Hindustan Zinc names Amarendu Prakash as new CEO; quarterly profit more than doubles on strong metal prices

India's Hindustan Zinc named Amarendu Prakash as CEO-designate on Friday, while reporting that its first-quarter profit more than doubled as base and precious metal prices surged.

Prakash, former chairman and managing director at the country's ‌top ⁠state-run steelmaker ⁠SAIL, will take charge on August 1, replacing ​Arun Misra whose tenure ends on July 31.

Here are the ​details from the earnings report:


The Vedanta Group company's consolidated net profit rose to 54.69 billion rupees ($566.7 million) for the ⁠three months ‌ended June 30, from 22.34 billion rupees a year ago.

Net profit margin ⁠climbed to 40% from 29%.

Spot zinc ​prices climbed 31%, while spot silver ​more than doubled, according to data from a Jefferies note.

Silver prices rose on increased demand due to the ongoing war in Iran, and zinc prices firmed amid supply ‌concerns.

Hindustan Zinc's mined metal production rose 1% on-year to 268 kilotons in ​the quarter, ​while refined ⁠metal production climbed 4% to 260 kilotons.

The firm, which commands roughly three-fourths of India's zinc market, reported a 77% rise in total revenue from operations to 137.47 billion rupees.

The company's total expenses rose 33.2% to 67.49 billion rupees.