BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Systematix Research Report
Hindustan Zinc Ltd.’s Q3 FY23 Ebitda of Rs 37.1 billion (down 15.2% YoY and down 15.9% QoQ) was 6% above our estimate, mainly on lower costs.
At 210 thousand tonne, zinc volumes were -1.9%/+11.1% YoY/QoQ.
Zinc/lead prices averaged at $3,001/tonne/$2,098/tonne (-10.8%/-10% YoY), respectively, while silver prices at $21.2/ounce fell 9.4% YoY.
Before royalty, zinc’s cost of production was $1,293/tonne, +12.6%/+2.7% YoY/QoQ, largely due to elevated coal prices and lower linkage coal availability.
We keep our FY23E zinc price assumption unchanged at $3,300/tonne while revising it upward to $3,200/tonne from $3,000/tonne for FY24E.
As a result, we have revised our FY23E/24E Ebitda by -5%/+4%, respectively, based on a mix of stable near-term zinc price and cost assumptions.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
RECOMMENDED FOR YOU
![](https://images.assettype.com/bloombergquint/2024-05/299ae4ca-70b6-4b01-83ab-9354ab9352bf/Hindustan_Zinc_website.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Hindustan Zinc And JNCASR Collaborate To Boost Zinc-Based Battery Tech
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2024-08-21/4casku8h/b37.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Hindustan Zinc Gets Rs 26 Crore GST Demand Notice
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2024-05/299ae4ca-70b6-4b01-83ab-9354ab9352bf/Hindustan_Zinc_website.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Hindustan Zinc's FTSE All-World Index Weight Rises To 7%
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2017-03/b749e70a-823f-4374-b1ae-99c0b639a1ce/d73f31eb-68fe-4593-9fc4-b555e0da1160.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Hindustan Zinc Q1 Results Review - Earnings Inline, Remains Expensive At Current Levels: Systematix
![timelogo](/images/amp-time.png)