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Motilal Oswal Report
Hindustan Zinc Ltd.’s Q4 FY24 revenue stood at Rs 75 billion (down 11% YoY) versus our estimate of Rs 80 billion. The sequential revenue growth was driven by better zinc volumes, which offset lower lead and silver volumes and lower metal prices.
Ebitda stood at Rs 36 billion (-14% YoY/+4% QoQ), in line with our estimate of Rs 36 billion. Ebitda margin was flat QoQ at 48.3% (versus our estimate of 45%). Ebitda declined YoY, mainly on account of lower revenue, which was partly offset by cost improvement.
The cost of production stood at $1,051/tonne (Rs 87,284), the lowest in the last 11 quarters and the fifth consecutive quarter of improvement. Cost improvement was driven by better grades and lower coal and input prices.
In Q4 FY24, adjusted profit after tax stood at Rs 20 billion (-21% YoY/flat QoQ) and was in line with our est. of Rs 19.4 billion. Full-year APAT stood at Rs 77 billion (-26% YoY).
Mined metal volume in Q4 FY24 stood at 299 kt (-1% YoY/+10% QoQ), driven by higher ore production across mines and improved mined metal grades.
Refined zinc volume stood at 220 kt (+2% YoY/+8% QoQ) and refined lead volume was 52 kt (-4% YoY/-7% QoQ). Silver volume came in at 189t (+4% YoY/-4% QoQ) in Q4 FY24.
For FY24, mined metal volumes increased by 2% YoY to 1079 kt. Refined zinc volume was flat YoY at 817 kt, while lead volume grew 2% YoY to 216 kt.
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Also Read: Wipro Q4 Results Review - Near-Term Outlook Weak Despite An Uptick In Capco: Motilal Oswal
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