Hindustan Zinc Ltd

Research report by 'Ventura Securities Ltd'
     
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Q4FY10 results: marginally lower than expectation

Hindustan Zinc’s consolidated revenue for Q4FY10 grew by 97.9% Y-o-Y and 12.7% Q-o-Q to Rs 2498.5 crore. EBIDTA increased by 166% Y-o-Y and 11.7% Q-o-Q to Rs 1548.2 crore. Net profit at Rs 1239 crore was up by 124.7% Y-o-Y and 7.9% Q-o-Q. The revenue growth was primarily driven by value as zinc and lead prices have soared 91% and 71% Y-o-Y (in rupee terms) respectively. Volume growth came in the form of sale of zinc and lead concentrate worth Rs377 crore. During the quarter, EBIDTA margin improved by 1590 basis points on Y-o-Y basis to 62% due to robust pricing scenario. The company commissioned its zinc smelter and concentrator in March resulting into higher depreciation cost during the quarter. Consequently, PAT margins expanded by 590 basis points Y-o-Y to 49.6%.


   
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