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Business Wire India - Multimedia: Digest for October 21, 2023

Business Wire India - Multimedia

Multimedia By Business Wire India
Business Wire India

  • AAV Ranga Raju, MD, NCC Ltd, honoured with the prestigious Construction World Person of the Year (Private Sector) award.
  • Dimitrov Krishnan, MD, Volvo Construction Equipment India, was recognised as the "Equipment India Person of the Year 2023".

The 9th Edition of India Construction Festival (2023) - comprising 13th India Roads Conference, 11th Equipment India Awards and 21st Construction World Global Awards - received a big thumbs up from more than 200 industry leaders from the leading construction and infrastructure companies who celebrated the success of the industry and recognised its contribution to the nation building.
 
Held recently at Shangri La Hotel in New Delhi and hosted by infrastructure think-tank FIRST Construction Council in partnership with Construction World and Equipment India magazines, India Construction Festival 2023 honoured over 70 companies in the infrastructure and construction equipment sectors with awards under various categories. While AAV Ranga Raju, Managing Director, NCC Ltd, was honoured with the prestigious Construction World Person of the Year (Private Sector) award, Dimitrov Krishnan, Managing Director, Volvo Construction Equipment India, was recognised as the "Equipment India Person of the Year 2023" for their remarkable achievements during 2022-23.
 
Setting context for ICF 2023, Pratap Padode, Founder and President, FIRST Construction Council, said, "Government infrastructure investments as measured by central government capex have gone up 8 times over FY14 to FY24. In FY24 it is expected to be 4.9 per cent of GDP compared with 1.7 per cent of GDP in FY14. Over the same time period, road capex has gone up 7.5 times and railways capex is up by 4.5 times. The centre would have spent nearly Rs 6 trillion of its Rs 10 trillion capex budget set for this fiscal, already up to September."
 
The awards were given at a glittering ceremony which witnessed participation of head honchos of the construction industry such as Lieutenant General Arvind Walia, Engineer-in-Chief, Indian Army; Suresh Goyal, MD & CEO, National Highways Infra Investment Managers (NHAI InvIT); MV Satish, Sr Executive VP & Director, Larsen & Toubro (L&T); Dr Manoranjan Parida, Director, CSIR-CRRI (Central Road Research Institute); Ajay Kumar Mishra, President, Dilip Buildcon; Hardik Agrawal, Director, Dineshchandra Agrawal Infra; Dr Nalin Gupta, MD, J Kumar Infraprojects; TR Rao, Director (Infra), PNC Infratech; Vikas Agarwal, Director, GR Infraprojects Ltd; Yancharla Rathnakara Nagaraja, MD, Ramky Infrastructure; VG Sakthikumar, Chairman & Managing Director, Schwing Stetter; Sandeep Singh, MD, Tata Hitachi Construction Machinery; Ashish Kataria, Director, Ashoka Buildcon; Sunil Khurana, Chief Operating Officer, JCB; Katsuya Fukasaku, MD, Nippon Koei India; and Ajay Sood, Director, Timken India, among others.
 
Laying growth roadmap: India Roads Conference 2023

The 13th India Roads Conference (IRC) - with the theme of "Road Construction Business: Establishing safe, sustainable, inclusive and intelligent road network in India" - brought together policymakers, industry leaders and experts under one roof to discuss innovative technologies, sustainable practices, and funding opportunities that will revolutionise the road construction landscape in India.
 
Pratap Padode, Founder and President, FIRST Construction Council, stated, "The capital expenditure on the road sector has increased by almost 5 times from Rs 512.04 billion in 2013-14 to Rs 2.41 trillion in 2022-23. The total length of National Highways has increased by 59 per cent from 91,287 km in 2013-14 to 145,240 km in March 2023. This year, the government has set a target to build 13,800 km of highways, which requires adequate funds and the right technologies. India Roads Conference will discuss sustainable solutions to build strong roads for robust economic growth."

Added V.K. Dewangan, Chairman & MD, REC, "After becoming a Maharatna company in 2022, the Ministry of Power allowed us to diversify into non-power infrastructure and logistics wherein we've been allowed to diversify upto one-third of our loan book into non-power sectors. In the current fiscal year, we are targeting sanctions of about Rs. 1-1.25 lakh crore in these new areas including roads, highways, airports, and metropolitan railway projects among others. We are committed to nation-building and funding India's growth story."
 
