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Hindustan Zinc fourth-quarter profit beats estimates
April 20, 2017 / 10:27 AM / 7 months ago

Hindustan Zinc fourth-quarter profit beats estimates

REUTERS - India’s biggest zinc miner Hindustan Zinc Ltd posted a 42 percent jump in fourth-quarter net profit on Thursday, topping street estimates, helped by higher income from zinc production and an increase in metal prices.

Net profit rose to 30.57 billion rupees ($473.2 million) for the January-March quarter from 21.47 billion rupees a year earlier. The profit growth is the biggest in at least nine quarters.

Analysts on average had expected a net profit of 28.52 billion rupees, according to Thomson Reuters data.

Total income rose 72.4 percent to 72.37 billion rupees.

The LME zinc prices have risen about 53 percent from March-end 2016 to March-end 2017.

Income from zinc operations rose over two fold to 51.60 billion rupees, said the company, which is a subsidiary of billionaire Anil Agarwal’s Vedanta Ltd. The Indian government has a 29.5 percent stake in Hindustan Zinc.

Hindustan Zinc shares rose as much as 5.5 percent after the results.

($1 = 64.6100 rupees)

Reporting By Arnab Paul in Bengaluru

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