Maintain NEUTRAL, with a TP of Rs 318 (7.0x Dec-19 EV/EBITDA). Hindustan Zinc (HZL) delivered an EBITDA marginally lower than estimates at Rs 32.4bn (16.3/7.3% YoY/QoQ vs est Rs 34.1bn). The difference in EBITDA was driven by higher Zn cost of production (CoP) (USD1022/t, 18.7/3.9% YoY/QoQ), offset by higher zinc prices (28.4/9.1% YoY/QoQ).