Report Writing

Company Analysis

Of

Hindustan Zinc Ltd., Debari

Submitted By: Enrolment No.:

Akshay Thakker C-4

Ayushi Dwivedi C-10

Jahanvi Vaghela C-21

Jayesh Sharma C-22

Batch: 2020 – 2022

Submitted to

Dr. Neha Singh

Shanti Business School

i
Acknowledgment

I would like to take this opportunity to express my deepest gratitude to my faculty guide Dr.
Neha Singh, for the continuous support and follow up during the entire process without
which the successful completion of project report would not have been possible.

I am also grateful to our institute Shanti Business School (SBS) and its director Dr. Neha
Sharma and Academic Director Dr. Rinki Rola for providing us with this wonderful
opportunity to work in such projects that has enhanced our learning despite challenging
times.

Finally, I would like to thank people associated directly or indirectly with me for my report
writing at SBS.

Student Name: Enrolment No.:

Akshay Thakker C-4

Ayushi Dwivedi C-10

Jahanvi Vaghela C-21

Jayesh Sharma C-22

ii
Executive Summary

Hindustan Zinc is India’s largest and world’s second largest zinc-lead miner. With more than
50 years of operational experience, they give highest priority to the safety of people and
conservation of scarce natural resources through technology and innovation. With reserve
base of 114.7 million MT with an average zinc-lead grade of 8.7% and mineral resources of
288 million MT, mine life is over 25 years. Fully integrated zinc operations currently hold
78% market share in India’s primary zinc industry. HZL are the 6th largest silver producers
globally with an annual capacity of 800 MT.

iii
 DECLARATION

I Akshay Thakker hereby declare that the report entitled “Company Analysis
of Hindustan Zinc Ltd., Debari” is a result of our own work and our
indebtedness to other work publications, references, if any, have been duly
acknowledged.

Place: Ahmedabad Akshay

Thakker

Date: 15/12/2020
________________

iv
 DECLARATION

I Ayushi Dwivedi hereby declare that the report entitled “Company Analysis
of Hindustan Zinc Ltd., Debari” is a result of our own work and our
indebtedness to other work publications, references, if any, have been duly
acknowledged.

Place: Ahmedabad Ayushi

Dwivedi

Date: 15/12/2020
________________

v
 DECLARATION

I Jahanvi Vaghela hereby declare that the report entitled “Company Analysis of
Hindustan Zinc Ltd., Debari” is a result of our own work and our
indebtedness to other work publications, references, if any, have been duly
acknowledged.

Place: Ahmedabad Jahanvi

Vaghela

Date: 15/12/2020
________________

vi
 DECLARATION

I Jayesh Sharma hereby declare that the report entitled “Company Analysis of
Hindustan Zinc Ltd., Debari” is a result of our own work and our
indebtedness to other work publications, references, if any, have been duly
acknowledged.

Place: Ahmedabad Jayesh

Sharma

Date: 15/12/2020
________________

vii
 TABLE OF CONTENT

Serial DESCRIPTION PAGE

no. NO.
Acknowledgement ii
Executive Summary iii

Declaration iv-vii

Table of content viii-ix

List of Tables x

List of Figures xi
1 Business Information 1-4
1.1 About HZL 1
1.2 Brief Industry Analysis 1
1.2.1 Industry Size Turnover and Growth 1-2
1.2.2 Main Industry Segment 2
1.2.3  Geographic Spread 2-3
1.2.4 Import Export Trends 3
1.2.5 Industry and Performance 3
1.2.6 Recent Industry News 3
1.3 Product and Services 4
1.4 Market 4
1.5 Technology 4
2 Organisation Information 5-12
2.1 History Development 5
2.2 Name of Chairman/Board of Directors/CEO 5-7
2.3 Main Areas of Business 7
2.3.1 Mines 7-9
2.3.2 Smelter 9-10
2.3.3 Power 10-11
2.4 Market Growth and Expansion 11-12
2.5 Key Competitors of The Company 12
2.6 Achievements, Rewards and Recognition 12
3 Financial Information 13-17

viii
3.1 The Stock price and dividend chart of last 5 years 13
3.2 Return Ratio 14
3.3 Margin Ratio 14
3.4 Leverage Ratio 14
3.5 Turnover Ratio 15
3.6 Valuation Ratio 15
3.7 Growth Ratio 15
3.8 Income Statement of HZL 16
3.9 Balance Sheet of HZL 16-17
3.10 Cash Flow Statement of HZL 17
4 Performance Analysis 18-27
5 References 28
6 Annexure 29-35
6.1 Profit and Loss Account of HZL 29-32
6.2 Cash Flow Statement of HZL 32-33
6.3 Detailed Ratio Table of HZL 33-35

ix
 LIST OF TABLES

Table Title of Table Page No.

No.
1.1 Turn over from 2016 to 2020 2
2.1 Achievements, Rewards and Recognition of 12
HZL
3.1 Stock and Dividend Ratio 13
3.2 Return Ratio of HZL 14
3.3 Margin Ratio of HZL 14
3.4 Leverage Ratio of HZL 14
3.5 Turnover Ratio of HZL 15
3.6 Valuation Ratio of HZL 15
3.7 Growth Ratio of HZL 15
3.8 Income Statement of HZL 16
16-17 Balance Sheet of HZL 16-17
3.10 Cash Flow Statement of HZL 17
6.1 Profit and Loss Account of HZL 29-32
6.2 Cash Flow Statement of HZL 32-33
6.3 Detailed Ratios Table of HZL 33-35

LIST OF FIGURES

Figure Figure Title Page No.

No.
1.1 Graphical Representation of Turnover of HZL 2
1.2 Geographical Representation of Company’s Smelters 2

2.1 NSE: HZL Past Earnings Growth Nov. 22, 2020 11

x
 1- BUSINESS INFORMATION

1.1 About HZL: Hindustan Zinc limited is India’s largest and world’s second largest
zinc-lead miner, With more than 50 years of operational experience. HZL give highest
priority to safety of their people and conservation of scarce natural resources through
technology and innovation. Mine life of HZL is over 25 years. HZL fully integrated zinc
operations currently hold 78% market share in India’s primary zinc industry. They are the 6th
largest silver producers globally with an annual capacity of 800 Metric Tons.

Hindustan Zinc limited is a subsidiary of Vedanta Limited which owns 64.9% stake in
the Company while the Government of India retains a 29.5% stake. they are also listed on the
NSE and BSE.

