#1.....>>>>>> HINDUSTAN ZINC LIMITED Investor Presentation October 2023 Q2 FY24 Earnings Presentation SAFE SMART SUSTAINABLE vedanta transforming for good 700 AAA (☑ HINDUSTAN ZINC Zinc & Silver of India#2Cautionary Statement and Disclaimer IZA HINDUSTAN ZINC Zinc & Silver of India The views expressed here may contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness, reasonableness, or reliability of this information. Any forward-looking information in this presentation including, without limitation, any tables, charts and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Hindustan Zinc Limited. Past performance of Hindustan Zinc cannot be relied upon as a guide to future performance. - This presentation contains 'forward-looking statements' that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as 'expects', 'anticipates', 'intends', 'plans', 'believes', 'seeks', or 'will'. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of environmental, climatic, natural, political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. We caution you that reliance on any forward-looking statement involves risk and uncertainties, and that, although we believe that the assumption on which our forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statement based on those assumptions could be materially incorrect. This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Hindustan Zinc or undertakings or any other invitation or inducement to engage in investment activities, nor shall this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. .... >>>>>>>> ९ SAFE SMART D 2 SUSTAINABLE HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Sensitivity: Internal (C3)#3Unique Positioning in Metal & Mining Landscape IZI HINDUSTAN ZINC Zinc & Silver of India 5th largest silver producer globally World's largest underground (UG) zinc mining operations at Rampura Agucha 25+ Years Mine Life India's largest & only integrated producer of zinc, lead and silver World's 2nd largest integrated zinc producer and one of the lowest- cost producers globally ~75% market share in India's primary zinc market FA ㄖㄨ Ranked #3 in Metals and Mining companies globally and 1st Overall in Asia Pacific at S&P Global ESG Score 2022* *as of November 18,2022 HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Sensitivity: Internal (C3) Consistently rated AAA by CRISIL Ratings Limited ... >>>>>>> i SAFE SMART D 3 SUSTAINABLE#4Q2 FY24 performance backed by strategic growth projects, sustained cost optimization and ESG excellence Sustainability Operational IZA Financial HINDUSTAN ZINC Zinc & Silver of India SBTI validated the targets of 50% reduction in Scope 1 & 2 and 25% reduction in Scope 3 emissions by 2030 Landmark agreement signed between Hindustan Zinc and GreenLine for 180 LNG vehicles for internal finished goods movement Zero liquid discharge plant of 4,000 KLD capacity inaugurated at Zawar mines Dariba smelting complex recognized with Platinum award in metal and mining sector at Apex India Occupational Health and Safety Awards 2023 ☐ Q2 refined metal down 7% sequentially on account of scheduled maintenance activity, silver production up 1% sequentially Cost of Production (COP) down by 10% YoY and 5% QoQ, lowest cost in last 6 quarters and over $150/t improvement in back-to- back three quarters Fumer commissioned and stabilized in Q2 FY24 Rajpura Dariba Mill commissioned enhancing the RD ore treatment capacity to 1.1 mtpa $ EBITDA of c.INR 3.1k Cr & PAT of c.INR 1.7k Cr, down by 35% YoY on account of significantly lower LME partly offset by lower input commodity prices Robust EBITDA margin of 46% Strong liquidity supported by healthy free cash flow from operations of c.INR 2.6k Cr during the quarter HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Sensitivity: Internal (C3) ...