Sesa Goa has reported a decline of 20.50% in ts
net profit to Rs 1,162.11 crore for the March quarter mainly on the back of
higher export duties and interest cost However, sales of the company were down
23% to Rs 2,791.37 crore.
For FY12, the Vedanta Group company’s net profit
was down by 36% to Rs 2,695.50 crore, Sales too declined 10% to Rs
8,274.53 crore.
Shares of the company were up 2.08% to Rs !86.65 at 9:20
hours.
Meanwhile, the company’s iron ore production for the March
quarter was down by 11% at 4.9 million tonnes (MT), while for the full year, it
declined by 27% to 13.80 MT.
Volumes were lower primarily due to the Karnataka
mining ban and the discontinuation of Odisha operations. According to the
statement, issed by the company, its ore productions were down in both the
states, Goa and Karnataka, where it has operating mines.
Besides, Sesa Goa's annual sales of the ore during FY12 were
also down by 11.60% to 16 MT vis-a-vis 18.1 MT in FY11, it said. As on March
31, 2012, the company had a total debt of Rs 3,734 crore.
The Goa-based iron ore miner said in a separate statement
that it has received approvals of BSE, NSE and Competition Commission of India
for the proposed merger of Sterlite Industries and other Vedanta group
companies into it.
"The application of the company before the
Foreign Investment Promotion Board is pending consideration," Sesa Goa
said, adding that it has also sought approval of the relevant courts for the
proposed merger.
The company has also accounted Rs 465.80 crore for its
20% stake in Cairn India, that was acquired last year for Rs 13,075 crore, it
said.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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