Vedanta first-quarter profit misses estimates

Image
Reuters
Last Updated : Jul 31 2018 | 4:35 PM IST

(Reuters) - Vedanta Ltd, the Indian unit of diversified mining group Vedanta Resources Plc, missed analysts estimate for first-quarter profit, as closure of its copper smelter in South India offset higher volumes at its aluminium and oil & gas businesses.

Net profit rose 2.1 percent to 15.33 billion rupees ($223.53 million) in the three months ended June 30 from 15.01 billion rupees a year earlier, the company said in a statement on Tuesday.

Analysts, on average, had expected a net profit of 21.56 billion rupees, according to Thomson Reuters I/B/E/S.

Revenue from operations for the quarter grew 14.8 percent to 222.06 billion rupees.

The company was forced to close its facility in the southern Indian state of Tamil Nadu in May, following protests by locals over alleged environmental violations that turned violent and culminated in the police opening fire, killing 13 protesters.

($1 = 68.5825 Indian rupees)

(Reporting by Krishna V Kurup in Bengaluru; Editing by Sunil Nair)

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jul 31 2018 | 4:25 PM IST

Next Story