>>>>>> ९ SAFE SMART D 4 SUSTAINABLE#5SUSTAINABILITY UPDATE#6Sustainability Goals 2025 000 Climate Change 0.5 mn tCO2e GHG emission savings from base year 2017 ZA HINDUSTAN ZINC Zinc & Silver of India Water Stewardship 5x water positive company and 25% reduction in freshwater consumption Circular Economy 3x increase in gainful utilisation of smelting process waste Biodiversity Conservation Protect and enhance biodiversity throughout the life cycle Sustainability Goals 2025 Diversity in Workforce Inclusive and diverse workplace with 30% diversity Ensuring Zero Harm Zero work-related fatalities and 50% reduction in TRIFR Responsible Sourcing 100% responsible sourcing in the supply chain Social Impact Positively impact one million lives HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Sensitivity: Internal (C3) ... >>>>>> १ SAFE 6 SUSTAINABLE SMART Д#7Roadmap to Net-zero SBTI Approved Hindustan Zinc's Near- Term & Long-Term Net Zero Targets Hindustan Zinc is the only Indian Company in Mining - Iron, Aluminium, Other metals sector with validated and approved SBTi targets in alignment with 1.5°C target Near-Term 50% reduction in Scope 1 & 2 GHG emissions and 25% of Scope 3 emissions by FY2030 Long-Term IZA HINDUSTAN ZINC Zinc & Silver of India Net Zero Emissions by FY2050 2026 - Transition to Clean Energy Firm Renewable Energy -Efforts on Scope 3 Scope 1 & 2 - 18% Scope 3-20% 2030 In line with NDC 2040 - Scaling Up Firm Renewable Energy Explore Hydrogen Fuel & others Efforts on Scope 3 Scope 1 & 2 -50% Scope 3-25% Firm Renewable Energy Hydrogen Fuel Carbon Capture Utilization and Storage Circular Economy HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION NDC: Nationally Determined Contribution sitivity: Internal (C3) 2050 - Delivering Commitment - Firm Renewable Energy Hydrogen Fuel Carbon Capture Utilization and Storage Circular Economy Scope 1 & 2 - 100% Scope 3 - 100% ... >>>>>> i SAFE 7 SMART SUSTAINABLE#8Sustainability in Action A HINDUSTAN ZINC Zinc & Silver of India Move towards Green Transportation MoU signed with GreenLine for 180 Liquified Natural Gas (LNG) vehicles Utilisation: Inter unit movements and finished goods transportation Impact: 30% reduction in carbon footprint and reduction of Scope 3 emissions, as compared to traditional diesel vehicles Hindustan Zinc & Towards 5x Water Positivity by 2025 Inaugurated state-of-the-art zero liquid discharge plant of 4,000 KLD capacity (phase 1) in collaboration with lon Exchange (India) Ltd at Zawar mines to help in water conservation Impact: To facilitate water recovery through reduction in freshwater dependency using advanced technology Sustainable For a Better Tomorrow 4,000 KLD Zero Liquid Discharge Plant (Phase 1) Inaugurated at Zawar Group of Mines Greete Signing tract Vehicl dian HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Sensitivity: Internal (C3) 00 *.***>>>>>> SAFE SMART 8 SUSTAINABLE#9Sustainability in Action IZI HINDUSTAN ZINC Zinc & Silver of India Renewable Power Update : Hindustan Zinc entered into Power Delivery Agreements (PDA) with Serentica Renewables India Private Ltd (SRIPL4 and SRIPL5) for Dariba (200 MW) and Chanderiya (250 MW) plant locations respectively. SRIPL4 & SRIPL5 are part of Serentica group which is developing ~4GW of Renewable Energy across multiple states to provide round-the-clock power to industries. Piers ready for tracker and module mounting Salient Features of the Project ◉ Solar project is being constructed in Rajasthan ☐ Wind project is being developed in Maharashtra ☐ Power flow through ISTS network and delivery to HZL through dedicated transmission lines ☐ Higher reliability flow of power from ISTS network Wind Turbine foundation cast and ready for Wind Turbine Generator (WTG) installation Inverter Control Room (ICR) ready for equipment installation Isolator & Current Transformer raft casting Project Updates and Milestones Land acquisition and statutory approvals are on track Main Control Room getting ready for equipments ◉ ☐ ☐ Transmission connectivity secured OEM, EPC & vendor partners tied-up and construction activity at site under progress Phased completion starting from Mar'24 with complete commissioning by Jun'25 ... >>>>>> - i 9 SAFE SMART SUSTAINABLE HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION ISTS: Inter-state transmission system; OEM Original Equipment Manufacturer; EPC: Engineering, Procurement and Construction#10Key Priorities: Sustainability Goals 2025 Climate Progress GHG intensity (Scope 1+2)/MT Major Actions A HINDUSTAN ZINC Zinc & Silver of India • PDA signed for 450 MW Renewable Energy (work initiated) 100% RE power consumption at Pantnagar Metal Plant • Use of biomass (5%) in power plant Change CO₂ 5.44 5.15 4.97 4.44 4.71 • Energy efficiency programs/ISO 50001 certification . FY20 FY21 FY22 FY23 H1 FY24 • Water Stewardship ■STP Water Water Consumption (Mn m³) 6.75 19.97 ■Fresh Water FY20 7.18 20.88 9.52 16.78 8.56 18.09 3.72 9.82 Switching to electrical mobility-two UG battery electric vehicles (BEV) inaugurated, 29 EVs across HZL MoU signed for 180 LNG vehicles for inter unit & finished goods movement • Utilization of Municipal sewage treated water (Udaipur STP) • Maintaining zero discharge across HZL • Water recycling: Integrated water treatment facilities (ETP-RO- MEE/MVR) • Shifting from wet tailing disposal to dry tailing disposal, zero liquid discharge (ZLD) plants at CLZS, DSC, ZSD & Zawar Mine • Rainwater harvesting Circular Economy Biodiversity Conservation 31 30 FY21 FY22 FY23 H1 FY24 • Water risk assessment Waste Recycling % • Fumer for Hydro Smelters 31 31 • 27 100% utilization of Jarosite in cement (H1 FY24: ZSD- 55,631 MT) • Jarofix utilization in road construction (H1 FY24: CLZS- 38,814 MT) • Metal recovery from waste • Green capping of Jarofix yard FY20 FY21 FY22 FY23 H1 FY24 Cumulative Plantation (Lacs) • 5.80 5.22 4.04 . 2.68 1.64 • Three years engagement with International Union for Conservation of Nature (IUCN) • IBAT assessment & ecosystem service review • 2 season biodiversity assessment completed Launch of 'Coffee Table Book' featuring bird biodiversity Miyawaki afforestation and wildlife conservation plan FY20 FY21 FY22 FY23 H1 FY24 • 1 million plantation drive by 2025 • • Restoration of Jarofix yard Piloting Science-Based Targets for Nature *.***>>>>>> HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION CLZS: Chanderiya Lead-Zinc Smelter, DSC Dariba Smelting Complex, ZSD: Zinc Smelter Debari SAFE 10 SMART SUSTAINABLE#11Key Priorities: Sustainability Goals 2025 Zero Harm Progress One year of zero Fatalities TRIFR (number per Mn hours worked) 2.70 2.57 • 2.22 1.93 1.77 • • • • A HINDUSTAN ZINC Zinc & Silver of India Major Actions Critical Risk Management (CRM) implementation Community of Practice for Structural Integrity & Inframatrix Implementation Safety governance structure for business partners Elimination of high-risk manual activities Industrial hygiene - QLEA and QNEA • Mining mate competency enhancement FY20 FY21 FY22 FY23 H1 FY24 • ERCP gap assessment Social Impact CSR Outreach (Beneficiaries) in Mn 1.7 1.4 0.7 0.9 • 0.5 . FY20 FY21 FY22 FY23 H1 FY24 Diversity & Inclusion Gender Diversity Trend (%) ■Gender diversity in Executives Overall Gender 14.4 10.2 14.7 10.8 15.7 11.8 19.5 14.9 Diversity (incl. Non Exec) FY20 FY21 FY22 FY23 Responsible Sourcing 20.3 16.3 H1 FY24 • • • Outreach 200 villages ~0.9 Mn beneficiaries through sustained CSR initiatives Enhancing the local economy by sustainable livelihood practices Improving quality of life of communities including the lifecycle approach in education sphere & developing model villages Evolving grassroot institutions & promoting microenterprises Improving diversity - (Gender and sexual orientation) through focused drive - Launched "Aahvaan" initiated hiring of TGs in Finance and Commercial function Mandating gender diversity ratio in campus recruitment Launched 'Zinclusion - Embracing Differences' V-Build program