ICICI Securities Ltd | Retail Equity Research For Q4FY17, Hindustan Zinc (HZL) reported a better-than-expected performance on the back of higher-than-expected sales volumes The company reported a gross operating income from operations of | 6756.2 crore. After adjusting for excise duty, net operating income for the quarter was at | 6260.2 crore (up ~99.9% YoY, ~25.7% QoQ, higher than our estimate of | 5778.2 crore). Zinc sales volume for the quarter was at ~217000 tonnes (up 37.3% YoY, 2.8% QoQ, higher...