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Hindustan Zinc's Q1'17 profit drops 47% YOY as production, revenues slip

Hindustan ZincLtd. has seen its profit after tax for the first quarter of the2017 financial year tumble 47% year over year to 10.37 billion Indian rupees,or 2.45 rupees per share, on production declines and falling revenues.

According to the July 20 results, revenues during thequarter were 30% lower than a year ago at 25.01 billion rupees compared to35.96 billion rupees due to lower volumes, primarily zinc, and lower LondonMetal Exchange prices, partly offset by higher rupee depreciation and a highersilver price.

First-quarter EBITDA fell 33% from 16.79 billion rupees to11.30 billion rupees as a result of lower revenues and higher production costs.

Refined zinc production for the quarter slid 46% year overyear to 101,000 tonnes and refined lead output tumbled 11% to 25,000 tonnes.

The lower output was largely due to a 45% reduction in minedmetal production, which resulted from the mining of more waste than ore at theRampura Aguchazinc-lead-silver mine in India.

Silver production in the first quarter of fiscal 2017,meanwhile, climbed 20% to 89 million tonnes compared to the same quarter offiscal 2016.

Hindustan, a subsidiary of , attributed theincrease in silver output to higher volumes and better silver recoveries fromthe Sindesar Khurdzinc-lead-silver mine in India.

As of July 20, US$1was equivalent to 67.16 Indian rupees.