exclusively for women to build leadership pipeline Incorporating ESG into the commercial process ESG questionnaire in prequalification criteria Supplier's due diligence Standard ESG expectations in the contracts, single use plastic, Modern Slavery Act declaration in RFQ, incorporating subcontractor approval during RFQ • Launched vendor grievance through ROBOS portal • . Integrated carbon loading tool for product level emission calculation in ARIBA RFQ Conducted webinars for ESG, COC, Ethics, Labor Law HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Sensitivity: Internal (C3) *****>>>>>> SAFE 1-0 SMART 11 SUSTAINABLE#12Key Priorities: Communities IZA HINDUSTAN ZINC Zinc & Silver of India Skill Development ■ 286 Successful Placements: - 10 trainees from Unarmed Security Guard trade from Zinc Kaushal, Hurda at TCS - 11 customer care trainees from Zinc Kaushal, Debari at Teleperformance 8 microfinance trainees from Zinc Kaushal, Kayad in RBL Bank ■ International Youth Day celebrated with 400+ youths of Zinc Kaushal Kendra Sports ■ Zawar based defender Mohammed Kaif selected in the India Under-16 Football squad for the SAFF U-16 Championship in Bhutan ■ 4 ZFA players selected for U-16 boys national team preparatory camp in J&K ■ CLZS Junior Security Officer, Pinal Prajapati qualified to represent Rajasthan in National Shooting Championship 2023 Women Empowerment ■ Launched website of the marketing entity "Hearts with Fingers" ■ Crafted 10 hand-printed rakhi for unboxing, launched by HZL Chairperson ▪ Launched new range in home textile product and grey khadi with fine embroidery products CH vedonia DEFENDER R 444 KALF ZINC HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Sensitivity: Internal (C3) 亞 亞 ZINC ZINC ZINC .... >>>>>>>> i SAFE SMART D 12 SUSTAINABLE#13OPERATIONAL REVIEW & BUSINESS UPDATE WE TO 'D Mr. Arun Misra CEO HZL#14■ Market Update Substandard economic performance in US, Europe, and China counterbalanced by optimistic outlook of increased efforts by Chinese authorities to support growth Global zinc demand likely to remain impacted by macro-economic factors Domestic zinc demand remains resilient owing to fiscal thrust on construction & infrastructure projects, Indian economy resilient, strengthened by strong consumer demand & growth in manufacturing output Domestic lead and silver demand remains robust ■ Supply: Though the price pressures have compelled a few mines and smelters to close/suspend, the surplus in refined market is higher due to subdued demand Zinc inventories in LME warehouses stood at 105 kt (vs 81 kt as of Jun'23) and in SHFE warehouses at 32 kt (vs 59 kt as of Jun'23) at the end of Sep'23 3,915 2,199 200 150 100 50 0 HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Apr-22 May-22 Jun-22 Jul-22 Zinc Stock (kt) Zinc ($/T) Lead ($/T) 30.0 6,271 1,976 24.1 3,001 2,098 3,124 2,140 23.6 25.0 22.6 22.6 21.2 2,526 2,117 19.2 2,428 2,170 20.0 15.0 10.0 5.0 0.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 THI Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 LME Zinc SHFE Zinc Sensitivity: Internal (C3) May-23 Jun-23 Jul-23 Aug-23 Sep-23 0 120 90 JU 60 30 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Lead Stock (kt) .....>>>>>>> SAFE LME Lead ९ SMART SHFE Lead Д SUSTAINABLE 14 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Silver prices ($/toz) ZA HINDUSTAN ZINC Zinc & Silver of India#15Operational Highlights: Record H1 mined metal production ZA HINDUSTAN ZINC Zinc & Silver of India Mined Metal H1 FY24 509 kt (flat y-o-y) Refined Metal H1 FY24 501 kt (down 1% y-o-y) Saleable Silver H1 FY24 360 MT (down 3% y-o-y) Q2 FY24 252 kt (down 1% y-o-y) Q2 FY24 241 kt (down 2% y-o-y) Q2 FY24 181 MT (down 7% y-o-y) HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Sensitivity: Internal (C3) .... >>>>>>>> ९ SAFE SMART D SUSTAINABLE 15#16Operational Review Q2 FY24 • • Mined metal marginally down y-o-y and 2% down q-o-q on account of