Attendees gained valuable insights from dynamic panel discussions, insightful keynotes, and cutting-edge innovation showcases. IRC 2023 helped participants understand the industry trends and forge valuable partnerships, and, thus, made a big contribution in building safer, greener, and more efficient road networks.
 
CW Global Awards presented to 46 construction industry leaders

The 21st Construction World Global Awards brought together top construction industry leaders, experts and policymakers in Delhi. CW Global Awards were presented to 46 companies such as Larsen and Toubro (L&T), NCC, PNC Infratech, J Kumar Infraprojects, Tata Projects, HG Infra Engineering, PSP Projects, APCO Infratech and SOBHA, among others, in different categories. The CW Global Awards and ENR Awards provided a platform to recognise and celebrate the innovation, dedication and remarkable achievements of individuals and companies in the construction industry, setting the bar high for future endeavours.
 
AAV Ranga Raju, Managing Director, NCC, was honoured as the "Person of the Year – Private Sector", for his exemplary leadership and his contribution which have not only propelled his organisation but have also had a positive impact on the industry as a whole in 2022-23.
 
Some of the award winners (under various categories) were:
 
  • Top Challengers: Welspun Enterprises, Capacit'e Infraprojects, Action Construction Equipment (ACE), GR Infraprojects, NCC, Ircon International, J Kumar, HG Infra, Anand Rathi, Ramky Infrastructure, Patel Engineering, and Timken India 
  • India's Most Admired Brands: Schwing Stetter, Tata Hitachi Construction Machinery, Toshiki Onishi, Ashoka Buildcon, L&T, L&T construction equipment and JCB
  • ENR Awards: Yooshin Engineering Corporation, Egyptian Maintenance Co, Tractebel Engineering, Dar Al-Handasah Consultants, Shapoorji and Pallonji, Ircon International, Meinhardt Singapore, Tata Projects, L&T, Nippon Koei India, EGIS, Tata Consulting Engineers, and Dorsch Consult India.
 
Among Nomination Categories the following companies were recognised: Product Innovation of the Year - CSIR-Central Road Research Institute (Steel Slag Road Technology), Product Innovation of the Year – Verma Industries (Rejupave), CSR Company of the Year - SOBHA Limited, Construction Project of the Year - J. Kumar Infraprojects (Thane Creek Bridge Project), Construction Project of the Year - APCO Infratech (Bundelkhand Expressway Project). Among award for 'Emerging Company of the Year' GA Infra, Bharat Vanijya Eastern and KEC International won awards.
 
The Guest of Honour, Lieutenant General Arvind Walia, Engineer-in-Chief, Indian Armed Forces, said, "The convergence of automation, artificial intelligence, robotics and other cutting-edge technologies are reshaping every aspect of construction – right from concept and design to execution." He opined that better representation of women with their empathy, knowledge and their skills would help the construction industry grow better and higher.
 
Promising to provide valuable data to industry professionals in terms of an information management platform for construction projects, Tanveer Padode, Head, Digital ASAPP Info Global Group, unveiled the group's future plans and said, "We're glad to present to you Impact, which stands for 'Information Management of Projects awarded, conceptualised, contracted and tendered'. From December 1, you'll have all this information as to what's happening, where, who's the project manager, who's the person in charge, how do I get in touch with this person? We'll help you with procurement and help you find professionals and consultants for whichever sectors - all at the click of a button." 
 
Emphasising his resolve APCO Infratech's Director Amit Singh stated, "Our recent strides in the construction sector reflect APCO's persistent growth trajectory. Participation in the India Construction Festival has notably bolstered our visibility and solidified key relationships, affirming our position as a dynamic force within the industry. The commencement of the Bandra Versova Sea link project stands as a testament to APCO's strategic venture into the marine construction sector, underlining the company's agility in exploring new avenues while upholding superior standards of quality and innovation. We are excited for the promising opportunities on the horizon and remain resolute in delivering exceptional results."
 
EI presented 23 awards to leading construction equipment companies

The highly anticipated 11th Equipment India Awards 2023, presented by BKT, marked the convergence of industry stalwarts and leading construction equipment manufacturers, as well as C.A.S.H. companies - all united to acknowledge and celebrate the excellence and innovation within the construction equipment sector.
 
