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Time of India
5 days ago
- Business
- Time of India
Would have taken govt nod for Hindustan Zinc fee if it was needed: Arun Misra, CEO
If Hindustan Zinc 's brand fee agreement needed an approval from the government, it would have been taken, Arun Misra, the CEO of the Vedanta-owned company said on Friday. Misra's remarks were in response to ET's query regarding US-based short seller Viceroy Research 's claim that Hindustan Zinc did not take the government's approval for its Brand Fee agreement in 2023. In its report earlier this week, Viceroy said that this would lead an 'event of default' as per the shareholder agreement with the government. Explore courses from Top Institutes in Select a Course Category Artificial Intelligence Cybersecurity Leadership Product Management Digital Marketing others Data Science Management Operations Management Design Thinking MBA MCA Technology Healthcare CXO Others healthcare Degree Data Analytics Data Science Project Management Public Policy PGDM Finance Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details "The point is about deliberation where government-nominated directors attend. It goes through a number of audits. It gets vetted by legal and then it is done in the board meeting," Misra told ET in an exclusive interaction. "The board will also ask the same question. So, had the approval been needed, it would have been taken," he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cardiologist Reveals: The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo While Vedanta owns 61.84% of Hindustan Zinc, the government has a 27.92% stake in the company. The company's board also has directors nominated by the government. Earlier this week, ET had reported that these nominees are likely to ask the company about its dealings with its promoters in the aftermath of the Viceroy report. "When I opened the document, I was made to agree that it was for educational purposes-how do I take it to the board for discussion?" Misra said. He, though, acknowledged that the board meeting did have discussions related to the report. APRIL-JUNE EARNINGS Live Events The company also reported its earnings for the June quarter on Friday, and its consolidated net profit fell nearly 5% year-on-year to ₹2,234 crore. The bottomline, though, was higher than market expectations.
Mint
5 days ago
- Business
- Mint
Hindustan Zinc Q1 Results: Vedanta arm reports 4.7% drop in net profit to ₹2,234 crore, revenue down 4.4% YoY
Hindustan Zinc Q1 Results: Vedanta arm Hindustan Zinc on Friday reported a 4.7% year-on-year (YoY) fall in its consolidated net profit for the first quarter ended June 30, 2025 (FY26) at ₹ 2,234 crore. The company had reported a profit of ₹ 2,345 crore in the year-ago period. Sequentially, the consolidated net profit was down 25.6%. Vedanta-owned zinc producer's consolidated revenue from operations stood at ₹ 7,771 crores during the quarter ended June from ₹ 8,130 crore in Q1FY25, a year-on-year fall of 4.4%. Sequentially, the revenue slipped 14.5% from ₹ 9,087 crore in Q4FY25. The decline in revenue was attributed by the company to reduced volumes and decreased prices for zinc and lead commodities, although this was somewhat compensated by increased silver prices, a stronger dollar, and better by-product realisations. In its filing to the exchange, the company reported an EBITDA of ₹ 3,860 crores, a decrease of 2% year-over-year, primarily due to reduced volumes and declining prices for zinc and lead, although this was somewhat balanced by rising silver prices, a stronger dollar, and reduced production costs. The company achieved an industry-leading EBITDA margin of approximately 50%. Additionally, the company reported that it achieved its lowest first-quarter zinc cost of production since the transition to underground operations, recorded at US$ 1,010 per tonne, reflecting a 9% year-over-year improvement due to enhanced metal grades, increased usage of domestic coal and renewable energy, higher revenues from by-products, and reduced input commodity prices, with some reduction in volume offsetting these gains. As of June 30, 2025, the company maintained substantial gross investments and cash, along with cash equivalents totaling ₹ 9,340 crores invested in high-quality debt instruments. The total borrowings that remained outstanding on June 30, 2025, amounted to ₹ 13,524 crores. "Delivering our highest-ever first quarter mined metal production at the lowest-ever zinc cost of production reflects our relentless focus on operational efficiencies and cost leadership. In line with the rising zinc demand projected by 2030, the Board has approved the Phase-1 expansion project towards 2x growth, further strengthening our growth pipeline. Coupled with the addition of blocks of critical minerals and rare earth elements, we are strategically poised to transform into a true multi-metal powerhouse, unlocking sustained value for all our stakeholders," said Arun Misra, Chief Executive Officer (CEO) of the company. The company's board of directors declared an interim dividend of ₹ 10 per equity share on June 11, 2025, totaling ₹ 4,225 Crore, with the record date set for June 17, 2025, for the financial year 2025-26. 'Staying true to our commitment to create long-term value for our shareholders, the Board declared an interim dividend of ₹ 10 per share during the quarter, reinforcing our track record of consistent returns. Amidst continued global uncertainties, our healthy balance sheet, structurally leaner cost base, and robust growth project pipeline position us well to deliver sustainable long-term value,' said Sandeep Modi, Chief Financial Officer (CFO) of the company. Hindustan Zinc share price today opened at ₹ 440.65 apiece on the BSE, the stock touched an intraday high of ₹ 441.45 apiece, and an intraday low of ₹ 431.45 per share. According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, Hindustan Zinc share prices are trading with marginal cuts post the result announcement, Overall the prices have struggled in the last 4 sessions to cross the 20DEMA, Going ahead positive momentum would trigger only when prices surpass this key support around ₹ 445 , until then prices could dip towards recent swing low of ₹ 415.
Time of India
17-06-2025
- Business
- Time of India
2x growth plan: Hindustan Zinc to invest Rs 12,000 crore to double its capacity; project to be completed in 3 years
Hindustan Zinc NEW DELHI: Hindustan Zinc Limited (HZL) will double its capacity across zinc, lead and silver verticals by making an investment of around Rs 12,000 crore, according to a filing by the Vedanta group subsidiary to the Bombay Stock Exchange (BSE). The decision was taken at HZL's board meeting on Tuesday. Under the project, Hindustan Zinc will set up a 250 ktpa (kilo tonne per annum) integrated smelter at Debari, Rajasthan, along with mines and expansion across the mines. The project is targeted to be completed in a period of 36 months. In a statement, HZL chief executive Arun Misra said the plan is "strategically aligned with the country's expanding economic landscape." "We are excited to announce this 2x growth project towards doubling our capacity across zinc, lead and silver, which is strategically aligned with the country's expanding economic landscape, increasing demand opportunities, and keeping the country self-reliant for zinc," news agency PTI quoted Misra as saying. Hindustan Zinc is the world's largest integrated zinc producer and is amongst the top five silver producers globally. The company is supplier to more than 40 countries and holds a market share of about 77 per cent of the metal's primary market in India. For the March quarter, the Vedanta-owned firm reported Rs 3,003 crore consolidated net profit - a 47.3 per cent increase over its net profit of Rs 2,038 crore in the year-ago period. The company's income during the latest January-March quarter increased to Rs 9,314 crore from Rs 7,822 crore in the year-ago period. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
