Hindustan Zinc Appoints New CEO Amid Strong Quarterly Profits

Hindustan Zinc, an Indian mining and metals company, has appointed Amarendu Prakash as its new CEO-designate. Prakash will take charge on August 1, replacing Arun Misra whose tenure ends on July 31.

The appointment comes as the company reported a strong quarterly performance, with its consolidated net profit more than doubling to 54.69 billion rupees ($566.7 million) for the three months ended June 30. This represents a net profit margin of 40%, up from 29% a year ago.

The increase in profits can be attributed to strong base and precious metal prices, which surged during the quarter. Spot zinc prices climbed 31%, while spot silver more than doubled, according to data from Jefferies. Hindustan Zinc's mined metal production rose 1% on-year to 268 kilotons in the quarter, while refined metal production climbed 4% to 260 kilotons.