BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Hindustan Zinc Ltd.’s Q1 FY22 results were impacted by lower production, weighed by the second Covid-19 wave and higher cost of production, partly offset by higher metal prices.
While Ebitda declined 8% QoQ to Rs 35.6 billion, a higher tax rate of 34% (due to the income mix change and lapse of tax incentives) led to 15% decline in adjusted profit after tax to Rs 21.2 billion.
We cut our FY22E/FY23E earnings per share estimate by 6%/9%, primarily factoring in the higher tax rate.
We expect a 9% compound annual growth rate in Hindustan Zinc volumes over FY21–23E, which would drive a 21% Ebitda CAGR.
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