A significant highlight of the evening was the announcement of the Equipment India Person of the Year 2023, an honour awarded to Dimitrov Krishnan, Managing Director of Volvo Construction Equipment India. The jury considered Volvo Construction Equipment India's remarkable growth under Krishnan's able leadership. Receiving the prestigious Equipment India Person of the Year award, Krishnan expressed his gratitude to the suppliers and dealers for their unwavering support.
 
The 11th Equipment India Awards 2023 celebrated and rewarded excellence in eleven Bestseller product categories. The deserving winners in these categories were:
 
  • Action Construction Equipment for Mobile Cranes and Tower Cranes
  • Ammann India for Asphalt Finishers
  • CASE Construction India for Compaction Equipment
  • Caterpillar India for Rigid Dump Trucks and Motor Graders
  • Doosan Bobcat India for Skid-Steer Loaders
  • JCB India for Backhoe Loaders
  • LiuGong India for Wheeled Loaders
  • Tata Hitachi Construction Machinery for Mini Excavators and Crawler Excavators
 
Additionally, the event recognised excellence in emerging bestseller categories, with six awards presented. Sany Heavy Industry India emerged as a dominant force, securing three awards for Crawler Cranes, Truck Cranes, and Piling Rigs. Schwing Stetter India received two awards in the categories of Concrete Pumps and Batching Plants, while Ammann India was acknowledged for its excellence in the Asphalt Plants category.
 
In the category of Trainer of the Year, Schwing Stetter India clinched the coveted award, underlining their commitment to fostering industry expertise and skills. Two Best Innovation awards were bestowed upon Terex India for their product Powerscreen Pulse Telematic System and Schwing Stetter India for TSR EV Shotcrete Pump.
 
The event also recognised corporate social responsibility (CSR) initiatives, with CASE Construction being honoured as the CSR Company of the Year. AJAX Engineering received the Green Factory of the Year award, underscoring their dedication to environmentally sustainable practices.
 
Providing details on their organisation's approach to equipment, Bonfiglioli's Sanjay Patwari, Vice President Sales- BU M&W stated, "Bonfiglioli's approach has been to work closely with construction equipment manufacturers in India who are leaders in their field and to develop tailor made drive solutions meeting their specific requirements. This has resulted in development of range of products that are designed for meeting the harshest of duty conditions prevailing in India. These drive solutions that cater to a wide range of applications including earthmoving, road construction, material handling, mining etc have today become the benchmark in the industry making us the largest producer of drive solutions in India."
 
The event also witnessed the unveiling of the 18th Anniversary issue of 'Infrastructure Today' magazine, which focused on the four pillars of India's economic development: Infrastructure, Investment, Innovation, and Inclusion. This Special Collector's Edition offers an invaluable resource for policymakers, industry professionals, and stakeholders as it provides comprehensive insights into these pillars of development and their role in shaping the Indian economy.
 
For inquiries call Deepti at 82919 95575 or email FIRST Construction Council: Info@FIRSTconstructionCouncil.com
Business Wire India

  • Mahindra Last Mile Mobility (MLMML) is the leading electric 3-wheeler manufacturer in India.
  • The collaboration between MLMML and Bolt.Earth will facilitate end-user access to charging points by integrating them into MLMML's proprietary NEMO Driver app.
  • The strategic connection of charging infrastructure and promoting interoperability will play pivotal roles in driving the adoption of electric vehicles (EVs) in India.
 
Bolt.Earth, India's leading EV charging infrastructure provider, today enabled the EV customers with hassle-free access to charging stations through their collaboration with India's No.1 electric 3-wheeler manufacturer, Mahindra Last Mile Mobility Ltd (MLMML). This collaboration connects the end user with Bolt.Earth charging points through MLMML's integrated NEMO Driver app. With more than 11 major features, the NEMO Driver App is currently revolutionising the world of electric mobility. Its mission is to provide a diverse range of advanced connected mobility experiences. This cloud-based platform empowers the development of a new generation of shared and connected services, actively enhancing electric mobility.

Bolt.Earth's charging network has fulfilled the needs of more than 150K users across India by dispensing over 1000Mwh of energy. This includes 4,700 charging points in Bangalore, 3,500 in Delhi-NCR, 2,800 in Hyderabad, and other tier 1, tier 2, and tier 3 cities in India. Out of these, more than 1000 charging points are for electric 3-wheelers and many more continue to be added on a frequent basis – discoverable on the NEMO Driver app (free for download on Google Play).
 
