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Vedanta Res PLC VED Sesa Goa announces Q2 FY 2013 Results



  Vedanta Res PLC (VED) - Sesa Goa announces Q2 FY 2013 Results

RNS Number : 6614P
Vedanta Resources PLC
26 October 2012
 



                                                                              

                                                               26 October 2012

                            Vedanta Resources plc
   Sesa Goa Limited announces Unaudited Consolidated Results for the Second
                Quarter and Six Months Ended 30 September 2012

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

                    Unaudited Consolidated Results for the

            Second Quarter and Six Months Ended 30 September 2012

Goa, 26  October  2012: Sesa  Goa  Limited  ("SGL" or  the  "Company")  hereby 
announces its unaudited consolidated results for the second quarter ("Q2") and
six months ("H1") ended 30 September 2012.

Unaudited Consolidated Financial Summary

                                              (in Rs crores, except as stated)

                                         Quarter ended Six months ended

Particulars                              30 September    30 September
                                           2012   2011     2012    2011
Net Sales / Income from operations          294    790    2,027   2,899
Net Profit (PAT)  Incl. Associate Income    522      1    1,486     842
Earnings Per Share (Rs)*
Basic                                      6.01   0.01    17.10    9.69
Diluted                                    5.36   0.01    16.98    9.69

-    *Non annualised

 

Unaudited Consolidated Production & Sales Summary

                                  (in million dry metric tonnes, or as stated)

 

                           Quarter ended Six months ended

Particulars                30 September    30 September
                             2012   2011     2012    2011
IRON ORE[1]
Production of Saleable Ore    0.4    1.1      3.7     5.5
Goa                           0.4    0.7      3.7     4.6
Karnataka                     0.0    0.5      0.0     0.9
Sales                         0.2    1.6      3.1     5.8
Goa                           0.2    0.8      3.0     4.0
Karnataka[2]                  0.0    0.7      0.1     1.8
Production ('000 tonnes)
Pig Iron                       82     63      121     126
Met Coke                       83     65      146     128
Sales ('000 tonnes)
Pig Iron                       73     65      117     123
Met Coke                       80     52      133     112

 

 

Operating Performance

Sales of Iron Ore were 0.2 million tonnes in Q2 and 3.1 million tonnes in  H1, 
as compared to 1.6 million tonnes and 5.8 million tonnes in the  corresponding 
prior periods respectively. Iron  ore operations were  affected by the  mining 
ban in Karnataka, a  temporary restriction on iron  ore extraction in Goa  and 
transportation restrictions in South Goa during the monsoons.

Last month, the Supreme Court allowed some mines in Karnataka to resume mining
operations, in line  with recommendations of  the Central Empowered  Committee 
(CEC), and has now commenced the process for other mines including our mine in
Karnataka. The CEC has approved our  Reclamation and Rehabilitation plan at  a 
provisional production capacity of 2.29 mtpa and we expect to commence  mining 
in Karnataka, subject to receiving the court's approval.

The Goa State Government ordered a  temporary suspension on extraction of  ore 
across the State of Goa from 11 September 2012 pending verification of various
approval  documents,  but  stated  that  the  ore  already  mined-out  may  be 
transported and sold after inspection and clearance by the State  Government.  
Further, the Central  Ministry of Environment  and Forests suspended  existing 
environmental clearances of mines across the State from 14 September 2012  and 
is verifying documents  related to environmental  clearances. The Company  has 
submitted  all  the   relevant  documents  as   required  by  the   respective 
authorities.

On 5 October 2012, the Supreme Court  of India ordered a suspension on  mining 
activities in  Goa,  including  transportation  of mined  ore  from  mines  or 
stockyards, and asked the CEC to file a preliminary report in four weeks.

The Company is working closely with the regulatory authorities to complete the
review processes.

Pig Iron & Met Coke

Sales of Pig Iron and Met Coke increased by 12% and 54% in Q2 to 72,650 tonnes
and 79,506  tonnes  respectively  as  compared  with  64,611  and  51,535  the 
corresponding prior  quarter.  Production  of  Pig  Iron  and  Met  Coke  also 
increased by 30% and 28% in Q2 to 81,991 tonnes and 82,920 tonnes respectively
as compared with  63,277 and 64,848  of the corresponding  prior quarter.  The 
increase is primarily on  account of the successful  commissioning of new  pig 
iron capacity  (of  375  ktpa taking  total  capacity  to 625  ktpa)  and  the 
associated metallurgical coke capacity during the quarter.

Further, the company  has stopped the  operation of the  new blast furnace  on 
October 08, 2012 due  to low /  no availability of iron  ore from Karnataka  / 
Goa.

Western Cluster Limited, Liberia

At our Liberia iron ore project, exploration activities are progressing  well, 
with over  31,000 meters  of drilling  completed till  30 September  2012.  We 
remain on track to deliver the first shipment in FY2014.

