lower volumes and lower Lead prices. Refined zinc and lead volumes were down by 5.4% qoq to 167kt and 8.7% qoq to 47kt respectively. Derived Lead realisations were down 7% qoq to Rs144k/t mainly due to lower LME whereas zinc realisations was up 1% qoq to Rs209k/t. Refined zinc CoP ex-royalty was up 8% qoq to US$1,067/t (up 7% in INR) due to lower mined metal volumes, lower grade (7.3% v...
HINDUSTAN ZINC: In-line performance despite production challenges; Expect 8% volume CAGR but valuations rich; Maintain Neutral (HZ IN, Mkt Cap USD13.5b, CMP INR220, TP INR216, 2% Downside, Neutral) Zinc premiums offset lower volumes: EBITDA of INR24.8b (-11% QoQ/-9% YoY) came in line with our estimate of INR24.5b, as the impact from lower metal volumes (-6% QoQ) was offset by higher-than-expected zinc premiums. PAT declined 12% QoQ/8%YoY to INR17.7b. Geo-tech challenges impact production...
HINDUSTAN ZINC: Strong opr. performance despite mining challenges; 12% volume growth but valuations are rich; Maintain Neutral (HZ IN, Mkt Cap USD16.6b, CMP INR272, TP INR239, 12% Downside, Neutral) Hindustan Zinc (HZL)'s 4QFY19 EBITDA at INR27.9b (-1% QoQ) came in 8% higher vs. our estimate led by higher silver yield, higher by-product revenue and better zinc premium. Other income stood at INR5.4b (-2% QoQ; +48% vs. our est). PAT decreased 9% QoQ to INR20b (+4% vs. our estimate). For FY19, ...
Q3FY19 result highlights- in line operating profits Hindustan Zinc (HZ) reported operating results in-line with IDFCe. It reported EBITDA of Rs28.4bn, up 22% qoq due to higher volumes, and higher zinc realisation supported by 3% depreciation in rupee against US$. Refined zinc CoP (ex-royalty) was down 4% qoq to US$997/t (but was down 1% qoq to Rs71,855) due to low fuel costs and higher volumes offset by higher mining development costs. Refined zinc and lead volumes were higher by 17% and 10% ...
HINDUSTAN ZINC: In-line: On track to achieve 1.2mt mine production capacity; Zinc price outlook positive but priced in; Maintain Neutral (HZ IN, Mkt Cap USD15.9b, CMP INR268, TP INR273, 2% Upside, Neutral) EBITDA increased 22% QoQ to INR28.4b (in-line) in 3QFY19, led by higher volumes and a 4% rise in zinc LME. Other income grew 40% QoQ to INR5.5b, driven by mark-to-market gains. PAT rose 22% QoQ to INR22.1b (in-line). Mine production increased 6% QoQ (3% YoY), while refined metal produ...
Q2FY19 result highlights- Rs20 interim DPS, a positive surprise Hindustan Zinc (HZ) reported higher-than-expected operating results due to lower-than-expected operating cost. It reported EBITDA of Rs23.3bn, down 14% qoq and blended EBITDA/t of US$1,595, down 17% qoq due to lower zinc prices (down 13% qoq). The mismatch in zinc mined metal availability caused by delay in ramp up of production from mines led refined zinc volume to fall by 5% qoq to 162kt. The higher coal cost led refined zinc p...
Hindustan Zinc: In-line; announces huge dividend; capacity expansion on track (HZ IN, Mkt Cap USD16.3b, CMP INR282, TP INR285, 1% Upside, Neutral) EBITDA was down 14% QoQ to INR23.3b (in-line) in 2QFY19, led by an 18% decline in zinc LME and lower zinc volumes, partially offset by 5% depreciation in the INR and higher byproduct revenue. Tax rate was lower by ~600bp QoQ to 20.2%. PAT declined at a slower rate of 5% QoQ to INR18.1b. HZL announced a huge dividend of INR20/share (INR101b cas...
Q1FY19 result highlights- Lower volume, higher CoP depresses profits Hindustan Zinc (HZ) reported lower-than-expected operating results with reported EBITDA of Rs27.1bn, down 25% qoq and blended EBITDA/t of US$1,910, down 12% qoq. However, the above EBITDA included ~Rs1.25bn wage arrears related to long term wage settlement. Adjusting for the same, EBITDA stood at Rs28.4bn, down 22% qoq, still lower by ~4% from IDFCe. The closure of open cast mines and maintenance shutdown of smelters led ref...
Hindustan Zinc: Below estimate due to lower production; But guidance maintained (HZ IN, Mkt Cap USD16.4b, CMP INR268, TP INR295, 10% Upside, Neutral) HZL's 1Q EBITDA of INR27.1b (-25% QoQ, +14% YoY) came in below our estimate of INR30.8b due to lower-than-expected production and higher cost, partly offset by better metal premium. EBITDA includes a wage negotiation impact of ~INR1.2b pertaining to the previous years. Mine production declined 17% QoQ (-9% YoY) to 212kt, as production will ...
Q4FY18 result highlights- Lower CoP, higher volume boosts profits Hindustan Zinc (HZ) reported in-line operating results with EBITDA of Rs36.2bn, up 11.6% qoq and EBITDA/t of US$2,162, up 5.6% qoq. The results could have been better but was affected adversely by ~Rs3.35bn due to hedging zinc-lead volume at a lower than the average prices. Zinc production cost at US$925/t was lower 10% qoq due to higher production & improved grade (8.74% v/s 8.01% in Q3FY18). Silver EBIT, at Rs5.47bn (17% of ...
HINDUSTAN ZINC: In-line; Production ramp-up slower than expected; Announces next phase of expansion to 1.35mt; Maintain Neutral (HZ IN, Mkt Cap USD20.6b, CMP INR326, TP INR336, 3% Upside, Neutral) 4Q performance on expected lines HZL's 4QFY18 EBITDA grew 12% QoQ (-3% YoY) to INR36.2b (in-line). Mine production grew 6% QoQ (-18% YoY) to 255kt. Sales volumes rose 5% QoQ (to 210kt) for zinc, 11% QoQ (to 50kt) for lead and 27% QoQ (to 167t) for silver. CoP declined 9% QoQ to USD925/t on o...
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