Hindustan Zinc Q2 net up 42% at Rs 1,345 cr
Vedanta Group firm Hindustan Zinc today reported a 41.74% jump in net profit to Rs 1,344.69 crore for the quarter ended September 30, 2011, riding on the back of higher prices of zinc, lead and silver in international markets.
The company had reported a net profit of Rs 948.72 crore for the same period a year ago.
Net sales of the company stood at Rs 2,593.49 crore, registering a growth of 19.92%during the quarter under review from Rs 2,162.88 crore in the July-September quarter of FY11, Hindustan Zinc said in a filing to the Bombay Stock Exchange.
During the quarter, the company's revenues from its refined zinc and lead businesses increased by 12.21%to Rs 2,320.31 crore, while its silver business reported a whopping growth of over 120% to Rs 239.39 crore, the filing added.
In addition, Rs 386.78 crore of 'other income' on the company's balance sheet also contributed significantly to its profits, although the company did not specify the source. In the corresponding period last fiscal, 'other income' of the company stood at Rs 184 crore.
The company's output of refined zinc in the July-September quarter was up 5%at 201,821 tonnes, while its refined silver production increased by 12% to 49,274 kg.
The Anil Agarwal-headed firm also commissioned a lead smelter of 100 kilo-tonnes per annum capacity during the quarter, taking its total zinc and lead production capacity to 1.064 million tonnes per annum, the filing said.
For the half year ended September 30, the net profit of the company went up by over 54%to Rs 2,839.60 crore, while its net sales registered a growth of 31.63%to Rs 5,414.84 crore.
The company board has recommended payment of a dividend at the rate of 75%, or Rs 1.50 per share of Rs 2 face value, to its shareholders, the filing said.
Scrips of the company were being traded at Rs 121.20 apiece on the Bombay Stock Exchange at 1510 hours, up 2.06%from their previous close.