Vedanta Ltd on Tuesday reported a 2 per cent rise in first-quarter profit, but missed analysts' estimates, as closure of its copper smelter in South India offset higher volumes at its aluminium and oil & gas businesses.
The Indian unit of diversified mining group Vedanta Resources Plc was forced to close its facility in the southern Indian state of Tamil Nadu in May, following protests by locals over alleged environmental violations which turned violent and culminated in the police opening fire, killing 13 protesters.
Net profit came in at Rs 15.33 billion ($223.53 million) in the three months ended June 30, up from Rs 15.01 billion a year earlier, the company said in a statement.
Analysts, on average, had expected a net profit of 21.56 billion rupees, according to Thomson Reuters.
The shutdown of its Tuticorin copper smelter, India's second-biggest with an annual production of more than 400,000 tonnes, has hit 350 companies that buy its products and led to over 3,000 layoffs, the company had told Reuters earlier this month.
Vedanta said revenue from operations for the first quarter grew 14.8 percent to Rs 222.06 billion.
Revenue from the copper businesses plunged 47.4 per cent to Rs 27.97 billion, while revenue from its oil & gas business soared 41.5 percent to Rs 32.19 billion. Meanwhile, the miner's aluminium segment posted a 62.5 per cent surge in quarterly revenue.
Shares in Vedanta ended 1.2 per cent lower, in a Mumbai market which closed 0.3 per cent higher.