 Vision:
To be the world’s largest and most admired zinc, lead and silver company.
 Mission:
 Enhance stakeholder value through exploration, innovation, operational excellence,
safety and sustainability
 Be the lowest cost producer
 Maintain market leadership and enhance customer delight

1.2 Brief Industry Analysis:

1.2.1 INDUSTRY SIZE TURNOVER AND GROWTH:

Hindustan zinc limited is India’s largest and world’s second largest zinc-lead miner and 6 th
largest silver producers globally with annual capacity of 800 Metric Tons. Also, HZL fall
under the fourth largest company producing zinc in the world.

Hindustan zinc limited is one of the leading companies of India in mining sector. HZL is very
rapidly growth company of India. Every year the total turnover and profit of the company is
increasing.

1
 Year25000 Ternover Ternover
22084 21118
2016 15463
20000 18561
2017 17273 17273
15463 Table 1.1: Turnover
2018
15000 22084
turnover

2019 21118 from 2016 to 2020

10000
2020 18561
5000 Fig. 1.1: Graphical Representation of Turnover of HZL

0
1 2 3 4 5
year 1.2.2 MAIN
INDUSTRY
SEGMENT:

Hindustan zinc limited is the second largest zinc lead miner and fourth largest zinc smelter
globally. The main industrial segment of Hindustan zinc limited is mining and resources
product of zinc, lead, sliver and cadmium. They are segmented their market as business buyer
and seller. HZL also cover majority international market of zinc as well as silver.

1.2.3 GEOGRAPHICAL SPREAD:

Hindustan zinc limited company is Indian origin company. The company’s smelters are
located at Chanderiya, Dariba and Debari in the state of Rajasthan and zinc lead silver metal
refineries at Pantnagar in the state of Uttarakhand.

Fig. 1.2: Geographical Representation of Company’s

Smelters

2
  Mines:
Rampura agucha mine

Sindesar khurd mine

Zawar mining complex

Rajpura dariba mine

Kayad mine

 Smelter:
Chanderiya le ad-zinc smelter

Dariba smelting complex

Debari zinc smelter

1.2.4 IMPORT EXPORT TRENDS:

Hindustan Zinc limited is multinational company origin of India. HZL have main business is
from oversea. Hindustan Zinc, the country’s largest producer of the base metal, is aiming at
55 per cent of its turnover to come from overseas markets. According to estimates, zinc
consumption is growing by 3 to 3.5 per cent globally, driven by demand in Asian countries
such as India and China. Production of zinc is also increasing by 2.5 to 3 per cent annually.

1.2.5 INDUSTRY AND PERFORMANCE:

Hindustan Zinc limited is comes under mainly mining and smelter industry. It is very reputed
company in the world also leading company in the world. HZL have best performance in
their segment we can measure this from turnover and profits of the company.

12.6 RECENT INDUSTRY NEWS:

Recently the board of director introduce the interim dividend in the company. Hindustan Zinc
Ltd has informed BSE that the Board of Directors of the Company at its meeting held on
October 20, 2020, inter alia, have approved Interim Dividend of Rs. 21.30 per equity shares it
means 1065% on face value of Rs. 2/- per share for the Financial Year 2020-21 amounting
Rs. 9000 Crores.

3
1.3 Products and Services:
Hindustan Zinc limited is India’s largest and the world’s second largest integrated zinc-lead
producer and one of the lowest cost zinc-lead producers in the world. Hindustan Zinc Limited
specializes in the exploration, mining and smelting of zinc, lead and other non-ferrous metals.
The Company's products include zinc ore, lead zinc concentrate, zinc metal, lead metal,
cadmium metal, silver metal and sulfuric acid. Their principal products are refined zinc metal
and refined lead metal. In addition, they also recover silver and cadmium as by products.

1.4 Market:
Hindustan zinc limited is one of the largest market leaders in lead and Sulphur acid business.
Its current market capitalization stands at Rs 102337.23 Cr. Their fully integrated zinc
operations currently hold 78% estimated market share in India’s primary zinc industry. They
are 6th largest silver producer’s business globally with annual capacity of 800 MT. Their
production capacity is 890,000 MT of zinc and 205,000 MT of lead. Their business market
and production are located in Rampura Agucha, Chanderiya, Dariba, Kayad and Zawar in the
state of Rajasthan along with zinc- lead processing and refining facilities and a silver refinery
at Pantnagar in the state of Uttarakhand.

1.5 Technology:
The technology they are using is Roast-Leach Electrowin (RLE) route where 80% of world's
total zinc is produced through conventional hydrometallurgical route. Hydrometallurgical
route is the process of elimination of its Sulphur content in order to make it amenable to
further treatment by leaching. The zinc minerals are in dissolved state in solution. Since zinc
Sulphide mineral is not easily leached so it is converted into zinc oxide then it gets easily
leached. This process and technology used is far better than other technologies. By roasting
technology, the zinc concentrates in fluid bed roasters and fixation of So2 bearing of gases.
Hence this process generated as Sulphuric acid by contact process. In past, an alternative
technology to conventional roasting was followed by leaching which is known as pressure
leach process technology. This technology eliminates the need of roasting step prior to
leaching. This technology fixes Sulphide content of concentrate as elemental Sulphur and
eliminates the need of separate Sulphuric acid production facility. Other than this zinc metal
content of the concentrate is converted into a zinc sulphate solution. Hence combining both

4
roast leach steps of conventional process into a single unit operation. So, there are two
process route technologies used in Hindustan zinc limited for the extraction of zinc
hydrometallurgically.

2- ORGANISATION INFORMATION

2.1 History Development:

Hindustan Zinc Limited was incorporated from the erstwhile Metal Corporation of India on
10 January 1966 as a Public Sector Undertaking.

In 2001, as part of the Government's disinvestment program of loss-making PSU's, the

company was put up for sale.

In April 2002, Sterlite Opportunities and Ventures Limited (SOVL) made an open offer for
acquisition of shares of the company; consequent to the disinvestment of Government of
India's (GOI) stake of 26% including management control to SOVL and acquired additional
20% of shares from public, pursuant to the SEBI Regulations 1997. In August 2003, SOVL
acquired additional shares to the extent of 18.92% of the paid up capital from GOI in exercise
of call option clause in the shareholder’s agreement between GOI and SOVL.