Financial Performance

During Q2 and H1, net profit including  associate income was at Rs 522  crores 
and Rs 1,486  crores including  share of  profit from  Cairn India  at Rs  464 
crores and Rs 1,230 crores respectively.

 

Net Profit before associate income for Q2 was higher at Rs 58 crores  compared 
to Rs 1 crores in  the corresponding prior quarter.  Net Profit for H1  before 
associate income was at Rs 256 crores,  a decline of 70% as compared with  the 
corresponding prior period. The profits declined due to lower sales volume  on 
account of suspension of mining operations, transportation restrictions in Goa
and continued mining suspension  in Karnataka operations  which was offset  by 
foreign exchange gains during Q2.

Scheme of Amalgamation and Arrangement (Sesa-Sterlite Merger)

Further to the  approval received  from the stock  exchanges, the  Competition 
Commission of  India,  Foreign  Investment  Promotion  Board  and  the  equity 
shareholders during Q1, approval of the Supreme Court of Mauritius for  merger 
of Ekaterina Limited with  the Company was obtained  during Q2. The  petitions 
for merger have been filed with and  admitted by the High Court of Bombay,  at 
Goa, and High Court of Madras in respect of which hearings have commenced.

 

Investor contact:
Ashwin Bajaj                                       sesa.ir@vedanta.co.in

Senior Vice President - Investor Relations         +91 22 6646 1531
                                                    

Swapnil Patil                                      sesa.ir@vedanta.co.in

Associate General Manager - Investor Relations     +91 22 6646 1531
                                                    

Mohamed Tariq Mujahid                              sesa.ir@vedanta.co.in

Associate Manager - Investor Relations             +91 22 6646 1531
 

Media contact
R Krishnagopal                                     sesa.cc@vedanta.co.in

Associate Vice President - Corporate Communication +91 832 2460880

 

About Sesa

Sesa is  India's largest  producer and  exporter of  iron ore  in the  private 
sector with operations in the states of Goa and Karnataka in India and a large
integrated project site in Liberia, West Africa.  Founded in 1954, for about 6
decades, Sesa has been involved in iron ore exploration, mining, beneficiation
and exports.  Sesa is a part of Vedanta Resources plc, the London-listed  FTSE 
100 diversified metals and mining major.  Sesa also manufactures pig iron  and 
metallurgical coke, with a 0.56 mtpa metallurgical coke plant and a 0.625 mtpa
pig iron plant in Goa, and an associated 60 MW power plant.

Disclaimer

This press  release contains  "forward-looking statements,"  i.e.,  statements 
related to future, not past, events and may be interpreted as 'forward looking
statements' within the meaning  of applicable laws  and regulations.  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.   Actual results might  differ substantially  or 
materially from those expressed or implied.  Important developments that could
affect the company's operations include a  downtrend in the steel, pig iron  & 
met coke  industry  - global  or  domestic  or both,  significant  changes  in 
political, economic, business, competitive or regulatory environment in  India 
or key markets abroad and from numerous other matters of national, regional  & 
global scale  including  but  not  limited  to  natural  calamity,  tax  laws, 
litigations, Government policies &  regulations, fluctuations in interest  and 
or exchange rates of  Indian Rupee, etc.   Any forward-looking information  in 
this press release has been prepared on the basis of a number of  assumptions, 
which may prove to be incorrect.  This press release should not be relied upon
as a recommendation  or forecast  by Sesa  Goa Limited.   The views  expressed 
herein may contain  information derived from  publicly available sources  that 
have not been independently verified; no representation or warranty is made as
to the accuracy, completeness or reliability  of this information.  We do  not 
undertake to update our forward-looking statements.

                                                                              

 

 

For further information, please contact:

Investors                                  ir@vedanta.co.in

Ashwin Bajaj                               Tel:  +91 22 6646 1531

Senior Vice President - Investor Relations  

Vedanta Resources plc

 
Media                                      Tel:  +44 20 7251 3801

Gordon Simpson

  Finsbury

 

 

About Vedanta Resources plc

Vedanta Resources  plc ("Vedanta")  is a  London listed  FTSE 100  diversified 
global natural resources  major. The group  produces aluminium, copper,  zinc, 
lead, silver,  iron  ore,  oil  &  gas  and  commercial  energy.  Vedanta  has 
operations  in  India,  Zambia,  Namibia,  South  Africa,  Ireland,   Liberia, 
Australia and  Sri Lanka.  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.

 

 

------------------------------------------------------------------------------

[1] Iron Ore sales include internal sales of 0.18 million tonnes in H1 FY2013
vs. 0.12 million tonnes in H1 FY2012 and 0.12 million tonnes in Q2 FY12-13 vs.
0.05 million tonnes in Q2 FY2012 

[2] Sales of iron ore from Karnataka were 0.01 million tonnes in Q2 FY2013 and
0.06 million tonnes in H1 FY2013 through court sponsored e-auctions of
inventory

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
IR FELFEMFESELS -0- Oct/26/2012 13:02 GMT
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