Sesa Goa Q3 net swells nearly 39 per cent to Rs844 crore
24 Jan 2011
Mining major Sesa Goa Ltd has posted a 38.87 per cent rise in its net profit for the quarter ended 31 December 2010 at Rs843.92 crore against a net profit of Rs607.71 crore during the quarter ended 31 December 2009.
Total Income of the company increased to Rs1,810.1 crore during the October-December 2010 quarter from Rs1,460.19 crore during the quarter ended 31 December 2009, unaudited results announced by the company showed.
Consolidated group net profit during the quarter ended 31 December 2010 rose 28.73 per cent year-on-year and stood at Rs1,065.29 crore against Rs8,27.51 crore during the quarter ended 31 December 2009.
Total income of the company increased 21.44 per cent to Rs2,376.82 crore during the quarter ended 31 December 2010 from Rs1,955.13 crore during the quarter ended 31 December 2009.
The group income includes the incomes of Sesa Resources Ltd (formerly VS Dempo & Company Ltd) and Sesa Mining Corporation Ltd (formerly Dempo Mining Corporation Ltd) which have become subsidiaries of Sesa Goa Ltd with effect from 12 June 2009 and the consolidated figures for the nine month period (April-December 2010) are not comparable with those of the corresponding nine months of the previous year, the company said.
The board of directors of Sesa Goa Ltd at its meeting held on 24 January 2011, inter alia, accepted the resignation of S D Kulkarni, chairman of the company, who tendered his resignation due to indifferent health on account of old age, and appointed Ashok Kini, former managing director of State Bank of India, as director in place of S D Kulkarni.
The board also extended the validity of the scheme of amalgamation of Sesa Industries Limited with Sesa Goa Limited up to 31 July 2011 or the date of order of the Supreme Court, whichever is later.