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.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.