PGCIL & Vedanta in focus after Q2 results

Power Grid Corporation of India's (PGCIL) net profit rose 14.37% to Rs 2141.04 crore on 15.62% growth in total income to Rs 7492.52 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 2 November 2017

Vedanta's consolidated attributable profit after tax (PAT) before exceptional items rose 43% to Rs 2036 crore on 37% growth in net sales to Rs 21520 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 2 November 2017.

There was an exceptional income (credit) of Rs 186 crore in Q2 September 2017, primarily relating to reversal of royalty of Rs 291 crore at Zinc India. This was partially offset by Rs 109 crore of exploratory assets write-off at Oil & Gas business.

The growth in top line during the quarter was on account of higher volume at Copper India, Zinc India, Zinc International, ramp up at aluminium business and higher commodity prices partially offset by currency appreciation, lower volumes at Oil & Gas business.

Kuldip Kaura, Chief Executive Officer, Vedanta, said that key contracts on the company's announced Oil & Gas projects are at advanced stages of being awarded. Kaura expects the second half of the current fiscal to be more robust with the continuing production ramp up and the company continues to maintain a strong balance sheet and remain focused on creating long term shareholder value.

Among prominent companies, Hindalco Industries, Punjab National Bank and Tata Power Company are scheduled to announce Q2 September 2017 results today, 3 November 2017.

Powered by Capital Market - Live News