Bolt.Earth's Head of Strategy and Leadership, Raghav Bharadwaj, commented, "Bolt.Earth's mission is to transform the EV landscape across geographies with easy-to-install charging infrastructure. Partnering with MLMML will echo our vision to establish India as the electric future hub in global markets. Our strategic collaboration will pave new ways for Indian EV users across pin codes to access our state-of-the-art charging infrastructure. We are excited to work with partners like Mahindra Last Mile Mobility Ltd towards our goal of powering India's EV ecosystem."
 
Commenting on the association, Ms. Suman Mishra, MD and CEO of MLMML said, "Our collaboration with Bolt.Earth signifies our commitment to fostering a sustainable future for India. The significant ramp-up of 1000 charging points underscores our dedication to supporting electric mobility and empowering our customers with convenient and eco-friendly solutions."
Business Wire India

Homegrown consumer foods brand Yu announces an exciting new campaign – Rise & Conquer – with brand ambassador Hardik Pandya. Celebrating the energy of the World Cup and the joy of the festive season, the brand is set to start a culinary revolution on the front foot.
 
Ready to rise and conquer, Yu has created various touchpoints to maximise the effectiveness of the 360-degree campaign. As part of the outreach, Yu-branded SpiceJet planes will be cheering for Hardik Pandya and Team India during the World Cup. Taking the fever of cricket to new heights, SpiceJet cabin crew will wear Yu-branded Hardik jerseys throughout the duration of the World Cup. The Spicejet fleet will also feature Yu-branded cabin bulkheads and skyline panels. Ensuring that cricket enthusiasts are seamlessly tuned in to all the excitement around the matches, the brand will run Hardik Pandya commercials across Hotstar digital and connected TV during the World Cup. To top it off, Yu has also planned exciting gamification-based activations across Q-com platforms.
 
The brand has curated thoughtful consumer experiences as part of the new campaign. The audience can capture their excitement at Yu selfie booths across offline stores. To make the most of the festive season, Yu is launching Limited-Edition Hardik Pandya World Cup Gift Boxes that will be available exclusively on SpiceJet and Blinkit. Yu will also run a special contest where fans stand a chance to win Hardik Pandya merchandise and an iPhone 15 during the course of the 45-day campaign.
 
Brand ambassador Hardik Pandya, who is exclusively managed by RISE Worldwide, said, "I am thrilled to be part of the new Yu 'Rise & Conquer' campaign, where we are taking the excitement of the World Cup and festive season to new heights. From in-flight experiences to consumer contests online, we aim to make the most of the celebrations with Yu. I hope that my fans will like and enjoy the campaign."
 
Founders Bharat Bhalla and Varun Kapur jointly shared, "At Yu, we have always believed in thinking outside the box when it comes to brand building. It brings us great joy to launch our first-ever campaign around the ICC World Cup. Adding to the spirit of cricket among Indian fans, we are here to cheer for Hardik and Team India with Yu. The festive season has also begun, so it's twice the excitement and fun. We are ready to rise and conquer with Yu and its culinary revolution."
Business Wire India

Udaipur Cement Works Limited (UCWL), a subsidiary of well-known cement major, JK Lakshmi Cement Ltd, has taken a significant step for increasing its cement production with the expansion of its Clinker facility. The Company announced the commissioning of its Clinkerisation Unit of 1.50 Million Tonnes Per Annum (MTPA) at Udaipur. With this, the Company doubled its Clinker capacity from 1.50 MTPA to an impressive 3 MTPA. This strategic decision of expansion reflects with UCWL's long-term objectives to meet the evolving cement consumption patterns in its operational regions.

This growth is facilitated by the availability of adequate Land and the necessary Limestone Reserves at the Company's existing Mines. The Company is expecting a noticeable surge for the demand of cement in the coming years and this expansion will assist the Company in supplying cement to a larger customer base.

Mr. Shrivats Singhania, Director & CEO of Udaipur Cement Works Limited, emphasized the importance of adapting to market dynamics, saying, "To sustain and flourish in this demanding and competitive market, it is imperative for us to adapt, cater and grow with the consumption trends. We foresee a substantial uptick in the cement demand in the upcoming years, and this expansion project is our response to ensure a smooth and resilient supply chain that can effectively cater to this escalating demand. With this clinker capacity expansion, we are well-prepared to serve our customers and partners efficiently. I am delighted to share that our commitment to expansion remains unwavering, and by the end of FY 23-24, our total cement capacity will more than double to 4.7 MTPA from the existing 2.2 MTPA."

