MUMBAI – Vedanta, the Indian unit of diversified energy group Vedanta Resources, reported a doubling of quarterly consolidated profit on Tuesday, as higher zinc prices helped the company to reap improved margins.
Consolidated profit came in at 15.25-billion rupees in the quarter ended June 30, with profit from zinc operations in India rising three-fold to 18.15-billion rupees.
The rise in zinc profits was offset by losses in the company's power and iron-ore operations during the quarter.
Shares of Vedanta, which produces zinc, lead, copper, iron-ore, aluminium and oil and gas, gained more than 4% shortly after the results were announced. The stock closed up 3.7% at 274.25 rupees on the National Stock Exchange.
Analysts on average expected the company to post a consolidated profit of 16.31-billion rupees, according to Thomson Reuters data.
"We see robust market outlook in zinc and aluminium in India and globally," Tom Alabanese, CEO of Vedanta said in a conference call.
Revenue from Vedanta's zinc operations in India accounted for 23% of the total consolidated revenue from operations which came in at 193.42-billion rupees, the company said.
Edited by: Reuters
EMAIL THIS ARTICLE SAVE THIS ARTICLE
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
