Hindustan Zinc Q3 Review - Outlook Remains Strong, But Priced In: Motilal Oswal
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Motilal Oswal Report
Hindustan Zinc Ltd.’s Q3 FY21 results were strong, as expected, with Ebitda up 43% YoY on higher volumes and prices.
While silver business remained strong with Ebit of Rs 10.1 billion (37% of total), zinc realized premiums recovered to pre-Covid-19 levels as the share of domestic volumes improved in Q3.
As major projects near completion, we expect 9% compound annual growth rate in the company’s volumes over FY21-23E, driving an 18% CAGR in Ebitda.
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