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Vedanta Resources (VED)

  Print      Mail a friend       Annual reports

Wednesday 23 January, 2008

Vedanta Resources

HZL Results

Vedanta Resources PLC
23 January 2008




                                                               
                         Hindustan Zinc Limited Results


Vedanta Resources plc's Indian subsidiary, Hindustan Zinc Limited announced its
results for the third quarter and nine months ended 31 December2007. The full
text of the release is attached.


                             Hindustan Zinc Limited
      Results for the Third Quarter and Nine Months ended 31 December 2007


Highlights

•   Strong operating performance - highest ever quarterly zinc metal production 
    of 104,093 tonnes
•   Phase II Chanderiya zinc smelter project successfully completed in a record 
    time of 20 months
•   HZL is the third largest integrated producer of zinc in the world 

Mumbai, 23 January 2008: Hindustan Zinc Limited ('HZL' or the 'company') today
announced its results for the third quarter ('Q3') and nine months ended 
31 December 2007 ('nine months period').


Unaudited Financial Summary
                                                 (in Rs crore, except as stated)
--------------------------------------------------------------------------------
                            Quarter Ended   Change    Nine Months Ended   Change
                              31 December                   31 December
                           2007      2006                2007      2006
--------------------------------------------------------------------------------
Net Sales/Income from
operations                1,658     2,482   -33.2%      5,612     6,540   -14.2%
Cash Profit (PBDT)        1,149     1,982   -42.0%      4,405     5,138   -14.3%
Net Profit                  785     1,335   -41.2%      3,118     3,507   -11.1%
EPS (Rs.)                 18.58     31.60               73.79     83.00
Production - Mined
Metal
Zinc                    135,891   127,699      6.4%   413,449   383,533     7.8%
Lead                     19,037    17,312     10.0%    56,704    49,801    13.9%
Production - Refined
Metal
Zinc                    104,093    92,759     12.2%   290,832   253,460    14.7%
Lead                     14,526    12,015     20.9%    41,258    31,953    29.1%
--------------------------------------------------------------------------------

The company achieved a record metal production in Q3 for both zinc and lead. HZL
produced 104,093 tonnes of zinc and 14,526 tonnes of lead, an increase of 12%
and 21% respectively as compared with the corresponding prior quarter. The
increase in production was primarily on account of additional production from
the new hydro smelter and improved performance from all the existing smelters.

Mined metal production during Q3 was 135,891 tonnes, an increase of 6% as
compared with the corresponding prior period.

Sales during Q3 were augmented by the sale of 72,115 dmt of surplus zinc and
lead concentrate.

Average zinc LME for Q3 was $2,646 per tonne, a decrease of 37% as compared with
the corresponding prior quarter. The Indian rupee appreciated by 12% during the
quarter as compared with the corresponding prior quarter. As a result of these
factors, profits were adversely affected to the extent of Rs 1,100 crores during
the quarter.


Projects

The 170 ktpa phase II zinc smelter project was successfully commissioned during
the month of December 2007.

The project was completed in a record time of 20 months from its
ground-breaking.

The 88,000 tpa zinc debottlenecking project is progressing well and is on
schedule.
_________________________________End of Release_________________________________


For further information, please contact:

Sumanth Cidambi                                    sumanth.cidambi@vedanta.co.in
Associate Director - Investor Relations            Tel: +44 20 7659 4732 / 
Vedanta Resources plc                                   +91 22 6646 1531 

Faeth Birch                                        
Robin Walker
Finsbury                                           Tel: +44 20 7251 3801


About Vedanta Resources plc
Vedanta Resources plc is a FTSE 100 diversified metals and mining group. Its
principal operations are located throughout India, with further operations in
Zambia and Australia. The major metals produced are aluminium, copper, zinc and
lead. For further information, please visit www.vedantaresources.com.

About Hindustan Zinc
HZL is India's only integrated producer of zinc and among the world's leading
integrated producers. Its zinc capacity is currently 581,000 tpa with its
smelter operations situated in Chanderiya, Debari and Visakhapatnam. HZL has
lead-zinc mines in Dariba, Rampura Agucha, and Zawar. HZL has approximately
6,400 employees. The company is a subsidiary of Sterlite Industries (India)
Limited.

Disclaimer
This press release contains 'forward-looking statements' - that is, statements
related to future, not past, events. In this context, forward-looking statements
often address our expected future business and financial performance, and often
contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,'
'seeks,' 'should' or 'will.' Forward-looking statements by their nature address
matters that are, to different degrees, uncertain. For us, uncertainties arise
from the behaviour of financial and metals markets including the London Metal
Exchange, fluctuations in interest and or exchange rates and metal prices; from
future integration of acquired businesses; and from numerous other matters of
national, regional and global scale, including those of a political, economic,
business, competitive or regulatory nature. These uncertainties may cause our
actual future results to be materially different that those expressed in our
forward-looking statements. We do not undertake to update our forward-looking
statements.




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