Hindustan Zinc (500188) AGM 2024 summary

Opening remarks and agenda

• The 58th AGM was held by video conference; the required quorum was present and a scrutinizer was appointed to oversee electronic voting.

• The integrated annual report, Board report and audited annual accounts for FY2023/24 were taken as read.

Financial performance review

• FY2023/24 revenue from operations was INR 28,932 crore, down 15% YoY on lower metal prices; record metal and silver output and lower costs partly offset the decline.

• Mined metal production reached a record 1,079 kt and refined metal 1,033 kt; silver output was a record 746 tonnes, up 5% YoY.

• Zinc production cost was $1,117 per tonne, an 11% improvement; operations entered the first decile of the global zinc mining cost curve.

• Value-added products generated record sales at about 20% of total sales; INR 13,195 crore was contributed to the government exchequer.

Dividend announcements

• FY2023/24 dividend payout totaled INR 5,493 crore.