Hindustan Copper Ltd, the country’s sole copper miner, closed the third quarter with a profit of ₹34.6 crore, 83% higher than a year-ago period.
This came on the back of a 10% rise in operational income to ₹474.2 crore during the October to December 2018 quarter. HCL, a listed PSU, is a vertically integrated copper producer engaged in mining and processing of copper ore. Its products include refined copper and copper products.
Santosh Sharma, HCL chairman and managing director, said that the improved bottomline was due to the increased ore production and a thrust on increased production of high margin items. “We optimised the production of high-value items such as metal in form of concentrate, which is equivalent to pure copper with production of processed items”, he told The Hindu.
HCL has one six mines spread across three states — Madhya Pradesh, Jharkhand, and Rajasthan —with a total capacity of 40 lakh tonnes and one processing unit each in Gujarat, Maharashtra and Jharkhand. Its products include metal in concentrate (processed ore), cathodes and wires. During the third quarter MIC sales increased 13 % to touch 9,955 tonnes, while metals in form of concentrates increased to 41% to 4,041 tonnes.
Net revenue from operations during nine months of the current fiscal was ₹1,361.48 crore against ₹1,288.96 crore in the same period of 2017-18. The EBITDA margin during the April-December 2018 was 28% compared to 17% in the corresponding period of the previous fiscal.