Shares of Vedanta Limited rose as much 2 per cent on Thursday but gave
up most of the early gains in later trade. The mining and energy
company, which has been hit by a slump in crude prices and mining bans
in key producing states, posted a consolidated net profit of Rs 866
crore for its fiscal first quarter to June 30.
The net profit was in line with estimates.
That compared with a profit of Rs 376 crore in the same period last year, which was hurt by a one-time charge of Rs 2,128 crore. Excluding the impact of one-off charge, the company's first-quarter profit was 35.4 per cent lower than a year earlier.
Consolidated net sales fell marginally to Rs 16,952 crore in the June quarter from Rs 17,056 crore a year earlier at Vedanta, which has interests in oil and gas, iron ore, zinc, copper, power and aluminium.
Chief Executive Tom Albanese said on a conference call Vedanta was hoping to get approvals as early as next month to restart a few mines in Goa and was positioned to restart mining at a rate of 5.5 million tonnes a year.
He said the current low international prices coupled with royalties and export taxes were challenging and the company would look to sell as much ore as it could to domestic mills.
The net profit was in line with estimates.
That compared with a profit of Rs 376 crore in the same period last year, which was hurt by a one-time charge of Rs 2,128 crore. Excluding the impact of one-off charge, the company's first-quarter profit was 35.4 per cent lower than a year earlier.
Consolidated net sales fell marginally to Rs 16,952 crore in the June quarter from Rs 17,056 crore a year earlier at Vedanta, which has interests in oil and gas, iron ore, zinc, copper, power and aluminium.
Chief Executive Tom Albanese said on a conference call Vedanta was hoping to get approvals as early as next month to restart a few mines in Goa and was positioned to restart mining at a rate of 5.5 million tonnes a year.
He said the current low international prices coupled with royalties and export taxes were challenging and the company would look to sell as much ore as it could to domestic mills.
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