Sesa Goa Q1 net profit at Rs 422 cr

The country's largest iron ore exporter Sesa Goa today reported a consolidated net profit of Rs 422.29 crore for the first quarter ended June 30, 2009, while it had a net profit of Rs 633.07 crore in the corresponding period a year ago.

Total income declined to Rs 1,086.67 crore during the June quarter, from Rs 1,341.16 crore in the corresponding period the year ago, Sesa Goa said in a filing to the Bombay Stock Exchange.

During the quarter Sesa Goa, a subsidiary of London listed Vedanta, has acquired Goa-based V S Dempo's mining and maritime businesses for Rs 1,750 crore in an all-cash deal.

Hence, the figures of the quarter are not comparable with that of the year-ago period, the filing added.

On a standalone basis Sesa Goa posted a net profit of Rs 406.94 crore in the April-June quarter, while the same was at Rs 644.72 crore in the year-ago period.

"The profitability was adversely impacted on account of lower sales realisations which were partly off-set by lower input costs," the  company said in a statement.

At the end of June quarter, the company's cash and cash equivalents stood at Rs 2,096 crore and its iron ore sales grew 46 per cent to 4.73 million tonnes.

"The positive impact of higher volumes and depreciation of the Indian rupee was more than offset by the lower iron ore sales realisations on account of depressed international market conditions," the statement added.