lower ore production at Rampura Agucha and Kayad mine partly offset by better overall grades Refined metal down by 2% y-o-y and 7% q-o-q on account of a scheduled maintenance activity Saleable silver production up 1% q-o-q & down 7% y-o-y on account of WIP accumulation in the quarter Marking third consecutive quarter of cost optimisation, Q2 FY24 Zinc COP✶ at $1,137/t, down 10% y-o-y and 5% q-o-q. Improvement on account of lower coal and input commodity prices and better linkage coal availability, further supported by better grades sequentially Mined Metal (kt) 255 257 252 507 iil 509 1259 Q2 FY23 Q1 FY24 Q2 FY24 H1 FY23 H1 FY24 H1 FY24 IZA HINDUSTAN ZINC Zinc & Silver of India Highest-ever first half mined metal, up y-o-y, on account of higher ore production at Rampura Agucha Mine supported by better overall metal grades Refined metal down marginally y-o-y in line with plant availability Saleable silver production down 3% y-o-y in line with lead metal production Zinc COP* at $1,167/t, down 7% y-o-y due to lower coal and input commodity prices and better linkage coal availability Refined Metal (kt) & Zinc COP* ($/t) 1194 1137 1260 1167 Saleable Silver (MT) 371 360 194 179 181 506 501 246 260 241 Q2 FY23 Q1 FY24 Q2 FY24 H1 FY23 H1 FY24 Q2 FY23 Q1 FY24 Q2 FY24 H1 FY23 H1 FY24 ...>>>>>> HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION *COP excluding Royalty Sensitivity: Internal (C3) i SAFE SMART SUSTAINABLE 16#17Project Update (1/3) I. Fumer Project for Hydrometallurgical Smelters: FZI HINDUSTAN ZINC Zinc & Silver of India Fuming operations as a technology generate an environment-friendly saleable slag. India's first Fumer plant at Chanderiya using fuming technology, aims at converting jarosite to clean slag enabling waste recycling and recovery of additional silver and base metal Fumer Plant, Chanderiya HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Innovative commissioning done by internal team through online support from Chinese experts Better volume recovery - additional 30TPA+ a silver and 7kt+ metal Enabling circular economy by treatment of waste Better waste management by reducing the continuous land requirement for Jarofix storage Full ramp up under progress and targeted by early Q3 FY24 Sensitivity: Internal (C3) ...>>>>>> i 17 SAFE SMART SUSTAINABLE#18Project Update (2/3) II. Hindustan Zinc Alloy Private Limited: Transitioning from commodity-based to product-based Company 26% of Indian zinc market is addressed by imports (including alloys). Hindustan Zinc Alloy Plant, one of the largest zinc alloy facility in India, enables self-reliance and will help boost the market share by catering to niche applications of zinc alloys and deliver international quality products commanding a premium in the domestic market. ZI III. Rajpura Dariba Mill capacity expansion: HINDUSTAN ZINC Zinc & Silver of India Ore treatment capacity expansion from 0.9 mtpa to 1.1 mtpa using advanced technology and latest filtration technique to enhance metal recoveries, thereby ensuring a more sustainable and efficient operation. HZDA HZDA Production Capacity 30 ktpa Target VAP 20%-25% Status Update • Hot commissioning complete and first alloy metal produced in first week of Oct'23 HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Sensitivity: Internal (C3) Ore treatment capacity enhancement to 1.1 mtpa Recovery improvement from 86% to 91% Status Update ⚫ Mill commissioned. Complete ramp up under progress, targeted by early Q3 FY24 ...