Vedanta Q1 profit rises 2.1% to ₹1,533 crore, misses estimates
Vedanta’s net profit rose 2.1% to ₹1,533 crore ($223.53 million) in the three months ended 30 June from ₹1,501 crore a year earlier
Bengaluru: Vedanta Ltd, the Indian unit of diversified mining group Vedanta Resources Plc, missed analysts estimate for first-quarter profit, as closure of its copper smelter in Tamil Nadu offset higher volumes at its aluminium and oil & gas businesses.
Net profit rose 2.1% to ₹1,533 crore ($223.53 million) in the three months ended 30 June from ₹1,501 crore a year earlier, the company said in a statement on Tuesday.
Analysts, on average, had expected a net profit of ₹2,156 crore, according to Thomson Reuters I/B/E/S.
Revenue from operations for the quarter grew 14.8% to ₹22,206 crore.
The company was forced to close its facility in Tamil Nadu in May, following protests by locals over alleged environmental violations that turned violent and culminated in the police opening fire, killing 13 protesters.
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