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Sesa posts Rs 1622cr profit

April 29: Vedanta group company Sesa Sterlite today reported a consolidated net profit of Rs 1,621.55 crore for the quarter ended March on net sales of Rs 20,784.62 crore.

The company had posted a net profit of Rs 297.51 crore and net sales of Rs 287.49 crore in the same period a year ago.

However, the results are not comparable because of the merger of Sterlite Industries, Sterlite Energy, Ekaterina Ltd, Madras Aluminium and Vedanta Aluminium with itself.

The merger had become effective from August last year.

The Anil Agarwal group company has reported Rs 167.10 crore as an exceptional item. This includes a provision of Rs 66.84 crore for the unused assets at the Niyamgiri bauxite mines in Odisha and the payment of Rs 100.26 crore pursuant to the amendment under the land revenue code for regulating mining dumps in Goa.

For the fiscal ended March, Sesa Sterlite reported a consolidated net profit of Rs 6,298.51 crore, while its net sales stood at Rs 65,733.28 crore.

In a separate statement, the company said it had reduced its gross debt by Rs 3,400 crore in the last quarter.

Kesoram loss

BK Birla group company Kesoram Industries’ net loss has widened to Rs 198.6 crore in the fourth quarter of 2013-14 from Rs 62.04 crore in the year-ago period.

The bottomline of the company was dragged down by lower income from operation, which stood at Rs 1,329.64 crore against Rs 1,472.88 crore a year ago.

For 2013-14, total income from operation stood at Rs 5,080.91 crore compared with Rs 5,710.82 crore in the previous year.

Net profit rose to Rs 515.55 crore from Rs 329.23 crore in 2012-13, the company said in a filing with the Bombay Stock Exchange.

 
 
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