The Economic Times daily newspaper is available online now.

    Hindustan Zinc tumbles over 9% after Q3 PAT falls 20%

    Synopsis

    The dividend will amount to about Rs 5,493 crore. The company has fixed a record date of January 30 for the purpose of payment of the third interim dividend to eligible shareholders.

    Hindustan Zinc quarterly results, Hindustan Zinc Q3 results, Hindustan Zinc share price, Hindustan Zinc stock price, Hindustan Zinc profit in December quarter, Hindustan Zinc dividendiStock
    Shares of Vedanta group firm Hindustan Zinc tumbled 9.3% to Rs 342.2 in Friday's trade on BSE after the company reported a net profit of Rs 2,156 crore, down 20% year-on-year (YoY) for the December 2022 quarter.

    Revenue from operations during the quarter fell 2% YoY to Rs 7,866 crore during the period under review. The decline in revenues was mainly due to lower LME coinciding with lower refined metal and silver volumes.

    Whereas, EBITDA for the quarter came in at Rs 3,717 crore, a decline of 15% YoY.

    The company has also declared an interim dividend of Rs 13 per share for the financial year 2022-2023.

    The dividend will amount to about Rs 5,493 crore. The company has fixed a record date of January 30 for the purpose of payment of the third interim dividend to eligible shareholders.

    At 10 am, the scrip was trading 6.4% lower at Rs 353.5 over its last day's closing price of Rs 377.55 apiece. However, the stock has risen about 26% in the last six months.

    “Hindustan Zinc delivered the best-ever 9 months refined metal on the back of the highest ever mined metal. In FY22, we reached the one million tonne mined metal landmark, and this year with the current run-rate, we are confident of achieving the one million tonne refined metal mark and are fully geared to deliver another stellar annual performance," said Arun Misra, CEO, Hindustan Zinc.

    On the operational front, mined metal production for the quarter was at 254 kt (kilo tonne), marginally up from the previous year's period, driven by higher ore production. The company has clocked the highest-ever nine months of mined metal production at 761 kt, led by higher ore production, improved mined metal grades and operational efficiency.

    Zinc production during the quarter was at 210 kt, down 1.7% YoY, while Lead production was at 46 kt, lower by 1.4% YoY.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in