Sesa Goa, which is India's largest producer and exporter of iron ore in the private sector
reported on Tuesday a 14.6 per cent rise in net profit at Rs 963.97 crore for the first quarter ended June 30, mainly through its share of profit in
associate company Cairn India .
The net profit of the company would have been down had it not received Rs 765.15 crore as its share of profit from Cairn India in which Sesa Goa has 20 per cent stake.
The profit of the company declined due to lower volumes, higher export duty, higher interest cost, foreign exchange losses and dip in iron ore price, which as partly offset by rupee depreciation, it added.
Sesa Goa could not produce iron ore from its mines in Karnataka in the June quarter. Production was down from Goa to 2.8 million tonnes from 3.2 million tonnes a year ago.
The company had produced 4.4 million tonnes and sold 4.3 million tonnes of iron ore during the April-June quarter of the last fiscal.
With PTI inputs 
Special 
