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Crisil CY-Q1 Results: Income increase to 737.7 crore

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Annual Highlights:

  • Achieved record levels in both silver and metal production.
  • Demonstrated resilience in controlling costs despite lower zinc prices.
  • Reported a Profit After Tax (PAT) of INR 7,759 Crore.

Global Rankings and Production Growth:

  • Positioned as the 3rd largest global silver producer, with a 5% increase in annual production year-over-year (y-o-y).
  • Maintains the 2nd largest zinc reserves and resources worldwide.
  • Industry-leading growth in annual metal production, marking the highest ever.
  • Recorded the highest-ever quarterly refined metal production in Q4 FY24, a 6% sequential increase.

Cost Efficiency:

  • Ranked in the 1st decile of global zinc mines for cost efficiency.
  • Achieved the lowest annual Cost of Production (COP) in the past three years at US$ 1,117/MT.

Quarterly Financial Performance:

  • Quarterly revenue and EBITDA increased by 3% and 2% respectively.
  • Achieved top global ranking in the S&P Sustainability Assessment for the Metals and Mining sector.

Operational Performance:

  • Quarter mined metal production increased by 11% sequentially to 299 kt, with a slight year-over-year decrease.
  • Refined metal production reached a record high of 273 kt for the quarter, up 6% sequentially and 1% y-o-y.
  • Quarterly refined zinc and lead production saw variations, with zinc increasing and lead decreasing sequentially.

Silver Production:

  • Quarterly saleable silver production was 189 MT, reflecting a 4% decrease quarter-over-quarter but a 4% increase y-o-y.
  • Annual saleable silver production reached a record high of 746 MT, up 5% y-o-y.

Yearly Financials:

  • Annual revenue from operations was INR 28,932 Crore, a 15% decrease y-o-y mainly due to lower zinc prices and volumes.
  • EBITDA for the year was INR 13,677 Crore, down 22% y-o-y.
  • FY24 net profit was INR 7,759 Crore, a 26% decrease y-o-y, influenced by lower EBITDA but partly offset by reduced tax expenses.

Reserves and Resources:

  • Total reserves and resources as of March 31, 2024, were 456.3 million tonnes containing 30.8 million tonnes of metal, supporting more than 25 years of production.
  • Over the past 5 years, reserves and resources increased by 35%, despite the production of 65.1 million tonnes of ore.

 

Financial Performance and Production

Sales (INR Crore)

Particulars

Q4 2024

Q3 2024

Change

FY 2024

FY 2023

Zinc

4,858

4,502

+8%

18,062

24,180

Lead

961

1,038

-7%

4,076

3,913

Silver

1,360

1,413

-4%

5,368

4,388

Others

370

357

+4%

1,427

1,617

Total

7,549

7,310

+3%

28,932

34,098

EBITDA

3,641

3,560

+2%

13,681

17,596

Profit After Taxes

2,042

2,038

0%

7,787

10,520

Earnings per Share (INR)

4.83

4.82

0%

18.43

24.90

Mined Metal Production ('000 MT)

299

271

+11%

1,079

1,062

Refined Metal Production and Market Prices

Sales (INR Crore)

Particulars

Q4 2024

Q3 2024

Change

FY 2024

FY 2023

Zinc

220

203

+9%

817

821

Saleable Lead

53

56

-5%

216

211

Saleable Silver (MT)

189

197

-4%

746

714

Refined Metal Sales (kt)

     

Zinc (kt)

221

203

+9%

817

821

Lead (kt)

53

56

-5%

216

211

Silver (MT)

189

197

-4%

746

714

Zinc CoP without Royalty (INR/MT)

87,284

91,180

-4%

92,470

1,00,893

Zinc LME ($/MT)

2,450

2,498

-2%

2,475

3,319



About the Company 

Hindustan Zinc Limited, a subsidiary of Vedanta Resources, is a leading zinc-lead and silver producer based in India. Founded in 1966 and headquartered in Udaipur, Rajasthan, the company holds a significant position in the global metals market, being the world's second-largest zinc miner and the third-largest producer of silver. Hindustan Zinc operates with a focus on sustainable mining practices and is recognized for its substantial contributions to the metals industry through innovative and efficient operations. Its integrated mining and smelting operations ensure the production of high-quality zinc, lead, and silver, contributing significantly to the Indian and global markets. The company's commitment to environmental sustainability and community welfare is evident through various initiatives and compliance with international standards.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

Source - https://www.hzlindia.com/wp-content/uploads/Earnings-Press-Release_Q4FY24-_-190424.pdf

Key Highlights from the Quarter Ended March 31, 2024:

- Income Increase: Operations income rose by 3.2%, reaching Rs 737.7 crore compared to Rs 714.9 crore in the same quarter of the previous year.

