India's Vedanta Q1 profit misses estimates

By Reuters / August 01, 2018 / in.investing.com / Article Link

July 31 (Reuters) - Vedanta Ltd VDAN.NS , the Indian unit of diversified mining group Vedanta Resources Plc VED.L , 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 https://www.bseindia.com/xml-data/corpfiling/AttachLive/38091cc3-a50b-4ea2-b085-25897568526a.pdf 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 (NS:TNNP) in May, following protests by locals over alleged environmental violations that turned violent and culminated in the police opening fire, killing 13 protesters. = 68.5825 Indian rupees)

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