Hindustan Zinc share price had been reeling at the bourses ahead of its earning and slumped further after the company released its Q4 financial result in the late hours of trading on Friday.
What Happened: The company’s profit for the quarter ended March slumped 12% year-over-year to ₹2,583 crore. However, as most market analysts expected the company to post a 20% YoY drop in profits, the company did manage to beat expectations. Revenue from operations slumped around 3.9% YoY to ₹8,281. Basic earnings per share (EPS) for the quarter stood ₹6.1.
The company saw a slump in sales for Zinc in Q4 at ₹5,861 crore, down 9% YoY. However, sales for Lead and Silver grew 12% YoY and 17% YoY respectively. Lead sales stood at ₹1,050 crore, whereas Silver sales stood at ₹1,217 crore.
The company also informed that its board today approved the appointment of Sandeep Modi as Chief Financial Officer. Modi is currently the interim CFO.
The dampened results seem to have further hurt investor sentiments after the company’s majority stakeholder Vedanta Group revealed that it had further pledged over 10 crore shares of the company on Thursday. Now, the group has pledged 91.35% of its shares in the company. Vedanta Group owns a 64.92% stake in the company.
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Price Action: Hindustan Zinc share price was down 1.42% to close at ₹322.90 on Friday.
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