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The Zinc subsidiary of mining giant Vedanta published its Q1 results for the current fiscal year. Its profits jumped 55.9% from Rs 1,983 crores to Rs 3,092 crores this year.
Its profits improved 5.6% sequentially as profit growth was supported by strong growth in LME prices which were offset by rising input prices. Consolidated revenues grew 45% YoY & 6.7% QoQ to Rs 9,236 crores.
Ultratech Q1 results are live, read now.
The main contributors to higher sales were higher Zinc LME, strategic hedging & great lead and silver volumes. The company's EBITDA was up 43.8% YoY and 5.4% QoQ to Rs 5,278 crores. According to the Deputy & Interim CFO Sandeep Modi, this quarter recorded the company's highest ever quarterly revenue, EBITDA and Net Profit.
“We keep the guidance for FY23 unchanged. Mined metal is expected to be between 1,050-1,075 kt and refined metal production in the range of 1,000-1,025 kt. FY23 saleable silver production is projected to be between 700-725 MT. The zinc cost of production in FY23 is expected to be between $1,125-1,175 per MT. The project CAPEX for the year is expected to be in the range of $125-150 million,” the company said about the current fiscal year.
Moreover, the company's Board has given its approval for forming a wholly-owned arm to set up a five lakh tonnes per annum fertilizer plant and an additional roaster. CEO Arun Misra called this a "welcome move", citing the project to be synergistic. He said that with such synergistic growth projects in the value chain, the company was confident in delivering sustainable value to all its stakeholders.
The scrip of the lead, silver, and zinc manufacturer closed 2.03% down at Rs 277.25 per share on Friday. On Monday, it opened at Rs 276.85 per share.
Article by Aman Agarwal.
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