>>>>>> i SAFE SMART D 18 SUSTAINABLE#19Project Update (3/3) (IZ) HINDUSTAN ZINC Zinc & Silver of India IV. New Roaster at Debari: Roasting is an essential part of the process of producing saleable zinc in hydrometallurgical smelters. The new roaster at Debari will enable Hindustan Zinc to attain long term sustainable operations making it future ready for 1.2+ million tonne refined metal. V. Hindustan Zinc Fertilisers Private Limited: India's annual requirement of DAP/NPK Fertilizer is 19+ million TPA and the country imports almost 6+ million TPA of DAP/NPK based on the demand supply scenario. Hindustan Zinc's DAP/NPK Fertiliser Plant at Chanderiya aims to support farmers' needs through production and sale of fertilisers currently being imported and to better utilise sulphuric acid generated in operations through production of fertilisers, making the country future-ready. This will contribute to nation building, enabling us to fetch right margins. Production Capacity 160 ktpa Production Capacity 510 ktpa Product DAP/NPK Fertiliser Status Update All orders placed. Engineering and procurement activities ongoing and EPC contractor mobilized at site. Status Update Major orders placed and technology partner onboarded. Engineering and procurement activities are ongoing HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION EPC: Engineering, Procurement and Constructional (C3) ... >>>>>>> i SAFE SMART Д 19 SUSTAINABLE#20Key Strategic Update Value Unlocking Measures & Shareholder Value Creation FZ HINDUSTAN ZINC Zinc & Silver of India Considering the scale, nature, and potential opportunities for various business verticals of the Company, the Board of Directors decided to undertake a comprehensive review of the corporate structure for unlocking potential value. With the idea of creating separate legal entities for undertaking the zinc, lead & silver and recycling business of the Company, on 29th September 23, the Board authorized the "Committee of Directors" to evaluate and recommend such options and alternatives to the Board of Directors. The management has appointed external advisors to assist in evaluating the options and the work is underway. Way forward along with the possible options will be updated to the Board upon completion of the evaluation exercise. STRATEGIC OBJECTIVES Unlocking value for all stakeholders Creation of businesses which are positioned to better capitalize on their distinct market positions, deliver long-term growth Distinct investment profiles to attract deeper and broader investor bases Accelerate towards sustainability goals focused on waste to wealth, emissions reduction and strong ESG practices Appropriate capital structure and capital allocation policies based on business specific dynamics Sharpen focus on core competencies and appropriate realignment of the Company's resources HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Sensitivity: Internal (C3) .... >>>>>>>> ९ SAFE SMART SUSTAINABLE 20#21Silver - The Strategic Metal FZ HINDUSTAN ZINC Zinc & Silver of India Silver market globally was in 7kt deficit in 2022. There has been a strong demand gains across a number of key segments, while supply had been effectively unchanged. India's silver consumption is driven by jewellery segment with industrial demand low as compared to global levels. However, the demand from industrial sector is expected to increase significantly due to new-age technological developments like the electrification of vehicles and the roll-out of 5G networks and shift to renewable energy supplies. Global Supply Tons (000s) 35 30 25 20 15 10 5 2011 2013 2015 2017 2019 2021 Mine Production Hedging Recycling Official Sector Global Demand Tons (000s) 31.25 40 35 30 25 20 15 10 5 0 2011 2013 2015 2017 2019 2021 Industrial Silverware Photography Investment Jewelry De-Hedging HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Source: World Silver Survey by Silver Institute Sensitivity: Internal (C3) 38.64 2023 Silver Estimate: - Global demand of 36.3 kt driven by industrial usage and physical investments Global supply of 31.88 kt .... >>>>>>>> i SAFE SMART D 21 SUSTAINABLE#22HZL Silver Segment - Growth Chronicle & Future Potential Silver production (MT) India's only silver producer and 5th largest silver producer globally*, progressing from 23rd position in 2016 to 5th largest in 2023 With FY24 estimate of 725-750 