Vedanta group firm
Sesa Goa reported a decline of 20.50 per cent in its consolidated net profit at Rs 1,162.11 crore for the quarter ended March 31, 2012, due to a slew of reasons like lower volumes, higher export duty and higher interest cost.
The company had reported a net profit of Rs 1,461.76 crore during the corresponding quarter of 2010-11.
During the period under review, net sales of the company were also down by 22.59 per cent to Rs 2,791.37 crore vis-a-vis Rs 3,605.92 crore reported during the same period of FY11, it said in a BSE filing.
The Goa-based iron ore miner said in a separate statement that it has received approvals of BSE, NSE and Competition Commission of India for the proposed merger of Sterlite Industries and other Vedanta group companies into it.
"The application of the company before the Foreign Investment Promotion Board is pending consideration," Sesa Goa said, adding that it has also sought approval of the relevant courts for the proposed merger.
The company has also accounted Rs 465.80 crore for its 20 per cent stake in
Cairn India , that was acquired last year for Rs 13,075 crore, it said.
During the fourth quarter, Sesa Goa's cash profit declined by 51 per cent to Rs 1,110 crore, while for the entire fiscal, it was lower by 43 per cent to Rs 3,235 crore.
"The profit was lower on account of lower volume, higher export duty, reduced income from investments on account of lower cash balance, higher interest cost and foreign exchange losses," the company said.
For the full year 2011-12, Sesa Goa's net profit was down by 36 per cent to Rs 2,695.50 crore, while its net sales declined by 10 per cent to Rs 8,274.53 crore.
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