Hindustan Zinc Profit Jumps 144% as Metal Prices Surge

Hindustan Zinc, a Vedanta Group company, reported a significant surge in its quarterly profit due to strong metal prices. The company's consolidated net profit rose to 54.69 billion rupees ($566.7 million) for the three months ended June 30, a more than twofold increase from 22.34 billion rupees a year ago.

The company's net profit margin climbed to 40% from 29%. This improvement in profitability can be attributed to the surge in base and precious metal prices. Zinc prices firmed up amid supply concerns, while silver prices rose due to increased demand.

Shri Amarendu Prakash has been appointed as the new CEO-designate of Hindustan Zinc, replacing Arun Misra whose tenure ends on July 31. Prakash will take charge on August 1.

The company's total revenue from operations rose by 77% to 137.47 billion rupees, driven by higher metal prices. Mined metal production increased by 1% to 268 kilotons in the quarter, while refined metal production climbed 4% to 260 kilotons.