With the above additional acquisition, SOVL's stake in the company went up to 64.92%.
Thus GOI's stake in the company now stands at 29.54%. SOVL was merged with Sterlite
Industries India Ltd in April 2011. Sterlite Industries merged with Sesa Goa Ltd to form Sesa
Sterlite Limited in August 2013. Sesa Sterlite was renamed to Vedanta Limited in April 2015.
Hindustan Zinc is now a direct subsidiary of Vedanta Limited.

2.2 Name of Chairman/Board of Directors/CEO:

Chairman

Mrs. Kiran Agarwal was appointed on the Board with effect from March 2, 2019. She has
done Journalism, from London School of Journalism. She is an avid reader, prolific writer and
a woman of many facets. Her love for reading inspired her to write a series of books catering
to Indian ethos.
Mrs. Kiran Agarwal

5
(Chairman, Hindustan zinc limited)

CEO

Mr. Arun Misra was appointed as Dy. CEO, HZL on November 20th, 2019 and was elevated
to CEO & WTD, Hindustan Zinc Limited from August 1st, 2020.He has done his bachelors
in Electrical Engineering from IIT, Kharagpur, Diploma in Mining and Beneficiation from
University of New South Wales Sydney and Diploma in General Management from CEDEP,
Mr. Arun France. He possesses knowledge of TQM, Six Sigma, TPM and Malcolm Baldridge Model.
Misra

Board of Directors

Mr. Navin Agarwal is the Executive Chairman of Vedanta Ltd. and Executive Vice Chairman
of Vedanta Resources Plc. He has been with the Vedanta group since its founding and has
extensive experience in the natural resources industry.

Mr. Agarwal plays a key role in the strategic and governance framework of the Vedanta
Mr. Navin
Group and provides leadership for its long-term planning, business development and capital
Agarwal
planning. He has been instrumental in the growth of the group through global organic projects
as well as acquisitions. He is passionate about developing leadership talent for the group by
identifying and nurturing future young leaders.

“Ms. Yatinder Prasad was appointed on the Board with effect from August 07, 2020. She is an
IA&AS officer of 1993 batch. Currently she is Joint Secretary and Financial Advisor for
Ministry of Tribal, along with Ministry of Coal and Ministry of Mines. During 2014-2019
period she was DG-Controller & Auditor General of India. She has done

Ms. Yatinder L.L.B., L.L.M., C.I.A., P.G.D.B.A

Prasad

6
 Ms. Farida M Naik was appointed on the Board on March 14, 2017. She is currently a
Director in Ministry of Mines, Government of India. She has held various positions in
different ministries and departments of Central Government, which includes her last stint as
Joint Director of National Book Trust. She is an alumnus of Sophia College, Mumbai from
Ms. Farida M where she graduated in Psychology.
Naik

Anjani Agrawal retired from EY in June 2019 after a 40 year long professional career, 26 of
which were spent as Partner at the global consulting firm. He has worked with the Union
Government and NITI Aayog on several policy matters and has been guest faculty at the
Indian School of Business and SDA Bocconi.

Mr. Anjani
Agrawal

Akhilesh Joshi is a first-class mine manager, who began his career at HZL in 1976 and was
appointed as COO and whole-time director in the period between 2008-2012. Further, he
took over as the company’s CEO and whole-time director in the period between 2012-2015.
He was designated as President of Vedanta’s Global Zinc Business during 2015-2016. He is

Mr. Akhilesh the recipient of National Mineral Award 2006, by Govt. of India for his outstanding

joshi contribution in Mining Technology and Business Today Best CEO Award (Core Sector)
2013.

2.3 Main Areas of Business:

2.3.1 Mines
2.3.2 Smelter
2.3.3 Power

2.3.1 MINES:

I. Rampura Agucha

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Rampura Agucha is the second largest zinc mine in the world with a production of 3.9
million MT in FY 2020. It stands apart as a world class ore body with zinc-lead reserve grade
averaging 14.2%. Total Reserve are 39 million MT and mineral resources are 45.8 million
MT as on March 31, 2020. The mine has a production capacity of 4.5 million MT per annum.

The ongoing underground mine project is being developed with a vision of producing 5.0
million MT per annum ore production. The ongoing underground mine project includes a
main production shaft of 955m depth, 7.5m diameter and hauling capacity of 3.75 million
MT per annum; two ventilation shafts, two declines from surface and paste fill plants.

II. Rajpura Dariba

Rajpura Dariba Mine is an underground lead-zinc mine with reserve grade of 6.8% and is one
of our oldest mines where mining operations began in 1983. The mine produced 1.1 million
MT of ore in FY 2020. Mine is presently accessed via decline and main shaft. Similar to
SKM, RDM ore body also allows for multiple production centres in future with potential to
mine 2.0 million MT per annum of ore. An exploration program is under process to identify
additional resource

III. Sindesar Khurd:

Sindesar Khurd Mine is India’s largest underground mine with production of 5.1 million MT
in FY 2020. With average reserve grade of 5.9%, the mine differentiates itself with its silver-
rich zinc-lead deposit and highly automated and low cost of operations.

The mine production began in April 2006 and has undergone several phases of expansions
from 0.3 million MT to its current capacity of 6.0 million MT. SKM lies on the same
geological belt as the Rajpura Dariba Mine. Access to the mine is presently through declines
(North and South) and an underground shaft. It has a reserve of 37.3 million MT and mineral
resource base of 79 million MT as on March 31, 2020.

IV. Zawar:

Zawar Mines consists of four mines namely Mochia, Balaria, Zawar Mala and Baroi with
average zinc-lead reserve grade of 4.6%. Zawar group of mines are a symbol of the
Company’s legacy with constant addition to its reserve and resource base. Access to the

8
mines as well as ore hoisting hauling is through shaft decline. The mine produced 3.3 million
MT of ore in FY 2020. It has a reserve of 14.2 million MT and mineral resource base of 82.2
million MT as on March 31, 2020.

V. Kayad:

Kayad mine started its operations in 2013 and has zinc-lead reserve grade of 6.1%. In
FY2020, Kayad produced 1.1 million MT of ore. Its total reserve & resource are 5.5 million
MT as on March 31, 2020.  Exploration is being done at Kayad to further increase its mineral
resource.

2.3.2 SMELTER:

i) Chanderiya Lead – Zinc Smelter:

Chanderiya Lead-Zinc Smelter (CLZS) is one of the largest zinc-lead smelting complexes in
the world. Its current metal production capacity is 643,000 MT per annum including 558,000
MT per annum of zinc and 85,000 MT per annum of lead. In the year ended March 2020,
Chanderiya produced 425,780 MT of zinc and 94,916 MT of lead. The main products are
special high grade (SHG) zinc, continuous galvanizing grade (CGG) zinc, prime western
(PW) zinc and pure lead. It also produces a number of valuable by-products including silver.

