Hindustan Zinc shares that were trailing in the red on Friday afternoon shot up sharply after the company posted its earnings for the September quarter.

What Happened: The company reported a net profit of ₹2,327 crore for the second quarter, reflecting a 34.6% increase from the ₹1,729 crore profit posted in the same quarter last year.

Revenue for the quarter stood at ₹8,252 crore, marking a 21.5% growth compared to the ₹6,791 crore posted in the same period last year.

EBITDA for the quarter came in at ₹4,123 crore with an EBITDA margin of 50%.

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The company also announced an investment in Serentica Renewable in India or its affiliates for the implementation of renewable energy power projects to cater to the long-term power requirement of Hindustan Zinc under the power delivery agreement.

The board approved to invest ₹327 crore for a minimum 26% equity stake in Serentica Renewable India Private Limited or its affiliates.

Price Action: Hindustan Zinc’s share price was up 1.07% to trade at ₹513.65 on Friday afternoon.

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