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Vedanta Resources (VED)

  Print      Mail a friend       Annual reports

Thursday 26 April, 2007

Vedanta Resources

Hindustan Zinc Ltd Results

Vedanta Resources PLC
26 April 2007


                                                                   26 April 2007

                          Hindustan Zinc Limited Results

Vedanta Resources plc's subsidiary company Hindustan Zinc Limited ('HZL') declared
fourth quarter and full year results today. These results are prepared in accordance
with Indian GAAP and denominated in Indian currency, the Rupee. The text of HZL's 
press release is attached.

                             Hindustan Zinc Limited

              Net Profit for FY 2007 leaps 202% to Rs. 4,442 Crore

Mumbai, 26 April 2007: Hindustan Zinc Limited today announced financial results
for the fourth quarter ('Q4') and year ended 31 March 2007 ('FY 2007'). Revenues
and net profit for Q4 were Rs.2,021 crore and Rs.935 crore respectively, an increase 
of 14% and 17% over the corresponding prior periods. For FY 2007, revenues and net 
profit were Rs.8,560 crore and Rs.4,442 crore respectively, an increase of 120% and 202%
year on year.

Financial Summary
                                                 (in Rs crore, except as stated)
                                         Q4 (Unaudited)                 FY (Audited)
                                    06-07      05-06   % Change   06-07      05-06   % Change
Net Sales/Income from operations        2,021     1,776      14%      8,560     3,890     120%
Cash Profit (PBDT)                      1,472     1,293               6,610     2,370
Net Profit                                935       802      17%      4,442     1,472     202%
EPS (Rs.)                               22.12     18.99              105.12     34.85
Production - Mined Metal(MT)
   Zinc                               121,423   125,318      -3%    504,956   472,194       7%
   Lead                                17,562    16,607       6%     67,364    59,677      13%
Production - Refined Metal (MT)
   Zinc                                94,856    91,588       4%    348,316   282,668      23% 
   Lead                                14,757    11,075      33%     50,187    24,727     103%

For Q4 and FY 2007, mined metal production was 121,423 tonnes and 504,956 tonnes
respectively. Refined metal production for Q4 and FY 2007 was 94,856 tonnes and
348,316 tonnes respectively, an increase of 4% and 23% over the corresponding
prior periods. The increase in production was primarily due to the ramp-up of new 
hydro smelter at Chanderiya.

The company exported 70,301 dry metric tonne ('dmt') and 313,299 dmt of zinc and
lead concentrate during Q4 and FY 2007 respectively.

The increase in net profits in Q4 and FY 2007 was on account higher metal volume
and higher prices. Average zinc LME for FY 2007 was $3,580 as compared with
$1,614 during FY2006.

Progress of projects

The 170,000 tonne expansion project at Chanderiya and the corresponding
expansion at the Agucha mine are progressing well and are on schedule for
commissioning in early 2008. The 88,000 tonne debottlenecking project at
Chanderiya and Debari zinc smelters is also progressing as per schedule.

During Q4, the company commissioned a 38.4 MW wind energy farm. The work on the
remaining 84 MW wind energy project is on schedule and is expected to be
completed as scheduled during
FY 2008.

About HZL

HZL is India's only integrated producer of zinc and among the world's leading
integrated producers. Its zinc capacity is currently 400,000 tpa with its
smelter operations situated in Chanderiya, Debari and Visakhapatnam. HZL has
lead-zinc mines in Dariba, Rampura Agucha, and Zawar. HZL has nearly 6,363
employees. The company is a subsidiary of Vedanta Resources plc.