Chanderiya utilizes a combination of best proven technology and innovation to continuously

improve environmental and operational performance. This approach has enabled us to be one
of the largest and most efficient zinc and lead smelting complexes in the world.

ii) Zinc- Smelter Debari:

Zinc Smelter Debari is a Hydrometallurgical zinc smelter situated at Debari, about 13 kms
from Udaipur, in Rajasthan, India. The primary product of Debari is High Grade (HG) zinc
and it also recovers cadmium as by-product. The smelter has zinc production capacity of
92,000 MT per annum. In the year ended March 2020, it produced 62,817 MT of zinc.

9
Zinc Smelter Debari was commissioned in the year 1968 with an initial production capacity
of 18,000 tonnes per annum of zinc. In the past several years the capacity of the smelter has
been expanded five folds to its current production capacity of 92,000 tons per annum of zinc.
Zinc Smelter Debari employs Roast Leach Electro-Winning Technology at its Hydro
metallurgical zinc smelter. The plant has three roasting facilities, leaching and purification
section, electrolysis and melting and casting sections. It produces surplus calcine, an
intermediate product, which is supplied to the rest of the Hydro metallurgical zinc smelters.

iii) Dariba Smelting Complex:

The Dariba hydrometallurgical zinc smelter is located in the Rajsamand district of Rajasthan
in Northwest India. The smelter has a capacity of 240,000 MT of zinc and 120,000 MT of
lead. In the year ended March 2020, it produced 200,689 MT of zinc and 86,454 MT of lead.
The complex is uniquely self-sufficient – there are lead-zinc mines in the vicinity at Sindesar
Khurd and Rajpura Dariba.

The zinc smelter at Dariba was commissioned in March 2010 and has a capacity of 240,000
MT per annum. In July 2011, a 100,000 MT per annum lead smelter was commissioned. A
majority of the power requirements of the facility is sourced from the coal-based captive
power plant at Dariba. Dariba Smelting Complex Employs Roast Leach Electro-winning
technology at its hydrometallurgical zinc smelter. The plant has two roasting facilities, a
leaching and purification section and a cell house. The lead smelter employs SKS bottom
blowing technology. The plant consists of SKS Furnace – bottom blowing, blast furnace,
electric arc furnace & fuming furnace, and electro – refining. Fuming furnace is also installed
to produce zinc Oxide from blast furnace slag.

2.3.3 POWER:

i) Captive Power Plant:

In the year ended March 2020, the total power generated was 4,054 million units (MU).
Operations and maintenance of our power plants have been outsourced to the world’s
renowned power plant maintenance and operations companies.

10
We have undertaken various initiatives to reduce the coal cost, which is the main cost driver.
These initiatives include optimising Indian and imported coal blend, keeping the auxiliary
consumption at a minimum and operating the power plants at high plant load factor. Our
strategy is to procure coal on total cost of ownership basis to reduce the ultimate cost per unit.

ii) Wind Power:

We are one of India’s largest wind power producers with a generation capacity of 273.5 MW.
This capacity was installed in two phases of 123.2 MW and 150.3 MW. In the year ended
March 2020, we produced and sold 437 million units of wind power to the state grids.

We set up wind power projects in Gujarat (88.8 MW), Karnataka (34.4 MW) during FY 2007
to FY 2009. In FY 2012, we established wind power generation projects in Rajasthan
(88.8MW), Maharashtra (25.5MW), Karnataka (15MW) and Tamil Nadu (21MW).These are
registered under the United Nations Framework Convention on Climate Change Kyoto
Protocol (UNFCCC) for Clean Development Mechanism (CDM) and have certified emission
reduction (CER) potential of 497,209 MT of CO2 per annum.

iii) Solar Power:

Hindustan Zinc has installed solar roof top projects with a capacity of 1.6 MW. Other captive
solar plants are situated at Rampura Agucha (22 MW), Debari (12 MW) and Dariba (4 MW).
The Company is also looking to develop solar energy projects in other parts in the State of
Rajasthan. The energy produced is being utilized for captive use only. The Head Office of
Hindustan Zinc at Udaipur currently runs majorly on solar energy.

2.4 Market Growth and Expansion:

Hindustan Zinc's ROE looks acceptable. Especially when compared to the industry average
of 7.8% the company's ROE looks pretty impressive. As you might expect, the 2.9% net
income decline reported by Hindustan Zinc is a bit of a surprise. Based on this, we feel that
there might be other reasons which haven't been discussed so far in this article that could be
hampering the company's growth. These include low earnings retention or poor allocation of
capital.

11
We compared Hindustan Zinc's performance with the industry and were concerned when we
found that while the company has shrunk its earnings, the industry has grown its earnings at a
rate.

Fig. 2.1 NSEI: HINDZINC Past Earnings Growth November 22nd, 2020

Earnings growth is a huge factor in stock valuation. It’s important for an investor to know
whether the market has priced in the company's expected earnings growth (or decline). This
then helps them determine if the stock is placed for a bright or bleak future. If you're
wondering about Hindustan Zinc's valuation, check out this gauge of its price-to-earnings
ratio, as compared to its industry.

2.5 Key competitors of the company:

RASA Corporation

RASA Corporation is a company that specializes in natural resources, industrial machinery,

construction equipment, etc.

BOLIDEN

Boliden is engaged in mining and production of metals and operations compatible therewith

Glencore

Glencore (formerly known as Glencore Xstrata) is a diversified natural resources company

engaged in the production, refinement, processing, storage, transport, and marketing of
metals and minerals, energy products, and agricultural products

12
 2.6 Achievements, Rewards and Recognition:

Sr. Name Recognition

No
.
1 Dun & Bradstreet Corporate Awards Driving force of the Indian economy for their
2019 exemplary performance in the corporate world - Non-
Ferrous Metals category
2 Legal Summit and Awards 2019 Legal Department was declared winner of the 'Legal
Team of the Year 2019' award
3 Great Place to Work-CertifiedTM Great Place to Work-CertifiedTM by Great Place to
Work Institute
4 Excellent Renewable Initiative under For 22 MW Solar Power Project at Rampura Agucha
Platinum Category Mine by Green Maple Foundation Annual Award
2019
5 Dow Jones Sustainability Index Ranked 1st in Asia-Pacific region and 5th Globally in
Metal and Mining sector
6 1st European Patent - EP 3192882 Received patent for Method for Production of
Potassium Antimony Tartrate by Utilizing Antimony
Bearing Residues patent has been developed by
ZnTech+
Table 2.1: Achievements, Rewards and Recognition of HZL

3- FINANCIAL INFORMATION

3.1 The Stock price and dividend chart of last 5 years:

13
Ratios MAR 2020 MAR 2019 MAR 2018 MAR 2017 MAR 2016

Basic EPS (Rs.) 16.11 18.83 21.95 19.68 19.35

Diluted Eps (Rs.) 16.11 18.83 21.95 19.68 19.35

Book Value [Excl. 95.41 79.54 85.05 72.91 88.49

Reval Reserve]/Share
(Rs.)

