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Company Vedanta Resources PLC
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Sesa Goa announces Q1 results

Released 11:45 29-Jul-2013
Number 3612K11

RNS Number : 3612K
Vedanta Resources PLC
29 July 2013
 



29 July 2013

Vedanta Resources plc
Sesa Goa announces results for the First Quarter Ended 30 June 2013

The following release was issued today by Vedanta Resources Plc's subsidiary Sesa Goa Limited.

Sesa Goa Limited

Unaudited Results for the First Quarter 30 June 2013

 

Goa, 29 July 2013: Sesa Goa Limited ("SGL" or the "Company") today announced itsunaudited consolidated results for the first quarter ("Q1") ended 30 June 2013.

 

Consolidated Financial Summary (Unaudited)                                       (in INR crores, except as stated)


Quarter Ended

30 June


2013

2012

Net Sales/Income from operations

378

1,733

Net Profit (PAT) Incl. Associate Income

414

964

Earnings Per Share (INR.)#



   Basic

4.77

11.09

   Diluted

4.77

11.09

# Non annualised

 

Consolidated Production and Sales Summary (Unaudited)





Quarter Ended



30 June


UOM




2013

2012

Sales - Iron ore1

(Mt)




0.0

2.9

Goa





-

2.8

Karnataka2





0.0

0.0

Production - Saleable Ore

(Mt)




-

3.4

Goa





-

3.4

Karnataka





-

0.0

Production

(Kt)






Pig Iron





110

39

Met Coke





85

64

Sales

(Kt)






Pig Iron





127

45

Met Coke





83

53

Energy







Net Generation / Sales3

(MU)




45

30

1.     Iron ore sales include internal consumption of nil in Q1 FY2014 vs. 0.06 million tonnes in Q1 FY2013.

2.     Sales of iron ore from Karnataka were 0.02 million tonnes in Q1 FY2014 vs 0.05 million tonnes in Q1 FY2013 through court sponsored e-auctions of inventory

3.     Sales of energy include internal consumption of 39 million units (MU) in Q1 FY2014 vs 11 MU in Q1 FY2013.

Operating Performance

During Q1, iron ore operations in both the States of Goa and Karnataka continued to remain suspended. Our Karnataka mine has received clearance from the Supreme Court, and is now awaiting final statutory clearances in order to restart mining. We expect to resume mining at Karnataka in Q2.

 

Regarding the suspension of mining in Goa, the date for hearing is yet to be fixed by the Supreme Court. Earlier, the State Government and major miners, including Sesa, had filed their responses to the report submitted by the Central Empowered Committee.  Separately, Sesa has filed an application to the Supreme Court for a modification or vacation of the Court's existing order on the suspension of mining and restrictions on ore transportation.


During the quarter, production of pig iron and metallurgical coke were 179% and 32% higher at 109,536 tonnes and 84,610 tonnes, respectively as compared to Q1 FY2013. Sales volume of pig iron and metallurgical coke were 180% and 57% higher at 126,579 tonnes and 83,316 tonnes as compared to Q1 FY2013. Increase in the production and sales volume is due to the commissioning of new capacity of pig iron and metallurgical coke plant in Q2 FY2013.

 

Power sales (including internal consumption) were 45 MU in Q1 FY2014 as compared to 30 MU in Q1 FY2013, an increase of 50% due to the commissioning of new 30 MW power plant.

 

Financial Performance

The Company posted a loss before depreciation and taxes for Q1 at Rs 284 crores as against profit before depreciation and taxes of Rs 321 crores in corresponding prior period. Decline in cash profit is mainly on account of suspension of iron ore operations in Goa & Karnataka.

 

During the quarter, net profit including associate income was at INR 414 crores, decline of 57% as compared to the corresponding prior quarter.

 

Liberia

At our Liberia iron ore project, exploration activities are progressing well with 91,500 meters of drilling completed till 30 June 2013 across the three deposits - Bomi, Bea and Mano River. We are working to complete the first phase of 2 mtpa by December 2014, and remain on track to deliver the first shipment by March 2014.

 

Sesa Sterlite Merger - Update

The proposed Merger of Sterlite Industries (India) Limited and Sesa Goa Limited and Vedanta Group Consolidation has received the approval of the High Court of Madras on July 25, 2013 and the approval of the High Court of Bombay at Goa on April 03, 2013.

 

One of the shareholders of Sesa Goa has filed an appeal against the order passed by the High Court of Bombay at Goa before the Division Bench of the same court. The hearings before the Division Bench have been completed and the order is awaited.

 

 

 



For further information, please contact:

Investors:

Ashwin Bajaj

Senior Vice President - Investor Relations

Vedanta Resources plc

 

 

ir@vedanta.co.in

Tel: +44 20 7659 4732 / +91 22 6646 1531

Media:

Gordon Simpson

Faeth Birch

Finsbury

 

 

Tel: +44 20 7251 3801

About Vedanta Resources plc

Vedanta Resources plc ("Vedanta") is a London listed FTSE-100 diversified global resources major. The group produces Aluminium, Copper, Zinc, Lead, Silver, Iron ore, Power, and Oil and Gas. Vedanta has world-class assets in India, Zambia, South Africa, Namibia, Ireland Liberia, Australia and Sri Lanka and a strong organic growth pipeline of projects. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information, please visit: www.vedantaresources.com.

Disclaimer

This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Sesa Goa announces Q1 results - RNS