July 26, 2019 / 10:56 AM / a month ago

Vedanta June-qtr profit falls nearly 12%, misses estimates

FILE PHOTO: A bird flies past the logo of Vedanta installed on the facade of its headquarters in Mumbai, India January 31, 2018. REUTERS/Danish Siddiqui/File Photo

BENGALURU (Reuters) - Indian mining conglomerate Vedanta Ltd’s (VDAN.NS) first-quarter profit slightly missed estimates as falling commodity prices hurt revenue and margins.

The company has seen a muted year in terms of commodity prices, with the benchmark three-month copper on the London Metal Exchange rising only 0.2%, and zinc falling 1.8% this year.

While copper prices are expected to rise further, zinc prices could be weighed down by rising supply this year, a Reuters poll in May showed

Profit came in at 13.51 billion rupees ($195.98 million) for the three months ended June 30, compared with 15.33 billion rupees a year earlier, the company said here on Friday.

Analysts on an average expected Vedanta to post a profit of 13.77 billion rupees, according to Refinitiv data.

Revenue from operations for the quarter fell 3.5% to 211.67 billion rupees.

Shares of the company closed 4.3% lower in a broader market that ended 0.29% up on Friday.

($1 = 68.9354 Indian rupees)

Reporting by Derek Francis in Bengaluru; editing by Uttaresh.V

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