Vedanta Resources posted record first-quarter EBITDA of $794 million in the three months till June as production of its three most profitable metals rose. Production of saleable iron ore, its most profitable product in the quarter, jumped 31% from the year-earlier quarter to 6.4 million tonne. However, output fell from the record 7.8 million tonne in the fourth quarter. The London-listed miner said production of refined zinc, its second most profitable metal, rose 19% to 165,000 tonne. Aluminium output grew 13% to 141,000 tonne. At full-year results in May, the diversified miner said it was on track to deliver a substantial increase in production capacity across its businesses in 2011.
Indian Hotels net dips 80% on hotel closure
Hurt by the prolonged closure of its Taj Heritage wing due to the 2008 terror attacks in Mumbai, Indian Hotels Company on Friday posted a nearly 80% decline in its profit after tax (PAT) at Rs 3 crore for the quarter ended June 30, 2010, over the year-ago period. The company, which operates Taj hotels and resorts, had a PAT of Rs 16.4 crore in the corresponding quarter of the last fiscal. The total income has, however, been impacted because of the continued closure of the heritage wing in the Taj Mahal Palace & Tower, Mumbai, which is undergoing renovation and will be fully reopened on August 15, 2010, Indian Hotels company said in a filing to the BSE.
Tata Chemicals PAT leaps 408% in Q1
Tata Chemicals profit after tax increased 408.1% to Rs 215.9 crore from Rs 42.5 crore in the corresponding quarter of the previous year. Net sales was at Rs 2,477.1 crore compared to Rs 2,344.7 crore in Q1 FY 2010, an increase of 5.6%. Profit from operations stood at Rs 408.6 crore compared to Rs 361.1 crore in Q1FY10, an increase of 13.20%. Soda ash demand in the domestic market grew 5% in Q1. Sodium bicarbonate demand growth was at over 3%. Soda ash demand in North America as well as export markets is improving, the company said. Sales of Tata Salt grew 9% in Q1.
ABB net profit declines 54% to Rs 38 crore
ABB has reported a 54% decline in net profit for the second quarter ended on June 30 at Rs 38.31 crore compared to Rs 83.60 crore in the same period a year ago. The results of the company were adversely impacted in the quarter on account of exit from rural electrification business and increasing price pressures in the market, the company said in a statement. The total revenue declined to Rs 1,446 crore from Rs 1,505 crore.
Alembic Q1 net down 6% at Rs 11.48 crore
Pharma firm Alembic on Friday reported a 6.28% fall in its net profit at Rs 11.48 crore for the quarter ended June 30. The company had posted a net profit of Rs 12.25 crore in the June quarter last year, Alembic said in a filing to the BSE. Besides, the total income of the drug maker, too, fell to Rs 279.82 crore in the April-June quarter, from Rs 291.08 crore in the same period a year ago. Alembic was trading at Rs 57.60, down 1.45% on the BSE.
Firstsource PAT down 10% at Rs 32 crore
Firstsource solutions said its net profit for the first quarter ended June was at Rs 32 crore sequentially down 10% from Rs 35 crore, mostly due to a seasonally weak quarter. Operating margins for the quarter were marginally down to 9.5% from 9.9% in the quarter ended March. The firm was expecting a marginal improvement in the margins on annualised basis at about 9.8%, said Matthew Vallance, MD & CEO.
Edelweiss profit up 5% to Rs 61 cr
Edelweiss Capital on Friday reported a consolidated net profit of Rs 61.4 crore for the first quarter, up 5% from Rs 58.3 crore in the corresponding period a year-ago. The companys total revenue rose 26% to Rs 284 crore and the diluted earnings per share for the quarter was Rs 7.92 as against Rs 7.58 a share in the year-ago period.