Sesa Goa Q3 net up 76 per cent at Rs828 crore
19 January 2010
Vedanta group company Sesa Goa today reported a 75.8 per cent growth in its consolidated net profit at Rs827.5 crore for the quarter ended 31 December 2009 from a net profit of Rs470.7 crore for the third quarter ended 31 December 2008.
Standalone net profit for quarter rose 31 per cent to Rs607.71 crore during the quarter ended 31 December 2009 from Rs462.91 crore during the quarter ended 31 December 2008, Sesa Goa said in a filing with the Bombay Stock Exchange (BSE).
The company posted a 42.3 per cent rise in its total income for the quarter ended 31 December 2009 at Rs2,021.6 crore against a total income of Rs1,420.6 crore in the same quarter of the previous fiscal.
"In June 2009, the company has acquired V S Dempo and its subsidiary Dempo Mining. The results are inclusive of the results for the above mentioned firms. Pursuant to which, the results for the quarter ended December 31, are not comparable with the corresponding figures of the previous quarter," the filing added.
The company, meanwhile, said it has "extended the validity of scheme of amalgamation of Sesa Industries with Sesa Goa Ltd up to 30 April 2010."
The single judge bench of the Goa bench of the Bombay high court, had, through an order in December 2008, approved of the scheme of amalgamation of Sesa Industries Limited (SIL) with Sesa Goa effective from the appointed date, ie, 1 April 2005.
A division bench of the Bombay high court in February 2009 set aside the order consequent to an appeal filed by a shareholder. The company has filed an appeal against the order of the division bench to the Supreme Court, the company said in a web site release.