By Kosaku Narioka
Hindustan Zinc Ltd. said Tuesday that its first-quarter net profit fell 23% due to lower sales of zinc and lead.
Net profit for the quarter ended June fell to 13.59 billion rupees ($181.8 million) from INR17.65 billion a year earlier, the Indian mining company said. That beat the estimate of INR11.02 billion from a FactSet poll of analysts.
First-quarter revenue declined 20% to INR39.89 billion, it said.
Its zinc sales fell 27%, lead sales dropped 12% and silver sales rose 12%.
Deputy Chief Executive Arun Misra said the company successfully restarted operations after lifting lockdown measures in April and ramped up operations across all mines and smelters to near-normal levels.
Write to Kosaku Narioka at email@example.com