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India's Hindustan Zinc, opens a new tab, announced a sixth straight quarter of negative earnings on Friday as zinc prices fell amid weak demand, sending the miner's shares down as much as 2.7%.
The country's leading zinc producer reported a 21% drop in net profit to ₹20.38 billion in the January-March quarter. According to LSEG data, analysts forecasted an average profit of ₹19.82 billion.
The metals miner, mainly owned by Vedanta, was up 0.6% before the statement. The last change in the metals index, opens new tab, was 0.9%. Domestic zinc prices remained low during the quarter due to worries about demand from China, the world's largest consumer.
The company reported a 2% increase in zinc production for the fourth quarter, but sales fell 17%. Revenue from the zinc mining business - the biggest segment - fell 16%, resulting in a 12% drop in overall revenue to ₹72.85 billion.
The miner said both mined metal and refined metal production in fiscal year 2025 is expected to be higher than last year. It added that its silver production was the third-highest globally in 2024, up 12% in the quarter from a year earlier. Separately, in March, the Indian government, Hindustan Zinc's largest minority shareholder, rejected the miner's proposal to split into different units, according to a government official.
The company is the first among its peers to report quarterly earnings. Vedanta, Hindalco, new tab and Tata Steel, new tab, will report their results next month.
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