Vedanta first-quarter profit misses estimates

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.

Vedanta first-quarter profit misses estimates
Revenue from operations for the quarter grew 14.8 percent to 222.06 billion rupees. Image source: Reuters
By Reuters
Updated: Tue, Jul 31, 2018
04:43 pm
Reuters
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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.

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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.