Dividend/Share (Rs.) 16.50 20.00 8.00 29.40 27.80

Face Value 2 2 2 2 2

Table 3.1: Stock and Dividend Ratios

3.2 Return Ratio:

Return Ratios MAR 2020 MAR 2019 MAR 2018 MAR 2017 MAR 2016

Return on Net worth / 16.88 23.67 25.81 26.99 21.86

Equity (%)

ROCE (%) 20.45 30.44 33.95 32.95 21.47

Return on Assets (%) 14.48 18.73 21.60 16.05 15.36

14
 Table 3.2: Return Ratio of HZL

3.3 Margin Ratio:

Margin Ratios MAR 2020 MAR 2019 MAR 2018 MAR 2017 MAR 2016

Gross Profit Margin 58.08 58.96 63.49 70.70 60.88

(%)

Operating Margin (%) 45.80 50.04 56.78 60.22 56.06

Net Profit Margin (%) 36.66 37.67 42.00 48.14 52.86

Table 3.3: Margin Ratio of HZL

3.4 Leverage Ratio:

Leverage Ratios MAR 2020 MAR 2019 MAR 2018 MAR 2017 MAR 2016

Debt to Equity (x) 0.02 0.08 0.00 0.26 0.00

Interest Coverage 75.91 93.53 44.31 51.50 510.00

Ratios (%)

Table 3.4: Leverage Ratio of HZL

15
3.5 Turnover Ratio:

turnover Ratios MAR 2020 MAR 2019 MAR 2018 MAR 2017 MAR 2016

Asset Turnover Ratio 39.51 49.73 51.43 33.34 29.06

(%)

Inventory Turnover 10.11 13.68 16.01 8.92 14.62

Ratio (X)

Table 3.5: Turnover Ratio of HZL

3.6 Valuation Ratio:

Valuation Ratios MAR 2020 MAR 2019 MAR 2018 MAR 2017 MAR 2016

P/E (x) 0 14.7 13.69 14.67 9.49

P/B (x) 1.63 3.48 3.54 3.96 2.07

EV/EBITDA (x) 5.96 9.58 8.93 9.95 8.23

P/S (x) 3.53 5.53 5.76 7.07 5.01

Table 3.6: Valuation Ratio of HZL

3.7 Growth Ratio:

16
Growth Ratios MAR 2020 MAR 2019 MAR 2018 MAR 2017 MAR 2016

3 Yr CAGR Sales (%) 2.43 10.95 14.3 8.2 6.78

3 Yr CAGR Net Profit -- -- 4.29 6.4 5.82

(%)

Table 3.7: Growth Ratio of HZL

3.8 Income Statement of Hindustan Zinc Limited:

Annual MAR 2020 MAR 2019 MAR 2018 MAR 2017 MAR 2016

Sales 18,561 21,118 22,084 17,273 15,463

Other Income 1,934 1,782 1,751 2,474 2,763

Total Income 20,495 22,900 23,835 19,747 18,226

Total Expenditure 11,993 12,331 11,055 9,345 9,586

EBIT 8,502 10,569 12,780 10,402 8,640

Interest 112 113 283 202 17

Tax 1,585 2,500 3,221 1,884 448

Net Profit 6,805 7,956 9,276 8,316 8,175

17
 Table 3.8: Income Statement of HZL

3.9 Balance Sheet of Hindustan Zinc. Limited:

Equities & Liabilities MAR 2020 MAR 2019 MAR 2018 MAR 2017 MAR 2016

Share Capital 845 845 845 845 845

Reserves & Surplus 39,465 32,760 35,087 29,960 36,540

Current Liabilities 5,413 7,744 6,005 20,230 15,127

Other Liabilities 1,252 1,109 995 760 683

Total Liabilities 46,975 42,458 42,932 51,795 53,195

Assets

Fixed Assets 18,958 17,032 14,522 13,064 12,813

Current Assets 24,813 21,572 24,143 34,649 36,913

Other Assets 3,204 3,854 4,267 4,082 3,469

Total Assets 46,975 42,458 42,932 51,795 53,195

Table 3.9: Balance Sheet of HZL

18
3.10 Cash flow Statement of Hindustan Zinc limited:

Particulars Mar 2020 Mar 2019 Mar 2018 Mar 20017 Mar 2016

Operating Activities 6,621 8,781 9,837 7,588 6,451

Investing Activities -2,648 -1,092 2,396 12,007 -3,236

Financing Activities -2,098 -9,630 -18,649 -11,266 -3,214

Others 0 0 0 0 0

Net Cash Flow 1,875 -1,941 -6,416 8,329 1

Table 3.10: Cash Flow Statement of HZL

19
 4- PERFORMANCE ANALYSIS

Performance analysis

Name: Akshay Thakker (C-4)

Hindustan Zinc Limited is an Indian integrated mining, producing power solar and wind
power company. Company has mad 94,499 cr. Of sale during last five financial years, Which
is very good sign for the company.

Year 2020 2019 2018 2017 2016

Sales 18,561 21,118 22,084 17,273 15,463

Sales
25,000
22,084
21,118
20,000 18,561
17,273
15,463
15,000
Sales

10,000

5,000

0
2020 2019 2018 2017 2016
year

From the above chart sales of Hindustan Zinc Limited is constantly upwards from 2016 to
2019 but there is decrease in the sales of company in 2019 and 2020. The main reason behind
this is declining in lead lower metal premium prices, partly offset by rupee depreciation and
impact of covid-19 pandemic.

