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HZNC

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									                                                                                             Regd off: Yashad Bhawan, Udaipur - 313 004
HINDUSTAN ZINC LIMITED                                                                       E-Mail:    investorgrievanceshzl@vedanta.co.in
                                                                                             Web site: www.hzlindia.com
                                                                                             Telephone: (0294) 252 9181 Fax: (0294) 252 9102
STEEL & RELATED                                                    MISCELLANEOUS             Tr agent: Sharepro Services, Satam Est., 3rd Flr., C. G. Rd., Chakala, Mumbai - 99
Chairman: Agnivesh Agarwal                                                     SEC: Rajendra Pandwal                                   AUD: Deloitte Haskins & Sells
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m       % ch 12-m       P/E       P/CF           Yield         Mkt cap               Vol.             ISIN
 1966   500188             HZ:IN      10           738.4          5.9            29.4          11.4      10.4            0.5         311,975.0             35.6          INE267A01017
SHAREHOLDING                                                     FX Transaction (FY09)                              ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 64.9%               Exports (fob)          Rs m 20,352                   (Rs)
Foreign collaborators      :  0.0%               Imports (cif)          Rs m     4,754
Indian inst/Mut Fund       : 31.4%               Fx inflow              Rs m 20,352            1200
FIIs/GDR                   :  1.6%               Fx outflow             Rs m     5,245                                                                       DAILY
Free float                 :  2.1%               Net fx                 Rs m 15,107
Shareholders               : 45,019                                                                                                                          100 DMA
                                                                                                900
                           No. of months                  12            12            12
                             Year ending            31/03/07      31/03/08      31/03/09
EQUITY SHARE DATA
                                                                                                600
High                                  Rs               1,119            969           763
Low                                   Rs                 415            507           215
Sales per share                       Rs               202.6          186.4         134.4
Earnings per share                    Rs               105.1          104.0          64.6       300
Cash flow per share                   Rs               108.8          109.3          71.3
Dividends per share                   Rs                5.00           5.00          4.00
Dividend yield (eoy)                  %                  0.7            0.7            0.8
                                                                                                     0
Book value per share                  Rs               180.5          280.4         339.8
Shares outstanding (eoy)              m               422.53         422.53       422.53             Aug-06          Jun-07           Feb-08               Nov-08            Aug-09
Bonus/Rights/Conversions                                    -              -             -
Price / Sales ratio                   x                   3.8            4.0           3.6                               No. of months                12            12             12
Avg P/E ratio                         x                   7.3            7.1           7.6                                 Year ending          31/03/07      31/03/08       31/03/09
                                                                                              CASH FLOW
P/CF ratio (eoy)                      x                   7.0            6.8           6.9
Price / Book Value ratio              x                   4.2            2.6           1.4    From Operations                         Rs   m      46,046            40,616     27,127
Dividend payout                       %                  4.8             4.8           6.2    From Investments                        Rs   m     -37,299           -30,469    -34,191
Avg Mkt Cap                           Rs m           324,081        311,827      206,617      From Financial Activity                 Rs   m      -8,290            -2,713     -1,372
No. of employees                      `000                  6              6             7    Net Cashflow                            Rs   m         457             7,434     -8,436
Total wages/salary                    Rs m             2,519          3,095         3,664
Avg. sales/employee                   Rs Th         13,459.6       12,388.4      8,527.7                                        INTERIM RESULTS
Avg. wages/employee                   Rs Th            396.1          486.7         550.1                                           2QFY09  3QFY09             4QFY09         1QFY10
Avg. net profit/employee              Rs Th          6,984.1        6,913.2       4,094.7     Net sales                   Rs    m    17,905  10,692             12,889         15,266
                                                                                              Gross profit                Rs    m     9,821   3,051              5,813          7,823
INCOME DATA                                                                                   Gross profit margin         %            54.9     28.5              45.1           51.2
Net Sales                             Rs     m        85,603        78,778        56,803      Net profit                  Rs    m     9,596   3,689              5,514          7,188
