Hindustan Zinc dips 6% post March quarter results

Brokerage firm Motilal Oswal Financial Services believes Hindustan Zinc to reach peak mine output after management guides flat production growth in FY23.

Shares of Hindustan Zinc dipped 6 per cent to Rs 324.65 on the BSE in Monday’s intra-day trade, after the company reported 18 per cent year-on-year (YoY) rise in consolidated net profit to Rs 2,928 crore for the quarter ended March 2022 (Q4FY22). The slump in stock also comes on the back of profit-booking amid higher volumes and increase in metal prices.

The Vedanta group company which is a leading global integrated producer of zinc, lead and silver saw growth in consolidated sales by 27 per cent YoY to Rs 8,797 crore from Rs 6,947 crore in the year-ago