London-listed Vedanta Resources Group company Sesa Sterlite beat street expectations on bottomline and operating front while topline was in line. Consolidated profit fell 15 percent year-on-year to Rs 1,587.5 crore, impacted by Cairn earnings, higher tax expenses, power & fuel and depreciation costs.
London-listed Vedanta Resources Group company Sesa Sterlite beat street expectations on bottomline and operating front while topline was in line. Consolidated profit fell 15 percent year-on-year to Rs 1,587.5 crore, impacted by Cairn earnings, higher tax expenses, power & fuel and depreciation costs. However, forex gain, other income and lower finance cost led support to the bottomline.
Sesa's profitability is solely driven by Hindustan Zinc and Cairn India as the company owns 59.9 percent stake in Cairn and 65 percent in Hindustan Zinc. Even both these companies contribute around 75-80 percent of the total EBITDA of the company.
Consolidated total income declined 1.6 percent to Rs 19,219 crore during the quarter compared to Rs 19,523 crore in same quarter last fiscal, dented by lower oil & gas and copper revenue.
Cairn India's profit dropped 53 percent year-on-year to Rs 1,350 crore and revenue plunged 30 percent to Rs 3,504 crore during the quarter due to lower realisation. Crude oil prices fell more than 50 percent since June 2014. Hindustan Zinc recorded a 38 percent growth in profit and 12 percent in revenue in Q3.
According to the average of estimates of analysts polled by CNBC-TV18, profit was expected at Rs 1,480 crore on revenue of Rs 19,300 crore for the quarter.
More to come...
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