20
 Annual Mar-20 Mar-19 Mar-18 Mar-17 Mar-16

Net Profit 6,805 7,956 9,276 8,316 8,175

10,000
PROFIT
9,276
9,000 8,316
7,956 8,175
8,000
7,000 6,805

6,000
Sales

5,000
4,000
3,000
2,000
1,000
0
2020 2019 2018 2017 2016
year

Net profit (NP) ratio is a useful tool to measure the overall profitability of the business. A high
ratio indicates the efficient management of the affairs of business. So, here Hindustan Zinc
Limited doing well, the profit is highest in 2018 compare to rest of the year.

Through this we can say that the performance of Hindustan Zinc limited is good in India.
There are also many competitors of the company in the Indian market as well as in the
international market

21
22
Performance analysis

Name: Ayushi Dwivedi (C-10)

Hindustan Zinc Limited is an Indian integrated mining, producing power solar and wind
power company. Company has mad 22,084 cr. Of sale in 2018, Which is highest in all the
five years.

Year 2020 2019 2018 2017 2016

Sales 18,561 21,118 22,084 17,273 15,463

Sales
25,000
22,084
21,118
20,000 18,561
17,273
15,463
15,000
Sales

10,000

5,000

0
2020 2019 2018 2017 2016
year

In the above chart we can see that the sale of company is continuously increasing, the highest
sale of company is in 2018. In the year 2020 the sale of the company is low compare to other
years, the sale in 2020 is 18,561cr. The reason behind is company’s very high liquidity and
also Covid-19

23
 Annual Mar-20 Mar-19 Mar-18 Mar-17 Mar-16

Net Profit 6,805 7,956 9,276 8,316 8,175

10,000
PROFIT
9,276
9,000 8,316
7,956 8,175
8,000
7,000 6,805

6,000
Sales

5,000
4,000
3,000
2,000
1,000
0
2020 2019 2018 2017 2016
year

Net profit margin is the residual profit after meeting other costs like interest and taxes. As company
has highest sale in 2018 that’s why the company has highest profit, sales of company and net profit of
company both are Uniformly related.

Through this we can say that Hindustan Zinc limited is doing well in the market. Overall
performance of the company is good, that’s why the share price of company is continuously
increasing in the market.

24
Performance analysis

Name: Jahanvi Vaghela (C-21)

Hindustan Zinc Limited is an Indian integrated mining and resources producer of zinc, lead,
silver and cadmium. It is a subsidiary of Vedanta Limited. HZL is the world's second largest
zinc producer. Its FY2020 revenues stood at ₹18,561 crore. They are one of the world's
largest integrated producers of zinc and are among leading global lead and silver producers.

Year 2020 2019 2018 2017 2016

Sales 18,561 21,118 22,084 17,273 15,463

Sales
25,000
22,084
21,118
20,000 18,561
17,273
15,463
15,000
Sales

10,000

5,000

0
2020 2019 2018 2017 2016
year

As we can analyse from the chart that trendline of the total sales of Hindustan Zinc Limited is
constantly upwards from 2016 to 2020 but there is decrease in the sales of company in 2019
and 2020. The main reason behind this is declining in lead lower metal premium prices,
partly offset by rupee depreciation and impact of covid-19 pandemic.

25
 Annual Mar-20 Mar-19 Mar-18 Mar-17 Mar-16

Net Profit 6,805 7,956 9,276 8,316 8,175

10,000
PROFIT
9,276
9,000 8,316
7,956 8,175
8,000
7,000 6,805

6,000
Sales

5,000
4,000
3,000
2,000
1,000
0
2020 2019 2018 2017 2016
year

Net profit is parameter which representing all the income of a company. The net profit of the
company is increasing at the increasing rate from 2016 to 2018 but in the year 2019 and 2020
there is downward trend line. The main reason behind this is decreasing in sales of HZL other
than that increase in depreciation and employee benefit expenses effect profit.

By analysing this whole report of HZL we can conclude that the performance of
company is good but the globally and economically reasons which adversely effect to the
performance of company.

26
Performance analysis

Name: Jayesh Sharma (C-22)

Trends in Business Performance:

Particular 2020 2019 2018 2017 2016

Sales 18561 Cr. 21118 Cr. 22084 Cr. 17273 Cr. 15463 Cr.

Sales in Rs. (crore)

25000
22084
21118
20000 18561
17273
15463
15000

10000

5000

0
2020 2019 2018 2017 2016

 Sales refer to a company's revenue earned from the sales of products or services. In the

above graph sales since 2016 to 2018 is increasing and steady. There is no progress from
2019 to 2020. Hence sales from 2018 to 2019 is tumbled that means organization couldn't do
satisfactory deals in that year.

Particular 2020 2019 2018 2017 2016

Net Profit 6805 Cr. 7956 Cr. 9036 Cr. 8316 Cr. 8205 Cr.

27
 Net Profit in Rs. (Crore)
10000 9036
9000 8316 8205
7956
8000
6805
7000
6000
5000
4000
3000
2000
1000
0
2020 2019 2018 2017 2016

Net profit is the measurement of a company's profit once operating costs, taxes, interest and
depreciation have all been subtracted from its total revenues. Net profit is increased in 2016
to 2018 gradually. From 2019 to 2020 the net profit is decreased that company incurs
additional expenses in both the year and lose revenue.

Financial Performance Analysis:

For analysing the financial performance of the company, we can use ratio analysis which
describes the company’s financial position briefly.

Liquidity and Solvency Ratios

Current Ratio 4.5
8
Quick Ratio 4.2
4
Debt Equity Ratio 0.0
2
Long Term Debt Equity Ratio 2.9
5

The company’s current ratio and Quick ratio is more than one which shows that the company
have the adequate amount of assets to meet the liability.

Debt to Equity ratio is below 1 indicates that the company is having lower leverage and a
lower risk of bankruptcy, but here the ratio is not higher than the one so, it’s quite stable.

28
 Management Efficiency Ratios
Inventory Turnover Ratio 10.11
Debtors Turnover Ratio 62.18
Investments Turnover
Ratio 39.51
Fixed Assets Turnover 0.48
Ratio

An ideal inventory turnover ratio range between 5 to10 and here it's more than 10 which
shows the efficiency of the company.

Debtors turnover ratio is ranging between 50 to7 0 which is showing good efficiency of the
firm.

The investment turnover ratio is 39.51 which means that for every 1rs invested into the
company, it generated 39.51 Rs in revenue. It shows the firm is very efficient.

