Vedanta-owned Hindustan Zinc shares gained nearly 2 percent in morning trade on Tuesday after the company reported an increase in mined metal production for the third quarter that ended December 31, 2022. The company in a filing to the exchanges said that the total mined metal production in Q3FY23 increased 1 percent to 2,54,000 tonnes year-on-year from 2,52,000 tonnes in the same period a year ago.

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The company's total mined metal for the first nine months of FY23 was up by 5 percent to 7,61,000 tonnes. This is also the highest ever nine months of mined metal production reported by Hindustan Zinc. The spike in production is backed by the company's higher ore production and improved mined metal grades.

Shares of Hindustan Zinc Ltd were trading 2.3 percent higher at Rs 332.8 apiece on BSE at 1.36 pm on Tuesday. The stock, as seen in the chart above has rallied over 25 percent in the past three months.

The company’s integrated zinc production for the first nine months of FY 23 was 6,06,000 tonnes, up by 7 percent from last year. Hindustan Zinc's refined lead and saleable silver production were up b 10 percent YoY.

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However, Hindustan Zinc reported a slip in its integrated zinc, lead, and saleable silver output in the third quarter of the year. While the company's zinc production slipped 2 percent to 2,10,000 tonnes, the saleable silver production was down by 7 percent annually due to lower feed grade at SK Mine in line with the mine plan for the quarter.

Refined lead production in Q3FY23 stood at 46,000 tonnes, a percent drop compared to the same period last year and an 18 percent decline compared to the previous quarter. The company produced 57,000 tonnes of refined lead in Q2 of this financial year.

The company's wind power production also suffered due to lower wind velocity and seasonal impact in the quarter. Compared to 124 million units in Q2, the production slumped 59 percent reporting a 50 million unit production in the latest quarter.