Hindustan Copper consolidated net profit rises 18% to RS 134.28 crore in Q1

Hindustan Copper Limited (HCL) has reported an increase of 18% JoJ in consolidated net profit to RS 134.28 Crore for the first quarter of the current financial year. Consolidated total income rose by 5% to RS 526.65 Crore. The higher profit is to do with the costs that remain flat at RS 347.29 Crore.

A business statement said that the demand for the buyer is expected to increase in the coming years. This will be at the back of the global economy that is about to renewable energy and electric mobility, driven by progress in artificial intelligence and strengthens carbon policy, making the buyer a crucial possibility for continuing economic growth.

“The company is working on implementing its mine expansion plan of the current about 4 million tonnes per year (MTPA) to 12 MTPA by 2030-31,” said Hindustan Copper.

Sector Watchers predict that copper prices will continue to rise as a result of limited mine supply and the growing demand of EVs. “Some analysts expect that Koperen prices can reach new highlights, making it possible to violate the $ 10,000 per TON marking, if trade tensions continue to relieve and the global economic growth continues,” HCL chairman and director Sanjiv Kumar Singh told ET in May this year.

HCL recently also restarted the Surda Copper Mine and awarded the Mine Development Operator (MDO) contract on income share for the production of 3 MTPA copper ore from his Rakha Copper Mine.