Competitive position in the market:

Balance Sheet ------------------- in Rs. Cr. -------------------

Hind Zinc Vedanta Hind Copper Gravita India Ram Ratna Wires

Mar '20 Mar '20 Mar '20 Mar '20 Mar '20

Sources of Funds

Total Share Capital 845.00 372.00 462.61 13.81 11.00

Equity Share Capital 845.00 372.00 462.61 13.81 11.00

Share Application Money 0.00 0.00 0.00 0.00 0.00

Preference Share Capital 0.00 0.00 0.00 0.00 0.00

29
Reserves 39,465.00 69,523.00 497.66 150.34 166.23

Revaluation Reserves 0.00 0.00 0.00 0.00 0.00

Net worth 40,310.00 69,895.00 960.27 164.15 177.23

Secured Loans 0.00 32,448.00 1,563.67 214.23 215.84

Unsecured Loans 611.00 0.00 0.00 0.00 0.00

Total Debt 611.00 32,448.00 1,563.67 214.23 215.84

Total Liabilities 40,921.00 102,343.00 2,523.94 378.38 393.07

Hind Zinc Vedanta Hind Copper Gravita India Ram Ratna Wires

Mar '20 Mar '20 Mar '20 Mar '20 Mar '20

Application of Funds

Gross Block 29,531.00 100,416.00 435.03 129.68 189.07

Less: Accum.
13,062.00 63,298.00 140.79 20.22 49.27
Depreciation

Net Block 16,469.00 37,118.00 294.24 109.46 139.80

Capital Work in Progress 2,489.00 12,086.00 1,231.78 2.81 0.14

Investments 20,329.00 62,905.00 0.13 14.93 36.58

Inventories 1,835.00 5,689.00 519.83 154.09 78.57

Sundry Debtors 401.00 832.00 82.89 61.59 188.67

Cash and Bank Balance 1,918.00 2,193.00 15.87 7.25 1.74

Total Current Assets 4,154.00 8,714.00 618.59 222.93 268.98

Loans and Advances 3,534.00 18,627.00 973.33 129.58 21.59

Fixed Deposits 0.00 0.00 0.00 0.00 0.00

30
Total CA, Loans &
7,688.00 27,341.00 1,591.92 352.51 290.57
Advances

Deffered Credit 0.00 0.00 0.00 0.00 0.00

Current Liabilities 5,822.00 35,827.00 497.83 97.71 72.66

Provisions 232.00 1,280.00 96.29 3.62 1.36

Total CL & Provisions 6,054.00 37,107.00 594.12 101.33 74.02

Net Current Assets 1,634.00 -9,766.00 997.80 251.18 216.55

Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00

Total Assets 40,921.00 102,343.00 2,523.95 378.38 393.07

The above balance sheets show that Hindustan zinc is one of the largest zinc lead miners as
we compare to other companies. If we compare Hindustan zinc Net Worth i.e. 40,310 Cr. to
all the companies Net Worth (Vedanta of 69,895 Cr., Hind Copper of 960.27 Cr., Gravita
India of 164.15 Cr., Ram Ratna Wires of 177.23 cr.,) in which only the Vedanta is highly
competitive in market with Hindustan zinc which is a subsidiary of Vedanta Limited.

If we compare the Total Assets of Hindustan zinc i.e. 40,921 cr., to all the companies Total
Assets i.e. (Vedanta of 102,343 Cr., Hind Copper of 2,523.95 Cr., Gravita India of 378.38.,
Ram Ratna Wires of 393.07 cr.,). Then Hindustan Zinc is giving tough competition to the
other major players in the market and making its strong presence other than Vedanta limited.

31
 5- REFERENCES

https://www.moneycontrol.com/competition/hindustanzinc/comparison/hz

https://economictimes.indiatimes.com/hindustan-zinc-ltd/quotecompare/companyid-
11982.cms

https://www.moneycontrol.com/financials/hindustanzinc/balance-sheetVI/HZ

https://www.hzlindia.com/about-hzl/overview/

32
 6- ANNEXURE

6.1 Profit and Loss account of Hindustan Zinc Limited:

PROFIT & LOSS ACCOUNT OF March March March March March

HINDUSTAN ZINC (in Rs. Cr.) 2020 2019 2018 2017 2016

  12 12 12 12 12
Months Months Months Months Months

INCOME

REVENUE FROM OPERATIONS 18,332.00 20,834.00 22,213.00 18,571.00 15,135.00

[GROSS]

Less: Excise/Service Tax/Other 0.00 0.00 437.00 1,525.00 0.00

Levies

REVENUE FROM OPERATIONS 18,332.00 20,834.00 21,776.00 17,046.00 15,135.00

[NET]

