Hindustan Zinc (HZ) reported a beat (revenues 8.2%, EBITDA 3.2% vs estimates), driven by higher volumes (refined Zn 5.5% vs estimates, 3.4% YoY, 41.6% QoQ), somewhat offset by higher costs. Cost of production of zinc (zn) was higher by ~US$50 QoQ (US$861/t, 8.3% YoY) due to a one-time charge in the ore-to-waste ratio norm over life of mine and additional excavation in Rampura Agucha O/C.