January 31, 2018 / 10:32 AM / 4 months ago

Vedanta third quarter profit slips, lags estimates

(Reuters) - Vedanta Ltd, the Indian unit of diversified miner Vedanta Resources Plc, reported an about 4 percent fall in third-quarter profit on Wednesday, missing analysts’ estimates.

A bird flies past the logo of Vedanta installed on the facade of its headquarters in Mumbai, India January 31, 2018. REUTERS/Danish Siddiqui

Profit came in at 20.53 billion rupees ($322.5 million) in the three months ended Dec. 31, compared with 21.33 billion rupees a year earlier, the company said. bit.ly/2rUPz7Z

Analysts on average expected Vedanta to post a profit of 24.10 billion rupees, according to Thomson Reuters data.

Total income for the quarter grew 16.5 percent to 249.34 billion rupees.

The company incurred a one-time charge of 1.58 billion rupees in the quarter related to the arbitration of a historical vendor claim in the aluminium business and acquisition-related cost of AvanStrate Inc, it said.

($1 = 63.6575 Indian rupees)

Reporting by Jessica Kuruthukulangara and Krishna V Kurup in Bengaluru; Editing by Sherry Jacob-Phillips

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