TOTAL OPERATING 18,561.00 21,118.00 22,084.00 17,273.00 15,463.00

REVENUES

Other Income 1,934.00 1,782.00 1,751.00 2,474.00 2,763.00

TOTAL REVENUE 20,495.00 22,900.00 23,835.00 19,747.00 18,226.00

EXPENSES

33
Cost of Materials Consumed 0.00 0.00 0.00 26.00 51.00

Operating and Direct Expenses 341.00 269.00 417.00 279.00 0.00

Changes in Inventories Of FG, WIP -291.00 -64.00 498.00 -676.00 184.00

And Stock-In Trade

Employee Benefit Expenses 689.00 905.00 776.00 722.00 774.00

Finance Costs 112.00 113.00 283.00 202.00 17.00

Depreciation and Amortisation 2,279.00 1,883.00 1,483.00 1,811.00 745.00

Expenses

Other Expenses 8,975.00 9,338.00 8,121.00 6,847.00 7,802.00

TOTAL EXPENSES 12,105.00 12,444.00 11,578.00 9,547.00 9,573.00

PROFIT/LOSS BEFORE 8,390.00 10,456.00 12,257.00 10,200.00 8,653.00

EXCEPTIONAL,
EXTRAORDINARY ITEMS AND
TAX

Exceptional Items 0.00 0.00 240.00 0.00 -30.00

PROFIT/LOSS BEFORE TAX 8,390.00 10,456.00 12,497.00 10,200.00 8,623.00

TAX EXPENSES-CONTINUED
OPERATIONS

Current Tax 1,428.00 2,220.00 2,647.00 2,196.00 1,805.00

34
Less: MAT Credit Entitlement 0.00 0.00 0.00 0.00 0.00

Deferred Tax 157.00 280.00 574.00 -312.00 -1,357.00

Tax For Earlier Years 0.00 0.00 0.00 0.00 0.00

TOTAL TAX EXPENSES 1,585.00 2,500.00 3,221.00 1,884.00 448.00

PROFIT/LOSS AFTER TAX AND 6,805.00 7,956.00 9,276.00 8,316.00 8,175.00

BEFORE EXTRAORDINARY
ITEMS

PROFIT/LOSS FROM 6,805.00 7,956.00 9,276.00 8,316.00 8,175.00

CONTINUING OPERATIONS

PROFIT/LOSS FOR THE 6,805.00 7,956.00 9,276.00 8,316.00 8,175.00

PERIOD

OTHER ADDITIONAL
INFORMATION

EARNINGS PER SHARE

Basic EPS (Rs.) 16.11 18.83 21.95 19.68 19.35

Diluted EPS (Rs.) 16.11 18.83 21.95 19.68 19.35

VALUE OF IMPORTED AND

INDIGENIOUS RAW
MATERIALS STORES, SPARES
AND LOOSE TOOLS

35
Imported Raw Materials 0.00 0.00 0.00 0.00 0.00

Indigenous Raw Materials 0.00 0.00 0.00 0.00 0.00

STORES, SPARES AND LOOSE

TOOLS

Imported Stores And Spares 0.00 0.00 0.00 0.00 0.00

Indigenous Stores and Spares 0.00 0.00 0.00 0.00 0.00

DIVIDEND AND DIVIDEND

PERCENTAGE

Table 6.1: Profit and Loss Account of HZL

Equity Share Dividend 0.00 8,451.00 3,381.00 12,422.00 12,803.00

Tax on Dividend 0.00 1,738.00 688.00 2,529.00 2,606.00

Equity Dividend Rate (%) 825.00 1,000.00 400.00 1,470.00 1,390.00

6.2 Cash Flow statement of Hindustan Zinc Limited:

March March March March March

2020 2019 2018 2017 2016

  12 12 12 12 12
Months Months Months Months Months

36
NET PROFIT/LOSS BEFORE 8,390.00 10,456.00 12,497.00 10,200.00 8,623.00
EXTRAORDINARY ITEMS
AND TAX

Net Cash Flow from Operating 6,621.00 8,781.00 9,837.00 7,588.00 6,451.00
Activities

Net Cash Used in Investing -2,648.00 -1,092.00 2,396.00 12,007.00 -3,236.00

Activities

Net Cash Used from Financing -2,098.00 -9,630.00 -18,649.00 -11,266.00 -3,214.00
Activities

Foreign Exchange Gains / Losses 0.00 0.00 0.00 0.00 0.00

Adjustments on Amalgamation 0.00 0.00 0.00 0.00 0.00

Merger Demerger Others

NET INC/DEC IN CASH AND 1,875.00 -1,941.00 -6,416.00 8,329.00 1.00

CASH EQUIVALENTS

Cash and Cash Equivalents Begin of 23.00 1,964.00 8,380.00 51.00 50.00
Year

Cash and Cash Equivalents End of 1,898.00 23.00 1,964.00 8,380.00 51.00
Year

6.3 Detailed Ratios table of Hindustan Zinc Limited:

KEY FINANCIAL RATIOS March March March March March

OF HINDUSTAN ZINC (in 2020 2019 2018 2017 2016

37
Rs. Cr.)

PER SHARE RATIOS

Basic EPS (Rs.) 16.11 18.83 21.95 19.68 19.35

Diluted EPS (Rs.) 16.11 18.83 21.95 19.68 19.35

Cash EPS (Rs.) 21.50 23.29 25.47 23.97 21.11

Book Value [Excl. Reval 95.41 79.54 85.05 72.91 88.49

Reserve]/Share (Rs.)

Book Value [Incl. Reval 95.41 79.54 85.05 72.91 88.49

Reserve]/Share (Rs.)

Dividend / Share (Rs.) 16.50 20.00 8.00 29.40 27.80

Revenue from Operations/Share 43.93 49.98 52.27 40.88 36.60

(Rs.)

PBDIT/Share (Rs.) 25.52 29.47 33.19 28.91 22.28

PBIT/Share (Rs.) 20.12 25.02 29.68 24.62 20.52

PBT/Share (Rs.) 19.86 24.75 29.58 24.14 20.41

Net Profit/Share (Rs.) 16.11 18.83 21.96 19.68 19.35

PROFITABILITY RATIOS

38
PBDIT Margin (%) 58.08 58.96 63.49 70.70 60.88

PBIT Margin (%) 45.80 50.04 56.78 60.22 56.06

PBT Margin (%) 45.20 49.51 56.58 59.05 55.76

Net Profit Margin (%) 36.66 37.67 42.00 48.14 52.86

Return on Net worth / Equity 16.88 23.67 25.81 26.99 21.86

(%)

Return on Capital Employed (%) 20.45 30.44 33.95 32.95 21.47

Return on Assets (%) 14.48 18.73 21.60 16.05 15.36

Total Debt/Equity (X) 0.02 0.08 0.00 0.26 0.00

Asset Turnover Ratio (%) 39.51 49.73 51.43 33.34 29.06

LIQUIDITY RATIOS

Current Ratio (X) 4.58 2.79 4.02 1.71 2.44

Quick Ratio (X) 4.24 2.59 3.79 1.62 2.37

Inventory Turnover Ratio (X) 10.11 13.68 16.01 8.92 14.62

Dividend Pay-out Ratio (NP) 0.00 106.22 36.44 149.37 156.61

(%)

39
Dividend Pay-out Ratio (CP) 0.00 85.89 31.42 122.66 143.53
(%)

Earnings Retention Ratio (%) 0.00 -6.22 63.56 -49.37 -56.61

Cash Earnings Retention Ratio 0.00 14.11 68.58 -22.66 -43.53

(%)

VALUATION RATIOS

Enterprise Value (Cr.) 64,243.88 119,294.00 125,187.38 121,567.13 77,475.75

EV/Net Operating Revenue (X) 3.46 5.65 5.67 7.04 5.01

EV/EBITDA (X) 5.96 9.58 8.93 9.95 8.23

Market Cap. /Net Operating 3.53 5.53 5.76 7.07 5.01

Revenue (X)

Retention Ratios (%) 0.00 -6.22 63.55 -49.37 -56.61

Price/BV (X) 1.63 3.48 3.54 3.96 2.07

Price/Net Operating Revenue 3.53 5.53 5.76 7.07 5.01

Earnings Yield 0.10 0.07 0.07 0.07 0.11

Table 6.3: Detailed Ratios Table of HZL

40