Hindustan Copper Q1 Results: PSU stock falls despite 81% revenue growth, operating income doubles

Shares of Hindustan Copper Ltd. gained on Monday, August 10, in response to its June quarter results, that were higher when compared to the same quarter last year. The stock though, gave up the gains soon after to trade with losses.

Net profit for the period stood at ₹353 crore, more than doubling in value from the ₹134 crore it reported during the same quarter last year.

Revenue for the quarter stood at ₹936.5 crore, a growth of 81.4% from last year's figure of ₹516.4 crore.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter stood at ₹507.5 crore, more than double than the ₹212.3 crore it reported during the same quarter last year.

EBITDA margin for the quarter stood at 54% from 41% last year.

Global Copper prices are coming off six straight weeks of gains which were fueled by tight supplies and easing concerns about an interest rate hike in the US after last Friday's jobs report.

Copper prices globally crossed the $14,000 a tonne mark last week, to reach the highest intraday level since late-January. Analysts expect prices to remain higher globally going forward as well.

Shares of Hindustan Copper are trading 1.2% higher on Monday at ₹542.75 after the results announcement. After giving up the gains, the stock fell as much as 1.5%.