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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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