Hindustan Zinc Q4 profit jumps 42% to Rs 3,057 crore
- PNB fraud: ICAI obtains statement from senior bank official
- Andhra Pradesh govt signs 77 MoUs worth Rs31,546 crore at Partnership Summit
- Kia Motors to roll out first car from Anantapur plant by 2019
- Govt revokes passports of Nirav Modi and Mehul Choksi
- Warren Buffett warns investors that safe-looking bonds can be risky
Bengaluru: India’s biggest zinc miner Hindustan Zinc Ltd posted a 42% jump in fourth-quarter net profit on Thursday, topping street estimates, helped by higher income from zinc production and an increase in metal prices.
Net profit rose to Rs3,057 crore for the January-March quarter from Rs2,147 crore a year earlier. The profit growth is the biggest in at least nine quarters.
Analysts on average had expected a net profit of Rs2,852 crore, according to Thomson Reuters data.
Total income rose 72.4% to Rs7,237 crore.
The LME zinc prices have risen about 53 percent from March-end 2016 to March-end 2017.
Income from zinc operations rose over two fold to Rs5160 crore, said the company, which is a subsidiary of billionaire Anil Agarwal’s Vedanta Ltd. The Indian government has a 29.5% stake in Hindustan Zinc.
Hindustan Zinc shares rose as much as 5.5% after the results.