Hindustan Zinc Q4FY23 PAT down 11.8% at Rs2,583cr due to sharp fall in zinc and lead OPMs

Hindustan Zinc Ltd (HZL) reported -3.27% lower total revenues for the March 2023 quarter on consolidated basis at Rs8,509cr on account of lower price realizations due to the commodity slowdown. Revenues were, however, up 8.2% on a sequential basis. In terms of specific verticals, HZL saw higher revenues from silver metal while the revenues from lead and zinc were sharply lower due to lower realizations on both these metals. As a result, the operating profits of the silver business was up 17% yoy while the operating profits of the since and lead business fell by over 50% yoy. However, full year PAT at Rs10,511 crore represents an all-time full-year record.

Financial highlights for Mar-23 compared yoy and sequentially

 Hindustan Zinc    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 8,509

₹ 8,797

-3.27%

₹ 7,866

8.17%

Operating Profit (Rs cr)

₹ 3,319

₹ 4,224

-21.43%

₹ 2,950

12.51%

Net Profit (Rs cr)

₹ 2,583

₹ 2,928

-11.78%

₹ 2,156

19.81%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 6.11

₹ 6.93

 

₹ 5.10

 

OPM

39.01%

48.02%

 

37.50%

 

Net Margins

30.36%

33.28%

 

27.41%

 

 

Consolidated Profit after tax (PAT) for March 2023 quarter was down 11.8% at Rs2,583cr on the back of pressure on operating margins of lead and zinc. Operating margins and net margins were lower on a yoy basis due to pressure on the zinc and lead business. As a result, the solvency ratios have been impacted with the interest service coverage ratio and the debt service coverage ratio falling sharply on a yoy basis for HZL. While debt equity ratio at 0.92X is still comfortable, it has gone up sharply from 0.08X a year ago.

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