India's Hindustan Zinc named Amarendu Prakash as CEO-designate on Friday, while reporting that its first-quarter profit more than doubled as base and precious metal prices surged.
Prakash, former chairman and managing director at the country's top state-run steelmaker SAIL, will take charge on August 1, replacing Arun Misra whose tenure ends on July 31.
Here are the details from the earnings report:
The Vedanta Group company's consolidated net profit rose to 54.69 billion rupees ($566.7 million) for the three months ended June 30, from 22.34 billion rupees a year ago.
Net profit margin climbed to 40% from 29%.
Spot zinc prices climbed 31%, while spot silver more than doubled, according to data from a Jefferies note.
Silver prices rose on increased demand due to the ongoing war in Iran, and zinc prices firmed amid supply concerns.
Hindustan Zinc's mined metal production rose 1% on-year to 268 kilotons in the quarter, while refined metal production climbed 4% to 260 kilotons.
The firm, which commands roughly three-fourths of India's zinc market, reported a 77% rise in total revenue from operations to 137.47 billion rupees.
The company's total expenses rose 33.2% to 67.49 billion rupees.
