Hindustan Zinc (HZL) has delivered a decent performance in 2QFY18 aided by higher base metal prices. Its revenue surged by 52% YoY (+16% QoQ) to Rs53bn (vs. our estimate of Rs53.6bn), while EBITDA grew by 46% YoY (+27% QoQ) to Rs30.2bn (vs. our estimate of Rs29.6bn). Mined metal production rose by 14% YoY (-6% QoQ) to 219,000 tonne due to lower ore treatment. Inline with our estimate of 192,000 tonne, Zinc volume rose by 29% YoY (-1% QoQ), while Lead volume rose by 23% YoY (+9% QoQ) to 38,000 tonne. Notably, despite LME zinc prices (+31% YoY and +14% QoQ), its EBITDA registered relatively limited growth owing to higher input cost mainly coal and met coke. Adjusted PAT grew by 18.5% YoY (+20.1% QoQ) to Rs 22.54bn (vs. our estimate Rs22.6bn) owing to higher tax outgo and lesser other income. Going forward,...