HZL Q3 net up 12% at Rs 1,289.58 cr

NEW DELHI: Vedanta Group firm Hindustan Zinc (HZL) on Wednesday reported a 12.26% rise in net profit to Rs 1,289.58 crore for the quarter ended December 31 on the back of record production of zinc and lead. The company had reported a Rs 1,148.65 crore net profit in the October-December quarter of the last fiscal, HZL said in a statement.

“The increase in revenues and net profit was primarily on account of higher volumes, operational efficiencies and improved LME prices; partly offset by appreciation of Indian rupee against the US dollar and increase in the cost of production,” it said.

HZL's net sales improved by 17.3% to Rs 2,601.47 crore in Q3, FY11, against Rs 2,216.73 crore in Q3 FY10. During the quarter, HZL achieved its highest-ever zinc and lead mined metal production of 2.2 lakh tonnes, up 11% over the yearago period. It also recorded its highest-ever zinc refined metal production figure in Q3, FY11, of around 1.7 lakh tonnes, up 20% over the year-ago period.

Refined lead metal production of 14,267 tonnes during the quarter , however, was lower in comparison to the same quarter last fiscal. Refined silver production remained flat at around 42,000 kg.