Vedanta Reports Profit Of Rs 1,351 Crore, Misses Estimates

Vedanta Reports Profit Of Rs 1,351 Crore, Misses Estimates

Mining conglomerate Vedanta's first-quarter profit slightly missed estimates as falling commodity prices hurt revenue and margins.

The company has seen a muted year in terms of commodity prices, with the benchmark three-month copper on the London Metal Exchange rising only 0.2 per cent, and zinc falling 1.8 per cent this year.

While copper prices are expected to rise further, zinc prices could be weighed down by rising supply this year, a Reuters poll in May showed

Profit came in at Rs 1,351 crore ($195.98 million) for the three months ended June 30, compared with Rs 1,533 crore a year earlier, the company said on Friday.

Analysts on an average expected Vedanta to post a profit of Rs 1,377 crore, according to Refinitiv data.

Revenue from operations for the quarter fell 3.5 per cent to Rs 21,167 crore.

Shares of the company closed 4.3 per cent lower in a broader market that ended 0.29 per cent up on Friday.

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