May 7, 2019 / 11:05 AM / 9 months ago

India's Vedanta fourth-quarter profit beats estimate on global zinc demand

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

BENGALURU (Reuters) - Indian miner Vedanta Ltd on Tuesday posted a better-than-expected fourth-quarter profit, helped by an increase in international demand for zinc.

Rising global prices of metals such as zinc and copper have helped Vedanta fight challenges from mine shutdowns in India. Zinc prices climbed 14 percent so far this year, while copper is up 4.7 percent.

Revenue from its international zinc segment surged 22 percent to 10.02 billion rupees ($144.34 million) from 8.22 billion rupees in the year-ago period.

Net profit dived to 26.15 billion rupees for the three months ended March 31, from the 48.02 billion rupees posted a year ago due to a one-time gain of 28.69 billion rupees it saw as reversal of previous impairments, Vedanta here said.

Analysts had expected the miner to book a profit of 14.64 billion rupees, according to I/B/E/S data from Refinitiv.

Shares of the miner closed 1.95 percent lower on Tuesday, before the company posted its earnings.

Reporting by Chandini Monnappa in Bengaluru; Editing by Subhranshu Sahu and Sherry Jacob-Phillips

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