Through its emphasis on systematic growth and a balanced framework UCWL is committed to create value for all its stakeholders- from employees to customers to the broader community – and is poised to continue to make a positive impact in future as well.
 
This Capacity Expansion of the Company has been funded through a Mix of Debt & Equity. The Company has recently successfully completed its Rights Issue of Rs.450 Crores.
UCWL takes pride in its two reputable brands in its portfolio - "Platinum Heavy Duty Cement," and "Platinum Supremo Cement" catering to a wide spectrum of construction needs, and a premium offering tailored for roofing solutions, ensuring structural strength and durability. Both brands have garnered a strong presence and earned respect in the markets of Central, West and North India.

UCWL is known for its dedication to renewable energy and environmental sustainability. The Company boasts of installing the first of its kind in the State of Rajasthan & the only one in the entire Indian Cement Industry, a Floating Solar Power Plant of 1 MWp at its Mines. The Company now meets almost 50% of its Power Requirement from Renewable Sources making it a leader in eco-friendly manufacturing practices. Additionally, UCWL actively pursues its Corporate Social Responsibility through various welfare schemes such as "Ajivika," which uplifts underprivileged women and children residing in proximity to its plant.
Business Wire India

Car Street, India's one of the largest pre-owned car dealers, celebrated their eight-year successful journey in the luxury automobile segment. In a short span of eight years, Car Street has garnered over 10,000 customers, has two showrooms in Delhi, and is working on a pan-India scale.

The day began their successful journey of eight years filled with hard work and consistency. The brand celebrated its achievement in a greater-than-life manner recently. They hosted 70+ top influencers and celebrities from across India at their largest store in Naraina, Delhi. The event involved top personalities like ex-Bigg Boss contestant Nitibha Kaul, luxury fashion influencer Niki Mehra, and popular names like Kirti Singh, Manleen Puri, and many more. The brand also made the guests experience driving in the rarest luxury cars in India, followed by a sound show of the cars, which the guests highly appreciated.
 
Car Street Founder & Director Gurvinder Singh, said, "It is a matter of great honour and pride that we have completed 8 years as one of the leaders in pre-owned luxury vehicle dealers. We started this journey by selling basic cars and now sell luxury cars. We feel delighted to celebrate this achievement."
Business Wire India

After a successful launch of the first phase La Vie (Tower A), Rustomjee Group and Keppel are delighted to announce the launch of two new Towers at La Vie—a remarkable testament to modern living and community living. Nestled within the vibrant neighborhood of Thane, La Vie is more than just a residential project; it is a vision brought to life with a single design philosophy—to build not just homes but to foster a thriving community.
 
Speaking about the new launch, Anupam Verma, CEO, Rustomjee Urbania, said, "At Rustomjee Group, we are dedicated to seeking fresh and innovative approaches to enhance the lives of our valued customers. We are absolutely thrilled to unveil our latest endeavor, two new towers of La Vie at Rustomjee's Uptown Urbania. This exceptional launch promises to offer an unparalleled living experience, delivering amenities and features that the city has never witnessed before. By offering a blend of international experience, contemporary styling and amenities, and environment friendly design and engineering, we believe that this project sets new benchmarks in almost every aspect."
 
La Vie at Rustomjee Uptown Urbania spreads across 8.5 acres within a vast 100+ acre township. This grand project comprises eight independent towers, each reaching up to 55 Storeys. Designed by the acclaimed architect Hafeez Contractor and featuring landscape design by COEN, Singapore, Rustomjee La Vie embodies architectural excellence. These towers gracefully encircle a central park adorned with recreational spaces, designed with the vision of transforming neighbors into lifelong friends. Rustomjee La Vie epitomizes community living, with well-defined zones catering to all age groups and a diverse range of sports and outdoor activities thoughtfully integrated across the property and within individual towers. The abundance of healthy active lifestyle amenities available at La Vie will be an enhanced value proposition to the standards of living of our valuable customers. The upcoming project is located in Thane, one of the fastest appreciating locations that has seen a significant increase in property value over the last decade.
 
