Hindustan Copper Profit Surges Over 2x in Q1 on Rising Copper Demand
Hindustan Copper Limited (HCL) reported a significant increase in its consolidated net profit for the first quarter of the current financial year, rising to Rs 352.61 crore from Rs 134.28 crore in the same period last fiscal.
The company's total income also saw a substantial growth, reaching Rs 953.60 crore in the quarter, up from Rs 526.65 crore a year ago.
HCL attributed this performance to the rising demand for copper globally, driven by the transition towards renewable energy and electric mobility. The London Metal Exchange (LME) copper price has crossed $14,000 per tonne, which is expected to further support copper prices.
The company is also making progress in its expansion projects, with plans to achieve a target of 12.2 million tonnes per annum ore production by 2030. It is intensifying the monitoring of intermediate milestones and has made significant strides in reopening closed mines in Jharkhand and acquiring new mines in Chhattisgarh and Madhya Pradesh.