The Hindu Business Line : Sesa Goa Q1 net zooms to Rs 633 cr

MUMBAI: Sesa Goa, the country's largest private iron ore exporter, on Wednesday announced consolidated net profit of Rs 633.07 crore for the first quarter of this fiscal, a growth of nearly five-fold over the corresponding period a year ago.

The company had posted a net profit of Rs 131.33 crore for the quarter ended June 30, 2007, Sesa Goa said in a filing to the Bombay Stock Exchange.

Total income of the group rose to Rs 1,341.16 crore for the first quarter of this fiscal from Rs 528.31 crore a year-ago. On a standalone basis, the company posted a profit after tax of Rs 644.72 crore for the quarter ended June 30, a growth of over fiv e-fold from Rs 118.86 crore reported in the same period last year.

Standalone income rose to Rs 1,310.93 crore for the June quarter from Rs 464.31 crore a year ago. The company further said that the validity of scheme of amalgamation of Sesa Industries with itself has been extended up to October 31.

The merger of the subsidiary company, Sesa Industries Ltd with Sesa Goa was pending for approval from the Bombay High Court, owing to objection from one shareholder of SIL.

Shares of the company jumped nearly 8 per cent and witnessed an intra-day high of Rs 3145. The scrip was later trading at Rs 3,108 in early morning trade. - PTI

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