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India's Vedanta first-quarter profit misses estimates

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India's Vedanta first-quarter profit misses estimates

India's Vedanta first-quarter profit misses estimates
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Danish Siddiqui(Reuters)
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(Reuters) - Vedanta Ltd <VDAN.NS>, the Indian unit of diversified mining group Vedanta Resources Plc <VED.L>, missed analysts estimate for first-quarter profit, as closure of its copper smelter in South India offset higher volumes at its aluminium and oil & gas businesses.

Net profit rose 2.1 percent to 15.33 billion rupees ($223.53 million) in the three months ended June 30 from 15.01 billion rupees a year earlier, the company said in a statement https://www.bseindia.com/xml-data/corpfiling/AttachLive/38091cc3-a50b-4ea2-b085-25897568526a.pdf on Tuesday.

Analysts, on average, had expected a net profit of 21.56 billion rupees, according to Thomson Reuters I/B/E/S.

Revenue from operations for the quarter grew 14.8 percent to 222.06 billion rupees.

The company was forced to close its facility in the southern Indian state of 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.

($1 = 68.5825 Indian rupees)

(Reporting by Krishna V Kurup in Bengaluru; Editing by Sunil Nair)

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