Hindustan Zinc said it recorded Rs 891 crore net profit for the quarter ended June 30, up 24 per cent from Rs 719 crore a year earlier, as the metal commanded higher price.
The price for zinc, used to rust-proof steel, averaged 37 per cent higher in the quarter on the London Metal Exchange, bouncing back from the slump of a year earlier due to global recession.
According to the World Steel Association on April 20, global steel consumption will exceed the 2007 record this year, rising 10.7 per cent from a year earlier, as the world economy recovers.
Sales of the company rose 29 per cent to Rs 1,950 crore in the quarter. The stock fell 1.4 per cent to Rs 993.4 on the Bombay Stock Exchange on Friday.
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