Sequentially, the net profit jumped 19.8% on account of improved EBITDA and lower tax expense.

Revenue from operations during the quarter was Rs 8,509 crore, down 3.3% year on year (YoY) on account of lower zinc, lead & silver prices partly offset by higher metal & silver volumes and favourable exchange rates.

Sequentially, revenue was up by 8.2%, led by improved metal & silver volumes coinciding with higher zinc, lead & silver prices.

Zinc cost of production before royalty (COP) for the quarter was $1,214 (Rs 99,824) million tonnes (MT), up 6.9% (16.9% higher in Rs terms) YoY and up by 6.1% (6% better in Rs terms) QoQ, Sequentially, COP improved on the back of higher volumes, better grades, strong operational efficiencies, supported by softened coal and input commodity prices.

EBITDA for the quarter was Rs 4,208 crore, down 16% YoY and up 13.2% QoQ. Sequential EBITDA improved primarily due to better revenue and reduced costs, said the company.

On the operational front, the company reported highest ever quarterly mined metal production since UG transition at 301 kt, an increase of 2% YoY and 18.6% sequentially owing to higher ore production and improved mined metal grades.

Hindustan Zinc recorded historic-high quarterly refined metal production was at 269 kt, up 3.4% YoY and 4.9% sequentially, owing to better plant and mined metal availability.

Integrated zinc production for the quarter was at 215 kt, registering a growth of 1.9% YoY and 2.3% sequentially. Integrated lead production stood at 54 kt, an increase of 10% YoY and 16.9% sequentially, on account of better plant availability and consistent MIC flow from mines.

Saleable silver production for the quarter was at 182 MT, up 12.5% YoY in line with lead metal production and 13.4% sequentially in line with lead metal production and higher WIP depletion in base period.

On full year basis, the company's consolidated net profit rose 9.2% YoY to Rs 14,851 crore in FY23. The rise in PAT was mainly driven by higher EBITDA partly offset by increase in tax.

Revenue stood at Rs 34,098 crore, recording a growth of 15.8% YoY, led by improved zinc LME, metal & silver volumes, gains from strategic hedging and favourable exchange rates while being partially offset by lower lead & silver prices.

The mining company delivered highest ever annual mined metal production at 1,062 kt, registering a growth of 4.4% YoY, driven by higher ore production, improved mined metal grades and operational efficiencies.

The zinc miner said that it has recorded highest ever refined metal production at 1,032 kt, up 6.7% YoY, resulting from better plant availability and consistent MIC flow from mines.

As on 31 March 2023, the company's consolidated gross investments and cash & cash equivalents were Rs 10,061 crore as compared to Rs 16,482 crore as at end December 2022 and Rs 20,789 crore as at end March 2022 which was invested in high quality debt instruments.

Total borrowings outstanding as on March 2023 stood at Rs 11,841 crore.

With respect to outlook for FY24, Hindustan Zinc said that both mined metal and refined metal production in FY24 is expected to be higher than last year. Mined metal is expected to be between 1,075-1,100 kt & refined metal production in the range of 1,050-1,075 kt. FY24 saleable silver production is projected to be between 725-750 MT.

Zinc cost of production in FY24 is expected to be in between $1,125-1,175 per MT. Project capex for the year is expected to be in the range of $175-200 million, it added.

Arun Misra, CEO, said, “This year saw us accomplish the superlative milestone of crossing 1 million tonne metal mark which is a true reflection of our persistent focus on volume delivery and operational efficiency. I am happy to share that Hindustan Zinc is now ranked as the 5th largest silver producer globally. Further, we are progressing well on our strategic development projects directed towards capacity expansion, synergetic growth, and value integration.”

He further added, “With the mission of decarbonising our operations, we signed a Power Delivery Agreement for sourcing up to 450MW renewable energy. This historic year, Hindustan Zinc also flagged off India's first Battery Electric Vehicle in underground mining, adding the same to its ever-expanding EV fleet. These significant developments corroborate our commitment to deliver on our ESG roadmap of achieving net zero by 2050.”

Sandeep Modi, CFO, said, “This year, Hindustan Zinc surpassed its own records by delivering bestever financial performance, recording its highest ever annual revenue, EBITDA and PAT. This feat was attributable to our pioneering efforts towards operating efficiently resulting in cost optimisation. Overall, the year has been characterized by resilience and dynamism in decision making which enabled us to achieve the annual guidance and generate record cash flows. We delivered the lowest quarterly cost of this FY in Q4 and with our track record of strong and improving performance, we are confident of delivering another stellar year.”

Meanwhile, the company's board, based on the recommendation of Nomination & Remuneration Committee and Audit & Risk Management Committee, had approved the appointment of Sandeep Modi currently interim CFO, as chief financial officer (KMP) of the company, effective from 21 April 2023.

Hindustan Zinc, a Vedanta Group company, is an integrated producer of zinc, lead and silver. As of March 2023, Vedanta held 64.92% stake in the company.

Shares of Hindustan Zinc declined 0.89% to Rs 324.40 on the BSE.