BENGALURU (Reuters) - Indian mining conglomerate Vedanta Ltd’s first-quarter profit slightly missed estimates as falling commodity prices hurt revenue and margins.
The company has seen a muted year in terms of commodity prices, with the benchmark three-month copper on the London Metal Exchange rising only 0.2%, and zinc falling 1.8% this year.
While copper prices are expected to rise further, zinc prices could be weighed down by rising supply this year, a Reuters poll in May showed
Profit came in at 13.51 billion rupees ($195.98 million) for the three months ended June 30, compared with 15.33 billion rupees a year earlier, the company said here on Friday.
Analysts on an average expected Vedanta to post a profit of 13.77 billion rupees, according to Refinitiv data.
Revenue from operations for the quarter fell 3.5% to 211.67 billion rupees.
Shares of the company closed 4.3% lower in a broader market that ended 0.29% up on Friday.
Reporting by Derek Francis in Bengaluru; editing by Uttaresh.V