Advertisement
UK markets close in 3 hours 45 minutes
  • FTSE 100

    8,382.56
    +28.51 (+0.34%)
     
  • FTSE 250

    20,526.28
    +34.29 (+0.17%)
     
  • AIM

    782.23
    +2.40 (+0.31%)
     
  • GBP/EUR

    1.1615
    -0.0008 (-0.07%)
     
  • GBP/USD

    1.2460
    -0.0038 (-0.30%)
     
  • Bitcoin GBP

    48,953.43
    -1,065.49 (-2.13%)
     
  • CMC Crypto 200

    1,317.01
    +16.91 (+1.30%)
     
  • S&P 500

    5,187.67
    -0.03 (-0.00%)
     
  • DOW

    39,056.39
    +172.13 (+0.44%)
     
  • CRUDE OIL

    79.60
    +0.61 (+0.77%)
     
  • GOLD FUTURES

    2,318.80
    -3.50 (-0.15%)
     
  • NIKKEI 225

    38,073.98
    -128.39 (-0.34%)
     
  • HANG SENG

    18,537.81
    +223.95 (+1.22%)
     
  • DAX

    18,579.89
    +81.51 (+0.44%)
     
  • CAC 40

    8,132.74
    +1.33 (+0.02%)
     

India's Vedanta Q1 consolidated profit doubles

* Q1 consol profit up 102 pct

* Better margins in zinc ops helped drive profit (Adds details, share movement)

July 25 (Reuters) - Vedanta Ltd, the Indian unit of diversified energy group Vedanta Resources PLC (Other OTC: VDNRF - news) , reported a doubling of quarterly consolidated profit on Tuesday, as higher zinc prices helped the company to reap improved margins.

Consolidated (Berlin: 28568634.BE - news) profit came in at 15.25 billion rupees ($236.76 million) in the quarter ended June 30, with profit from zinc operations in India rising three-fold to 18.15 billion rupees. http://bit.ly/2uwvYsK

ADVERTISEMENT

The rise in zinc profits was offset by losses in the company's power and iron ore operations during the quarter.

Shares (Berlin: DI6.BE - news) of Vedanta, which produces zinc, lead, copper, iron ore, aluminium and oil and gas, gained more than four percent shortly after the results were announced. The stock closed up 3.7 percent at 274.25 rupees on the National Stock Exchange.

Analysts on average expected the company to post a consolidated profit of 16.31 billion rupees, according to Thomson Reuters (Dusseldorf: TOC.DU - news) data.

"We see robust market outlook in zinc and aluminium in India and globally," Tom Alabanese, chief executive officer of Vedanta said in a conference call.

Revenue from Vedanta's zinc operations in India accounted for 23 percent of the total consolidated revenue from operations which came in at 193.42 billion rupees, the company said. ($1 = 64.4100 Indian rupees) (Reporting By Samantha Kareen Nair in Bengaluru and Promit Mukherjee in Mumbai,; Editing by Vyas Mohan/Keith Weir)