HINDZINC · Metals & Mining
Hindustan Zinc Ltd. reported revenue of ₹7,550 cr for January to March 2024, — on the year and +3.3% on the quarter.
Operating profit (EBITDA) was ₹3,654 cr, a margin of 48.4%, — on the year and +24 bps on the quarter.
Net profit was ₹2,042 cr, — on the year and +0.2% on the quarter, with earnings per share of ₹4.83.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹18.42 over the last four quarters, the stock at ₹576.45 trades at 31.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹7,310 cr | ₹7,550 cr | ₹8,130 cr | ₹8,242 cr | ₹8,556 cr | ₹9,041 cr | ₹7,723 cr | ₹8,525 cr | ₹10,922 cr | ₹13,488 cr | ₹13,687 cr | ₹14,961 cr |
| YoY | — | — | +12% | +21% | +17% | +20% | −5% | +3% | +28% | +49% | +77% | +75% |
| EBITDA margin | 48.2% | 48.4% | 48.6% | 49.8% | 52.1% | 52.9% | 49.4% | 51.9% | 55.0% | 56.8% | 58.4% | 61.1% |
| Other income, % of PBT | 11% | 10% | 9% | 6% | 6% | 6% | 10% | 7% | 6% | 4% | 4% | 4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 25% | 25% | 26% | 24% | 21% | 25% | 25% | 25% | 25% | 25% | 25% |
| Net profit | ₹2,038 cr | ₹2,042 cr | ₹2,358 cr | ₹2,298 cr | ₹2,647 cr | ₹2,976 cr | ₹2,204 cr | ₹2,632 cr | ₹3,879 cr | ₹4,997 cr | ₹5,425 cr | ₹6,317 cr |
| YoY | — | — | +20% | +32% | +30% | +46% | −7% | +15% | +47% | +68% | +146% | +140% |
| Core profit YoY | — | — | +22% | +40% | +38% | +43% | −7% | +13% | +49% | +83% | +160% | +146% |
| EPS | ₹4.82 | ₹4.83 | ₹5.58 | ₹5.44 | ₹6.26 | ₹7.04 | ₹5.22 | ₹6.23 | ₹9.18 | ₹11.83 | ₹12.84 | ₹14.95 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Hindustan Zinc Ltd. reported revenue of ₹7,550 cr (— on the year) and net profit of ₹2,042 cr (— on the year) for January to March 2024.
None of the 2 checks that could run raised a question.
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