Hindustan Zinc Reports Historic High Silver and Metal Production for FY 2023-24
#HindustanZinc #MetalProduction #Silver“FY 2023-24 has been a year of solid growth for HZL, with mined metal, refined metal, and silver recording its highest historic production levels, supported by a backdrop of fatality-free operations. As part of our strategy, it was driven by our increased focus on silver and metal production and cost optimisation. The company withstood the market headwinds during the year, ensuring preservation of margins and shareholder value.”- Arun Misra, CEO, Hindustan Zinc Limited.
April 2024 : Hindustan Zinc Limited (HZL) reported its results for the fourth quarter and full year ended March 31, 2024.
Commenting on the performance, Arun Misra, CEO, HZL said: “FY 2023-24 has been a year of solid growth for HZL, with mined metal, refined metal, and silver recording its highest historic production levels, supported by a backdrop of fatality-free operations. As part of our strategy, it was driven by our increased focus on silver and metal production and cost optimisation. The company withstood the market headwinds during the year, ensuring preservation of margins and shareholder value. Fuelled by our robust silver maximization strategy, I am thrilled to announce that HZL has now become the 3rd largest silver producer globally. Additionally, during the quarter, HZL also incorporated ‘Hindmetal Exploration Services Private Limited’, as a wholly owned subsidiary, with an objective to explore, discover, develop and tap mineral resources aligning with the national focus and vision.Our commitment on the sustainability efforts remains robust. I am happy to share that our renewable energy (RE) power delivery agreement of 450 MW is advancing well and the first flow of RE power is now preponed and expected to begin in April 2024, contributing to our journey towards achieving net zero targets. Our company has been awarded the CII National HR Excellence Award underscoring our exemplary people practices. With the full implementation of commissioned projects, HZL is poised for another exceptional year ahead.”
Sandeep Modi, CFO, said, “Despite the plunging metal prices, HZL has consistently sustained its margin at a steady 47 percent by recording its fifth consecutive quarter of sustained cost reduction, clocking the lowest cost in the last 3 years. This demonstrates the effectiveness of our agile decision-making strategy, with instances such as maximization of silver production leveraging the soaring silver prices, power plant modifications ensuring better linkage coal consumption thereby lowering the power costs along with operational and commercial efficiencies. I firmly believe that the challenges encountered throughout the year have strengthened our resilience and fortitude, propelling us to strive for even greater performance in the upcoming year towards our aspired annual targets and strong balance sheet.”
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