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Vedanta consolidated Q1 profit doubles, at Rs 1,525 cr

The rise in zinc profits was offset by losses in the company's power and iron ore operations

Reuters 

Vedanta's Talwandi Saboo power plant becomes fully operational

Ltd, the Indian unit of diversified energy group PLC, reported a doubling of quarterly consolidated on Tuesday, as higher zinc prices helped the company to reap improved margins.

Consolidated came in at Rs 1,525 crore ($236.76 million) in the quarter ended June 30, with from zinc operations in India rising three-fold to Rs 1,815.

The rise in zinc profits was offset by losses in the company's power and iron ore operations during the quarter.

Shares of Vedanta, which produces zinc, lead, copper, iron ore, aluminium and oil and gas, gained more than four percent shortly after the were announced. The closed up 3.7 per cent at Rs 274.25 on the National Exchange.

Analysts on average expected the company to post a consolidated of Rs 1,631, according to Thomson Reuters data.

"We see robust market outlook in zinc and aluminium in India and globally," Tom Alabanese, chief executive officer of said in a conference call.

Revenue from Vedanta's zinc operations in India accounted for 23 per cent of the total consolidated revenue from operations which came in at Rs 19,342, the company said.

 

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