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Sesa Goa's Apr - Jun Results with Less Sales and Profit
= Mining expected to resume in July - September quarter =
According to India's Sesa Goa's unaudited results for April - June quarter 2013 announced on Jul 29, the company had net sales of Rs 3.78 billion, net profit of Rs 4.14 billion which decreased by 78% and 57% respectively from the same quarter the previous year.

Decline in profit is mainly on account of suspension of iron ore operations in both the States of Goa and Karnataka. Karnataka mine has received clearance from the Supreme Court and is now awaiting final statutory clearances in order to restart mining. The company expects to resume mining at Karnataka in July - September quarter.

Regarding the suspension of mining in Goa, the date for hearing is yet to be fixed by the Supreme Court. Earlier, the State Government and major miners, including Sesa, had filed their responses to the report submitted by the Central Empowered Committee (CEC).

During the quarter, production of pig iron and metallurgical coke were 182% and 32.8% higher at 109,536 tonnes and 84,610 tonnes, respectively as compared the same quarter the previous year. Sales volume of pig iron and metallurgical coke were 182.2% and 56.6% higher at 126,579 tonnes and 83,316 tonnes as compared to the same quarter the previous year. Increase in the production and sales volume is due to the commissioning of new capacity of pig iron and metallurgical coke plant in July - September quarter 2012.

Power sales (including internal consumption) were 45 MU during the quarter as compared to 30 MU in the same quarter the previous year, an increase of 50% due to the commissioning of new 30 MW power plant.

At Liberia iron ore project, exploration activities are progressing well with 91,500 meters of drilling completed till 30 June 2013 across the three deposits, Bomi, Bea and Mano River. The company expects to complete the first phase of 2Mtpa by December 2014, and remain on track to deliver the first shipment by March 2014.

The proposed Merger of Sterlite Industries (India) Limited and Sesa Goa Limited and Vedanta Group Consolidation has received the approval of the High Court of Madras on July 25, 2013 and the approval of the High Court of Bombay at Goa on April 3, 2013.

Sterlite Industries is India's major resources company producing copper, aluminum, zinc and lead.
last modified : Mon 05 Aug, 2013 [10:15]
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