Shares of Hindustan Zinc dropped 9.8 percent on Friday, January 20, after the company reported a 20.2 percent decline in the consolidated net profit to ₹2,156 crore from ₹2,701 crore recorded in Q3 FY22.

The drop in revenue was on account of lower LME coinciding with lower refined metal and silver volumes partially offset by favourable exchange rates and gains from strategic hedging.

On Thursday, Anil Agarwal-promoted Vedanta's board approved selling Zinc International assets to Hindustan Zinc for $2,981 million.

Mined metal production for the quarter was at 254 kilotonnes (kt), marginally up from Q3FY22 driven by higher ore production and marginally down compared to last quarter due to overall mined metal grades.

In Q3, the company's revenue from operations fell 2.71 percent YoY to ₹7,628 crore from ₹7,841 crore in the corresponding quarter of the previous financial year.

Hindustan Zinc delivered the best-ever 9 months refined metal on the back of the highest-ever mined metal.

The company has also declared an interim dividend of ₹13 per share for the financial year 2022-2023. The dividend will amount to about ₹5,493 crore.

The company has fixed January 30 as the record date for the purpose of payment of a third interim dividend to eligible shareholders.