The much-awaited launch offers thoughtfully designed 2-bedroom and 3-bedroom homes, where residents can enjoy three levels of leisure and recreation, fostering a sense of community and well-being.
 
  • Tower B is seamlessly connected to Tower A, offering beautifully crafted 2-bedroom apartments ranging from 580 to 630 sq ft in size. Tower B provides residents with the perfect blend of convenience and luxury.
  • Tower C stands as an independent tower, offering exclusive 3-bedroom homes with balconies ranging from 882 to 961 sq ft. With just six apartments per floor and five elevators, Tower C provides a low-density living experience. The apartment layout includes a welcoming foyer area and an L-shaped living-dining space. Tower C offers breathtaking views of the Olympic-sized pool and the western skyline, with independent amenities on the recreational floor and rooftop.
 
All the residences offer premium specifications and are designed to offer breathtaking, unobstructed and spectacular views. Each home at Rustomjee La Vie is designed to offer luxury, comfort and functionality for residents to experience modern-day living.
 
Thane's close proximity to burgeoning business hubs in Powai, Vikhroli, and Ghansoli, along with easy access to the Eastern Express Highway, makes it the preferred choice for homebuyers seeking the perfect blend of urban convenience and natural beauty.
Business Wire India

Hindustan Zinc Limited, the leading global integrated producer of zinc, lead and silver, reported its results for the second quarter and half year ended September 30, 2023.

Commenting on the performance, Mr. Arun Misra, CEO, said: "Hindustan Zinc witnessed significant milestone achievements in its expansion efforts during the quarter. I am pleased to share the commissioning of our Fumer plant, Rajpura Dariba concentrator and Zinc Alloy facility ensuring a more sustainable, circular and efficient operations. Catalysing growth, our plants and assets are also geared up to maximise performance. With delivery of steady operational performance in first half of the year and ramped up facilities, we are confident of delivering a standout financial year. Advancing swiftly towards our sustainability goals, this quarter we commissioned another 4,000 KLD zero liquid discharge plant at Zawar mines and entered in an agreement for 180 LNG vehicles for green transportation. I am happy to share that our ambitious net zero targets are now approved by SBTi making Hindustan Zinc the only Indian company in mining sector with validated targets."

Mr. Sandeep Modi, CFO, said: "With our persistent focus on cost optimisation, operational efficiencies and working capital management, Hindustan Zinc delivered another quarter of steady margins and financial performance despite the complex economic landscape. I am happy to share that driven by our cost optimisation efforts, we have successfully achieved third consecutive quarter of sustained cost improvement and the lowest cost in last six quarters. We are well positioned to execute our strategic priorities in FY24 revolving around cost optimisation, digital advancement enhancing our competitive edge, healthy cash flows and robust balance sheet thereby generating long-term sustainable value for shareholders."


Operational Performance

Mined metal production for the quarter was 252 kt, down 1.4% y-o-y and 2.0% sequentially mainly due to lower ore production at Rampura Agucha and Kayad mine partly offset by better overall metal grades. H1 FY24 mined metal production stood at 509 kt, marginally up y-o-y on account of higher ore production largely at Rampura Agucha supported by better overall metal grades.

Refined metal production for the quarter was 241 kt, down 1.8% y-o-y and 7.1% sequentially on account of scheduled maintenance activity. Metal production for H1 FY24 stood at 501 kt, marginally down y-o-y, in line with plant availability.

Integrated zinc production for the quarter was 185 kt, down 2.3% y-o-y and 11.7% sequentially. Refined lead production for the quarter was 57 kt, flat as compared to Q2 FY23 and up 11.7% sequentially on account of pyro plant operations on lead mode during the quarter. H1 FY24 integrated zinc production stood at 394 kt, marginally down y-o-y. Refined lead production was at 107 kt, down 2.7% y-o-y in line with the plant availability.

Saleable silver production for the quarter was 181 MT, marginally up sequentially and down 6.8% y-o-y due to accumulation of WIP in Q2 FY24. H1 FY24 saleable silver production stood at 360 MT, down 3.0% y-o-y in line with lead metal production.

Financial Performance

Revenue from operations during the quarter was INR 6,791 Crore, down 18.5% y-o-y, on account of significantly lower zinc prices, lower zinc and silver volumes and differential strategic hedging impact partly offset by higher lead and silver prices and favourable exchange rates.