- Profit Growth: Pre-tax profits increased by 1.0% to Rs 195.5 crore.

- Dividend Announcement: An interim dividend of Rs 7 per share was declared.

- Approval by the Board: The Board of Directors approved these unaudited results during their recent meeting.

Financial Performance Details:

- Total Income: Grew by 3.6% to Rs 758.8 crore from Rs 732.2 crore in the previous year’s corresponding quarter.

- Profit After Tax: Decreased by 5.5%, totaling Rs 137.7 crore, down from Rs 145.8 crore.

Explore: Crisil Share Price

Comments from Leadership:

- CEO Statement: Amish Mehta commented on the unexpected global growth in 2023 and the expected moderation in 2024, emphasising India's solid momentum and potential despite global uncertainties.

Economic Outlook and Sector Performance:

- GDP Forecast: CRISIL projects India's GDP growth to slow to 6.8% in fiscal 2025 due to high interest rates and other factors.

- Corporate Bonds and Bank Credit: Bond issuances grew by 9% and bank credit by 16.5%, showing strong demand from retail and services sectors.

Explore: Company Annual Results

Business Segment Performances:

- CRISIL Ratings: Led in corporate bond ratings with an 11.7% revenue increase.

- Global Analytical Center (GAC): Noted robust delegation of surveillance work.

- Ratings Services: Achieved an 8.4% revenue growth.

- Global Research and Risk Solutions (GRandRS): Focused on lending solutions and regulatory support, adding new clients.

- Global Benchmarking Analytics (GBA): Strengthened client engagement and developed new analytical solutions.

- Market Intelligence and Analytics (MlandA): Gained traction in credit, risk, data analytics, and consulting services.

- Research, Analytics and Solutions: Saw a modest revenue growth of 1.3%.

Corporate and Community Initiatives:

- CRISIL India Outlook Seminar: Hosted the 8th edition focusing on 'Pivots, pillars, and pace'.

- Sector-Specific Webinars: Covered diverse sectors including hospitality, capital goods, and textiles.

- GRandRS and GBA Publications: Released insights on private markets, banking trends, and sustainable finance.

- CRISIL Foundation: Expanded its outreach through the 'Mein Pragati' program, impacting over 250,000 rural community members.

About CRISIL

CRISIL is a globally renowned analytics company recognized for its agility and innovation. Our core mission is to enhance market functionality through our comprehensive services. As India's premier provider of ratings, data, research, analytics, and solutions, we distinguish ourselves with a robust growth history, a culture steeped in innovation, and a significant global presence. Operating across key international markets including the United States, the United Kingdom, Argentina, Poland, China, Hong Kong, Singapore, and the United Arab Emirates, we have provided independent, actionable insights and efficient solutions to over 100,000 clients. CRISIL is primarily owned by SandP Global Inc., a world leader in transparent and independent ratings, benchmarks, analytics, and data serving capital and commodity markets globally.

Our client base is diverse, encompassing micro to large enterprises, leading global financial institutions, investors, commercial and investment banks, insurance companies, private equity firms, and asset managers worldwide. We also engage with government bodies and policymakers focused on infrastructure in India and other emerging markets, assisting in their developmental agendas.

CRISIL's analytical services empower stakeholders across financial sectors by enhancing decision-making capabilities. We assist our clients in managing and mitigating risks, refining pricing and valuation strategies, accelerating market entry, increasing revenue, and boosting returns. Furthermore, our contributions to public policy formulation in infrastructure help drive economic growth and development in emerging markets, reinforcing our commitment to adding substantial value beyond financial metrics.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

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