Hindustan Copper net rises over 2x in Q1

New Delhi: Hindustan Copper Limited (HCL) reported Rs 352.61 crore consolidated net profit for the first quarter of the current financial year. This is more than twice the Rs 134.28 crore bottomline reported by the public sector undertaking in the same months of last fiscal.

Total income rose to Rs 953.60 crore in the quarter, up from Rs 526.65 crore a year ago.

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The London Metal Exchange (LME) copper price has crossed $14,000 per tonne which is a good sign for our company, an HCL statement said, adding as the global economy transitions towards renewable energy and electric mobility, driven by advancements in Artificial Intelligence and strengthened decarbonisation policies, the demand for copper is projected to surge in the coming years.

“This will further support copper prices,” HCL said.

The company said it has intensified the monitoring of intermediate milestone for expansion projects, adding this will help achieve the target of 12.2 million tonnes per annum ore production by 2030.

“HCL is making progress in reopening of other closed mines in Jharkhand, acquiring new mines in Chhattisgarh and Madhya Pradesh. Our efforts in Chile mine exploration are moving ahead on expected lines,” the company added.