Sequentially revenue witnessed a decline of 6.7%, primarily due to lower zinc prices & volume and lower silver prices while being offset by favourable exchange rate, higher lead prices and improved lead & silver volumes.

H1 FY24 revenue from operations stood at INR 14,073 Crore, down 20.6% y-o-y, on account of significantly lower zinc prices, lower metal and silver volumes and differential strategic hedging impact partly offset by higher lead and silver prices and favourable exchange rates.

Zinc cost of production before royalty (COP) for the quarter was US$ 1,137 (INR 93,981) per MT, lower by 9.7% (6.3% lower in INR terms) y-o-y and lower by 4.8% (4.2% lower in INR terms) sequentially. Zinc COP for H1 FY24 was US$ 1,167 (INR 96,144) per MT, lower by 7.4% (2.6% lower in INR terms) y-o-y. Cost improvement is majorly on account of softened coal and input commodity prices, better domestic coal (linkage) availability, further supported by better grades sequentially.

EBITDA for the quarter was INR 3,122 Crore, down 28.8% y-o-y and 7.1% sequentially and for H1 FY24 EBITDA was INR 6,481 Crore, down 32.9% y-o-y, mainly on account of lower revenue being partially offset by cost improvement.

Net profit for the quarter was at INR 1,729 Crore, down 35.5% y-o-y and 12.0% sequentially and for H1 FY24 Net Profit was at INR 3,693 Crore, down 36.0% y-o-y, primarily on account of lower EBITDA partly offset by lower tax expense.

Key Strategic Updates

On 29th September'23, the Board authorized 'Committee of Directors' to evaluate value unlocking measures. External advisors to assist in the evaluation exercise have been appointed by the management and work is underway.

Projects Update
 
  • Fumer plant commissioned in Q2 FY24 through remote support of OEM and HZL team from China, making it the first such kind of innovative commissioning across Hindustan Zinc. Full ramp up under progress and targeted by early Q3 FY24
  • Rajpura Dariba Mill commissioned. Complete ramp up under progress, targeted by early Q3 FY24
  • For Hindustan Zinc Alloys Private Limited (HZAPL), hot commissioning was complete and first alloy metal was produced in first week of Oct'23
  • For the new Roaster at Debari, all orders were placed. Engineering and procurement activities are ongoing and EPC contractor mobilized at site
  • For Hindustan Zinc Fertilisers Private Limited (HZFPL), major orders placed and technology partner was onboarded. Engineering and procurement activities are ongoing

ESG Update
 
  • Hindustan Zinc became the first metal and mining company in India to have validated Science Based Targets in line with 1.5o C with approved targets of 50% reduction in Scope 1 & 2 and 25% reduction in Scope 3 GHG emissions by 2030 and net zero by 2050 from base year 2020
  • Hindustan Zinc signed a landmark agreement for deploying 180 LNG vehicles for inter-unit and finished goods movement reducing Scope 3 emissions
  • Inaugurated a 4,000 KLD Zero Liquid Discharge (ZLD) Plant at Zawar mines to facilitate water recovery and reduction in freshwater dependency, reaffirming the Company's vision of zero waste & zero discharge and 5x water positivity by 2025
  • HZL launched its second battery electric vehicle in the underground mines of Sindesar Khurd (SK)
  • Selected to pilot the world's first Science-Based Targets for Nature
  • Zawar Mines received CII National Award in Innovation Project Category for Environment Best Practices
  • DSC recognized with Platinum award in metal and mining sector at Apex India Occupational Health and Safety Awards 2023

Liquidity and Investment

Company generated cash flow of INR 2,648 Crore during the quarter. As on September 30, 2023, the Company's gross investments and cash & cash equivalents were INR 11,393 Crore as compared to INR 9,709 Crore at the end of June'23 which was invested in high-quality debt instruments.

Total borrowings outstanding as on Sep'23 was INR 11,323 Crore.

During the quarter, the company paid dividend of INR 2,958 Crore.


Outlook for FY24

Mined metal is expected to be between 1,075-1,100 kt and refined metal production in the range of 1,050-1,075 kt. Saleable silver production is projected to be between 725-750 MT.

Zinc cost of production in FY24 is expected to be in between US$ 1,125-1,175 per MT. Project capex for the year is expected to be in the range of US$ 175-200 million.
 
Disclaimer

This press release contains "forward-looking statements" – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
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