MT of silver, production has doubled in last 10 years and has increased over 15 times in last 2 decades Silver segment results improved 3.4 times in last decade, contributing c.30% of Company's profits Future Potential: Backed by sustained mine life of 25+ years, robust R&R and fuming technology taking the center stage, making India self-reliant in silver is the future pursuit 47 2002-03 2003-04 35 2004-05 11 2005-06 24 2006-07 51 2007-08 80 2008-09 105 2009-10 139 2010-11 148 2011-12 207 2012-13 374 2013-14 2014-15 2015-16 : 350 328 425 2016-17 453 2017-18 558 2018-19 679 2019-20 610 2020-21 706 2021-22 647 2022-23 714 Silver Segment Result 46% 41% 32% 28% 27% 25% 18% 12% 20% 18% 17% וה FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 H1 HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION FY24 Silver segment result % of total segment *Source: World Silver Survey by Silver Institute Sensitivity: Internal (C3) FZ HINDUSTAN ZINC Zinc & Silver of India ...>>>>>> - 22 SAFE SMART SUSTAINABLE#2358 786 FINANCIAL REVIEW Mr. Sandeep Modi CFO HZL#24Financial Highlights (All figures in INR Cr unless stated otherwise) HV Revenue* EBITDA ZA HINDUSTAN ZINC Zinc & Silver of India Profit After Tax Q2 FY24 3,122 H1 FY24 3,693 (down 36% y-o-y) Q2 FY24 1,729 (down 35% y-o-y) H1 FY24 14,073 Q2 FY24 6,791 H1 FY24 6,481 (down 21% y-o-y) (down 19% y-o-y) (down 33% y-o-y) (down 29% y-o-y) Gross Investments & Cash and Cash Equivalents 11,393 Note: All financials are at consolidated level EBITDA Margin [ H1 FY24 46% Q2 FY24 46% HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION *Revenue from operations including other operating income ... >>>>>> Earnings Per Share H1 FY24 INR 8.74 i SAFE SMART Q2 FY24 INR 4.09 Д 24 SUSTAINABLE#25Consolidated Financial Review Q2 FY24 • • Revenue* down 19% y-o-y, due to significantly lower zinc LME, lower zinc & silver volumes partly offset by higher lead & silver prices and favorable Fx rates EBITDA down 29% y-o-y, on account of lower zinc LME partly offset by lower costs and better lead & silver prices Consolidated PAT down 35% y-o-y, due to lower EBITDA partly offset by lower tax expense • Effective tax rate of c.25% for Q2 FY24 H1 FY24 ZA HINDUSTAN ZINC Zinc & Silver of India Revenue* down 21% y-o-y, on account of significantly lower zinc LME, lower metal & silver volumes partly offset by higher lead & silver prices and favorable Fx rates EBITDA down 33% y-o-y, on account of lower revenue partly offset by cost improvement Consolidated PAT down 36% y-o-y, due to lower EBITDA partly offset by lower tax expense Effective tax rate of c.25% for H1 FY24 Revenue (INR Cr) 8,336 7,282 6,791 17,723 14,073 EBITDA (INR Cr) 9,665 6,481 2,680 Profit After Tax (INR Cr) 5,772 3,693 mill mili uli 4,387 3,359 3,122 Q2 FY23 Q1 FY24 Q2 FY24 H1 FY23 H1 FY24 Q2 FY23 Q1 FY24 Q2 FY24 H1 FY23 H1 FY24 HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION *Revenue from operations including other operating income 1,964 1,729 Q2 FY23 Q1 FY24 Q2 FY24 H1 FY23 H1 FY24 ...>>>>>> १ SAFE SMART D 25 SUSTAINABLE#26APPENDIX#27EBITDA Bridge (H1 FY24 vs H1 FY23) (All figures in INR Cr unless stated otherwise) (3,562) 9,665 ין H1 FY23 Prices* *Inclusive of gains from Strategic Hedging in previous period ^Inclusive of input commodity inflation Note: All financials are at consolidated level HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION 552 6,655 (93) 319 IZA HINDUSTAN ZINC Zinc & Silver of India 6,481 (400) Fx Adj. EBITDA Volume Cost^ Marketing & others H1 FY24 Sensitivity: Internal (C3) ९ .... >>>>>>>> SAFE SMART D 27 SUSTAINABLE#28EBITDA Bridge (Q2 FY24 vs Q2 FY23) (All figures in INR Cr unless stated otherwise) 4,387 Q2 FY23 (1,388) Prices* *Inclusive of gains from Strategic Hedging in previous period ^Inclusive of input commodity inflation Note: All financials are at consolidated level HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION 198 3,197 (108) 233 