Sesa Goa Q3 PAT down 35% at Rs 691.5 cr

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Sesa Goa Q3 PAT down 35% at Rs 691.5 cr

Sesa Goa, a part of London listed Vedanta, has reported a profit after tax of Rs 691.5 crore in the third quarter of FY12, a massive fall of 35% as compared to Rs 1,065.3 crore in a year ago quarter.

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Sesa Goa , a part of London listed Vedanta, has reported a profit after tax of Rs 691.5 crore in the third quarter of FY12, a massive fall of 35% as compared to Rs 1,065.3 crore in a year ago quarter.

Net profit included Rs 122 crore as income from Cairn India, in which it holds about 20% stake post acquisition.

Net sales shot up 16.3% to Rs 2,617 crore from Rs 2,250.10 crore during the same period.

Topline was higher than expected primarily due to the liquidation of inventory from both Goa and Karnataka and bottomline boasted by stake in Cairn.

EBITDA was down 26.7% to Rs 894.4 crore from Rs 1,220.1 crore year-on-year. EBITDA declined at 34.2% in the quarter ended December FY12 versus 54.2% in the corresponding quarter of last fiscal.

The company reported a loss on FCCB at Rs 178 crore as against gain of Rs 2 crore during the same period.

In Q2FY12, EBITDA was hit by foreign exchange loss booked on FCCB amounting to Rs 234 crore. Of the total debt, forex debt constitutes USD 400 million (FCCB USD 215 million)

Export duty tripled to Rs 448.5 crore from Rs 116.7 crore year-on-year.

Factors:

Realizations came in at USD 93/ tonne versus USD 84/tonne in Q2FY12

Sales Volume (YoY) - Boasted by inventory Liquidation:

-Iron ore sales were at 5.04 mt vs 4.78 mt

-Sold 0.64 mt of iron ore in Q3 via e-auctions in Karnataka

-Goa sales were at 4.40 mt vs 3.74 mt

Production down 29% (YoY):

- Production stood at 3.33 MT down by over 29 %

- Impacted by the (i) Mining ban in Karnataka (ii) Lapse of mining lease in Orissa