Hindustan Zinc (HZ) reported a strong beat (revenues 6.5%, EBITDA 25% vs estimates), driven by higher volumes (Refined Zn/Lead 6/25% vs estimates) and lower operating costs. Zn cost of production (CoP) declined to US$809/t (4.5% YoY, -12.8% QoQ), helped by higher volumes QoQ. Zn pricing has remained strong given the expectations of lower global supplies and this has helped HZ clock better realizations (Zn prices up 22.1% YoY, 17.6% QoQ).