For further information, please contact:

Sumanth Cidambi                                [email protected]
Associate Director - Investor Relations        Tel: +44 20 7659 4732 / +91 22 6646 1531
Vedanta Resources plc

                                   HINDUSTAN ZINC LIMITED

                    Registered Office: Yashad Bhawan, Udaipur - 313004


              Quarter ended 31 March 2007                      Year ended 31 March 2007
Turnover        Rs. 2,021 crore   Up 14 %          Turnover     Rs. 8,560 crore      Up 120 %
Net Profit      Rs. 935 crore     Up 17 %          Net Profit   Rs. 4,442 crore      Up 202 %
Earnings per    Rs. 22.12                         Earnings per Rs. 105.12
share                                             share

• 170,000 tpa zinc smelter project at Chanderiya and corresponding expansion
  projects at Agucha Mine are progressing as per schedule for commissioning in
  early 2008.

                                   AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH, 2007
                                                (Rs. in crore, except as stated)
    P A R T I C U L A R S      Nine months    
                                  ended          Fourth quarter ended                 Year ended   
                               31 December              31 March                       31 March
                                   2006             2007            2006           2007            2006
1. Net sales / Income from          6,539          2,021           1,776          8,560           3,890
2. Other Income                       157             74              37            231             116
3. Total Expenditure                1,532            621             517          2,153           1,589
a) (Accretion) / Decretion           (99)             42              50           (57)            (43)
    to stock
b) Mining and Manufacturing           769            271             247          1,040             987
c) Mining Royalty                     493            151             100            644             274
d) Staff costs                        191             69              52            260             206
e) Administrative, selling            178             88              68            266             165
   and other expenses
4. Profit before                    5,164          1,474           1,296          6,638           2,417
   depreciation and
   amortisation, interest and
   taxation (PBDIT)
5. Interest                            26              2               3             28              47
6. Cash Profit (PBDT)               5,138           1472           1,293          6,610           2,370
7. Depreciation and                   111             45              38            156             141
8. Profit before taxation           5,027          1,427           1,255          6,454           2,229
9. Provision for Taxation           
    - Current (Net)                 1,491            461             366          1,952             624
    - Deferred                         29             31              87             60             133
10. Net Profit                      3,507            935             802          4,442           1,472
11. Paid up Share Capital             423            423             423            423             423
    (Face value Rs. 10/- each)
12. Reserves excluding                                                            7,205           3,007
    Revaluation Reserve
13. Basic and Diluted EPS (Rs.)     83.00          22.12           18.99         105.12           34.85
14. Aggregate of
    Non-promoter Shareholding
    - Number of Shares           14,82,16,469   14,82,16,469   14,82,16,469   14,82,16,469   14,82,16,469
    - Percentage of shareholding        35.08          35.08          35.08          35.08          35.08


1)  The above results were reviewed by the Audit Committee and approved at
    the meeting of the Board of Directors held on 26 April, 2007.

2)  Investment in equity shares of a power company has been considered as an
    intangible asset. This has resulted in an additional amortisation charge of Rs.
    4.67 crore for the year ended 31 March, 2007 (2006: Rs. 4.67 crore).

3)  The Company is engaged in the business of mining and smelting of zinc
    and lead operations, which is a single segment as defined by Accounting Standard
    17 - 'Segment Reporting' issued by The Institute of Chartered Accountants of
    India. The company has entered into wind energy business, however, its
    operations for the year is within the threshold limit stipulated under AS-17
    'Segment Reporting' and hence it is not disclosed as a separate reportable

4)  Investor complaints outstanding at the beginning of the quarter were
    nil, number of complaints received and resolved during the quarter ended 31
    March, 2007 were 2 and 2 respectively. Outstanding number of complaints at the
    end of the quarter was nil.

5)  The Board of Directors at their meeting held on dated 20 January, 2007
    has declared and paid an interim dividend @ 25 % i.e. Rs.2.50 per equity share
    and has now recommended a final dividend @ 25 % i.e. Rs. 2.50 per equity share.

6)  Figures for nine months period and quarter / year ended have been
    regrouped / rearranged to correspond with current year ended figures wherever

                                                                By Order of the Board

Date: 26 April 2007                                             M S Mehta
Place: Mumbai                                                   CEO and Whole-time Director

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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