IZA HINDUSTAN ZINC Zinc & Silver of India 3,122 (200) Fx Adj. EBITDA Volume Cost^ Marketing & others Q2 FY24 Sensitivity: Internal (C3) i .... >>>>>>>> SAFE SMART D SUSTAINABLE 28#29EBITDA Bridge (Q2 FY24 vs Q1 FY24) (All figures in INR Cr unless stated otherwise) 3,359 36 3,240 31 40 (155) 40 (189) IZA HINDUSTAN ZINC Zinc & Silver of India 3,122 Q1 FY24 Prices Fx Adj. EBITDA Volume Cost^ Marketing & others Q2 FY24 ^Inclusive of input commodity inflation Note: All financials are at consolidated level HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Sensitivity: Internal (C3) .... >>>>>>>> SAFE i SMART D 29 SUSTAINABLE#30Fundamental Growth Strategy ZA HINDUSTAN ZINC Zinc & Silver of India + + + 吕 SS S الما Expansion of Capacities Maintaining a Portfolio Expand mined metal capacity (currently at 1.2 Mtpa) and ramp up UG mines to deliver on it Scale smelters to 1,050-1,075 kt of Mines with Long Life Increased exploration to enhance Mineral Resource by 15 Mt Ore by FY24 & another 40 Mt Ore by FY25 Retain/acquire new potential areas through auction Strengthen Cost Leadership Drive production efficiency Undertaking alternate fuel innovation and pushing operational efficiencies to control the costs • Expansion of Product Portfolio through Customer Centricity Scale capacities for minor metal recovery Enhancing value added portfolio share HZAPL 30ktpa Alloy plant commissioned Progressing towards Sustainable Future Commitment to audacious Sustainability Goals 2025 in place Efforts in GHG emissions reduction, water stewardship, circular economy, biodiversity conservation and waste management HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Sensitivity: Internal (C3) ..... >>>>>> ९ SAFE SMART Д MAXIMISING SHAREHOLDER VALUE SUSTAINABLE 30#31Awards and Recognition - Q2 FY24 IZA Zawar group of mines has been awarded the CII National Award in Innovation Project Category for Environment Best Practices Hindustan Zinc's Dariba Smelting Complex won Platinum Award at Apex India Occupational Health and Safety Awards 2023 in Metal & Mining Sector Sindesar Khurd Mine won Mining Innovation Award by Federation of Indian Mineral Industries Hindustan Zinc recognized at ET Edge Times Group - 6th Edition of the Iconic Brands of India Conclave HZL's Sakhi Utpadan Samiti recognized by BW Emerging Business Summit & Awards & India CSR & Sustainability Conclave Hindustan Zinc's 7 locations won the Bhamashah Vibhushan Award for educational initiatives/projects ❖ Hindustan Zinc Triumphs at Quality Concept Forum of India, Rajsamand Chapter under three categories: Allied Concepts, Kaizen, and Quality Circle HZL's Management recognized with 'Top 30 CEOs of India' list by StartupLanes, 'India's Impactful CXO' by ET Edge, Dun & Bradstreet Finance Elite 2023, 'Top 20 CSR Leaders' at the 4th ESG Summit & Awards 2023, MGMI Award of Excellence for Non-Coal Mining HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION Sensitivity: Internal (C3) HINDUSTAN ZINC Zinc & Silver of India ... >>>>>> ९ SAFE SMART Д 31 SUSTAINABLE#32Metal Prices and Exchange Rate trends Zinc Prices ($/t): Impacted by macro-economic factors ZA HINDUSTAN ZINC Zinc & Silver of India Lead Prices ($/t): Range bound in last 9 months $3,600 $2,400 $3,400 $2,200 $3,200 $2,000 $3,000 $1,800 $2,800 $1,600 $2,600 $1,400 $2,400 $2,200 $1,200 $2,000 $1,000 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 $28 $26 Silver Prices ($/oz): Volatile in last 9 months $24 $22 $20 $18 $16 $14 $12 $10 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 HINDUSTAN ZINC LIMITED - Q2 FY24 INVESTOR PRESENTATION 84 == Sensitivity: Internal (C3) 82 80 78 76 USD - INR m 74 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 ... >>>>>> ९ SAFE 1-0 SMART D 32 SUSTAINABLE#33THANK YOU vedanta HINDUSTAN ZINC FA Zinc & Silver of India transforming for good HINDUSTAN ZINC LIMITED Yashad Bhawan, Udaipur-313 004, Rajasthan T: +91 294 6604000-02 www.hzlindia.com