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Hindustan Zinc Ltd (HZL), a Vedanta Group firm has reported a 29.7 per cent decline in net profit at Rs 1,815 crores for the September-end quarter, on the back of lower income and higher expenses. The company had earlier reported a net profit of Rs 2,584 crores in the corresponding quarter of the previous fiscal period.
HZL said in a BSE filing, “The decline is in line with EBITDA and higher depreciation, partly offset by the lower tax rate.”. Total income of the quarter under review declined to Rs 5,171 crores from Rs 5,779 crores in the year-ago period. Total expenses of HZL increased to Rs 2,897 crore, over Rs 2,694 crore in the same quarter of 2017-18.
Chairman Agnivesh Agarwal said “HZL has been ranked globally 1st in environment and 5th in overall sustainability in metal and mining sector in Dow Jones Sustainability Index. Our improved global ranking reflects increasing use of technology, digitisation and innovation in our operations and care towards environment and communities.”
As on September 30, 2018, the company’s cash and cash equivalents were Rs 23,304 crore invested in high-quality debt instruments. The company said “Integrated zinc production was down 5 per cent sequentially and 16 per cent year-on-year to 162 kt due to a temporary mismatch in zinc mined metal availability even as mine production ramped up towards the latter half of the quarter,” in the statement.
HZL further said its board has declared a special interim dividend of 1000 per cent i.e. Rs 20 per share on equity share of Rs 2 each amounting to Rs 10,188 crore and added that the record date fixed for the interim dividend is October 31.