Other income                          Rs     m         2,313         8,516         9,312      Net profit margin           %            53.6     34.5              42.8           47.1
Total revenues                        Rs     m        87,916        87,294        66,115
Gross profit                          Rs     m        64,127        53,774        27,342                                            KEY DATA
Depreciation                          Rs     m         1,561         2,205         2,853      Parameters                          Unit             FY07              FY08       FY09
Interest                              Rs     m           245           231           219      Zinc Installed Capacity             THTPA              411              581        669
Profit before tax                     Rs     m        64,634        59,854        33,582      Zinc Production                     THTPA            348.6             426.3      551.7
Minority Interest                     Rs     m             0             0             0      Zinc                                % of sales      71.0%             69.5%      69.5%
Prior Period Items                    Rs     m           247           797           324      Lead                                % of sales       4.2%              9.5%       9.4%
Extraordinary Inc (Exp)               Rs     m           -97             0             0
Tax                                   Rs     m        20,365        16,690         6,631
                                                                                                                                     NOTES
Profit after tax                      Rs     m        44,419        43,961        27,275
Gross profit margin                   %                 74.9          68.3          48.1     Hindustan Zinc is India's largest and world's second largest integrated zinc and lead
Effective tax rate                    %                 31.5          27.9          19.7     producer. It commands around 6% of the global market share in zinc and is one of
                                                                                             the lowest cost producers in the world. It is a subsidiary company of Sterlite
Net profit margin                     %                 51.9          55.8          48.0
                                                                                             Industries. It also produces sulphuric acid and silver. The company is the only
BALANCE SHEET DATA                                                                           integrated zinc producer in India and owns captive zinc mines that supply all of HZL's
                                                                                             zinc concentrate requirements for its smelters. HZL has undertaken expansion
Current assets                        Rs m            14,810        27,116        37,839     projects in mining as well as smelting which has raised the capacity of refined zinc to
Current liabilities                   Rs m             8,268         8,984        10,010     669,000 tonnes per annum and lead to 93,000 tonnes per annum.
Net working cap to sales              %                   7.6         23.0          49.0
Current ratio                         x                   1.8           3.0           3.8    During FY09 the topline of the company declined by 27.9% YoY. This can be
Inventory Turnover                    Days                 21           24            35     attributed to a 48% YoY decline in LME prices of zinc during the fiscal. However sales
Debtors Turnover                      Days                24            21             11    volume of zinc and lead grew by 30% and 4% YoY respectively. The operating
Net fixed assets                      Rs m            28,706        41,626        52,133     margins declined from 68% in FY08 to 48% in FY09 mainly on account of significant
Share capital                         Rs m             4,225         4,225         4,225     fall in LME prices of Zinc and Lead. Net profits declined by 38% YoY on the back of
"Free" reserves                       Rs m            72,039       114,251       139,344     lower operating profits during the fiscal.
Net worth                             Rs m            76,271       118,482       143,576     The demand for zinc in India is expected to grow on account of increased focus of
Long term debt                        Rs m                  4             4             4    government to invest in infrastructure and rural development. Furthermore, given the
Total assets                          Rs m            87,548       132,067       159,261     fact, that the per capita consumption of zinc in India stands at around 400 gms as
Interest coverage                     x                264.8         260.1         154.3     compared to world average of 1.7 kgs gives a long term stage for sector to grow.
Debt to equity ratio                  x                   0.0           0.0           0.0    Hindustan Zinc which holds more than 80% of the domestic market share is
Sales to assets ratio                 x                   1.0           0.6           0.4    effectively placed to capitalize on the growing opportunities in the sector over a long
Return on assets                      %                 58.6          37.3          19.1     term. To cater to this growing demand, the company has embarked on expanding its
Return on equity                      %                 58.2          37.1          19.0     zinc-lead production capacity to 1.06 m tonnes per annum and two 80MW captive
Return on capital                     %                 85.3          51.4          23.8     power plants with matching expansion of mining and ore dressing plant by FY10.
Exports to sales                      %                 49.2          28.7          35.8
Imports to sales                      %                   3.0           4.8           8.4
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