Country’s leading Zinc miner, Hindustan Zinc Ltd on Thursday reported a growth of 42.4 per cent in its standalone net profit after taxes (PAT) at Rs 3,056.96 crore, beating analysts estimates of Rs 2,852 crore, for the fourth quarter ended March 31, 2017, supported by higher income from zinc production and rise in metal prices.
“The standalone net profit of the mining company stood at Rs 2,147.22 crore during the same period a year ago,” the Vedanta Group firm said in a filing to the Bombay Stock Exchange on April 20, 2017.
The company had posted its highest net profit growth in 4 years.
It’s total income too jumped by 72.4 per cent at Rs 7,237.28 crore during Q4 2016-17 from Rs 4,197.60 crore during the same period last year, it added.
The income from zinc operations of the subsidiary of billionaire Anil Agarwal's Vedanta Ltd, climbed over two-fold to Rs 5,160 crore, the company said.
Commenting on the performance, Hindustan Zinc Ltd, Chairman, Agnivesh Agarwal said, “The company returned Rs 27,157 crore to shareholders in the 12 months ending March 31,2017, a record in Indian corporate history. The record performance of the company, supported by strong zinc prices, has helped Hindustan Zinc generate unparalleled value for its stakeholders during the year.”
The company’s board has declared special interim dividend of 1375 per cent, i.e. Rs 27.50 per equity share of Rs 2 each for the year 2016-17 with a record date of March 30, 2017.
Meanwhile, shares of the company closed at Rs 282.90 apiece, up 4.29 per cent, from previous close on BSE.