Aided by the global commodities boom, Vedanta Resources group firm Hindustan Zinc on Thursday reported a net profit of Rs 4,900 crore for the financial year 2010-11, to join an elite band of firms including RIL, Bharti Airtel, Infosys, TCS and Tata Steel in terms of bottomlines.
The country's largest zinc and lead producer saw its revenue grow by 24% to Rs 9,912 crore, while net profit grew by a similar 21% to Rs 4,901 crore.
During the January-March 2010-11 quarter, revenues went up by 28% to Rs 3,197 crore and net profit shot up 43% to Rs 1,771 crore as compared to the same period in 2009-10."This year we have focussed on enhancing the shareholder value by focussing on faster ramp ups, leading to improvement in growth and profitability," said Agnivesh Agarwal, chairman, Hindustan Zinc. "We continue to focus on enhancing value from silver and are committed to becoming a leading silver producer globally."
Overall, only 10 companies in India have annual net profit of R4,900 crore or more. Half of these are government-owned companies. It is only the third company from the metals and mining sector to boast of such high profitability.
The production of Hindustan Zinc's primary metal, zinc, went up by 23% during the year to a record 712,471 tonnes. The production of silver grew only by 2% while lead production declined by 12% during the financial year. Silver is enjoying a record run in the bullion market.
{{/usCountry}}The production of Hindustan Zinc's primary metal, zinc, went up by 23% during the year to a record 712,471 tonnes. The production of silver grew only by 2% while lead production declined by 12% during the financial year. Silver is enjoying a record run in the bullion market.
{{/usCountry}}Shares of the company were up 3.12% at Rs 151.95 per share at the Bombay Stock Exchange on Thursday.