Sesa Goa Ltd., the flagship company of Sesa Group and India's largest private-sector iron ore exporter, turned to red on stand-alone basis in the fourth quarter on declined income and lower sales volume, consequent to suspension of iron ore operations in Goa and Karnataka.
Stand-alone Results
The Panjim, Goa-based company posted a fourth-quarter stand-alone net loss of Rs.174.93 crore or Rs.2.01 per share, compared with a net profit of Rs.648.21 crore or Rs.7.46 per share for the quarter ended March 31, 2012.
Its quarterly net income from operations plummeted by 86 percent to Rs.283.41 crore from the Rs.2,023.47 crore for the same period a year-ago, while other operating income was Rs.7.17 crore, compared with Rs.16.29 crore in the prior-year quarter.
During the quarter, income from 'Iron Ore' segment plunged to Rs.12.16 crore from the Rs.1,821.68 crore in the fourth-quarter of last year, while that of 'Metallurgical Coke' declined by six percent to Rs.141.34 crore from the Rs.150.47 crore in the prior-year quarter. Income for the quarter from 'Pig Iron' segment was Rs.249.18 crore, compared with Rs.177.35 crore last year, an increase of 41 percent.
During the quarter under review, the company produced 104,000 tonnes of pig iron, up by 76 percent from the 59,000 tonnes in Q4FY12, while sales of pig iron grew by 58 percent to 95,000 tonnes from the 60,000 tonnes in the year-ago quarter.
For the 12 months, Sesa Goa posted a stand-alone net profit of Rs.120.77 crore, plunged by 93 percent from the Rs.1,679.94 crore for last year's April-March period. Income from operations and other operating income stood at Rs.2,187.92 crore, compared with Rs.6,513.45 crore in the previous year, reflecting a 66 percent drop.
Consolidated Results
The company's fourth-quarter consolidated net profit, after minority interest and share of associates, was Rs.297.51 crore, while the same was at Rs.1,162.11 crore for the quarter ended March 31 of 2012.
Its quarterly net income from operations and other operating income totaled Rs.290.87 crore, while the company reported Rs.2,794.37 crore in the prior-year quarter.
As Cairn India Ltd. became an associate from December 8, 2011, the share of profit from associate in the year ended March 31, 2013 was not comparable with the corresponding relevant period, the company said.
For the 12 months, Sesa Goa posted a consolidated net profit, after minority interest and share of associates, of Rs.2,280.25 crore, while the same was at Rs.2,695.50 crore for last year's April-March period. Income from operations and other operating income stood at Rs.2,554.42 crore, whereas it reported Rs.8,310.66 crore in the previous year, reflecting a 69 percent drop.
As on March 31, there was a net addition of 59 million tonnes of reserves and resources (R&R), taking the total R&R to 433 million tonnes, implying 20+ years mine life.
The company said iron ore operations were affected by suspension of mining in Goa and Karnataka. The Supreme Court on April 18 gave clearance for resumption of mining operations for A and B category mines in Karnataka, subject to statutory clearances. The company expects to commence mining shortly, subject to the grant of statutory clearances.
Its Board recommended a final dividend of ten percent or Re.0.10 per equity share of Re.1 each for the fiscal year 2013 to be paid on or before July 25.
The Board also approved the re-appointment of Amit Pradhan as wholetime Director of the company for two years effective from April 1.
At the BSE, Sesa Goa share is currently trading at Rs.153.60, up by Re.1.45 or 0.95 percent on a volume of around 143,000 shares.
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