Hindustan Zinc Q4 Review - Outlook Remains Strong, But Priced In: Motilal Oswal
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Motilal Oswal Report
Hindustan Zinc Ltd.’s Q4 FY21 results were strong as revenue/Ebitda/profit after tax grew 15%/19%/13% quarter-on-quarter to Rs 69.5 billion/Rs 38.8 billion/ Rs 24.8 billion, 10%/12%/2% above our estimate – driven by 11% higher refined metal volumes and higher London Metal Exchange pricing.
The silver business remained strong with Ebit of Rs 12.2 billion (38% of total).
We expect a 9% compound annual growth rate in the company's volumes over FY21–23E, which would drive a 19% Ebitda CAGR.
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