Vedanta Resources gets $300 million loan commitment for debt refinancing
The company is looking to upsize the deal and is in advance discussions with other banks for additional loans of $200 million.
Indian mining conglomerate Vedanta Ltd’s first-quarter profit slightly missed estimates as falling commodity prices hurt revenue and margins.
The company has seen a muted year in terms of commodity prices, with the benchmark three-month copper on the London Metal Exchange rising only 0.2%, and zinc falling 1.8% this year.
While copper prices are expected to rise further, zinc prices could be weighed down by rising supply this year, a Reuters poll in May showed
Profit came in at 13.51 billion rupees ($195.98 million) for the three months ended June 30, compared with 15.33 billion rupees a year earlier, the company said on Friday.
Analysts on an average expected Vedanta to post a profit of 13.77 billion rupees, according to Refinitiv data.
Revenue from operations for the quarter fell 3.5% to 211.67 billion rupees.
Shares of the company closed 4.3% lower in a broader market that ended 0.29% up on Friday. ($1 = 68.9354 Indian rupees)
(By Derek Francis; Editing by Uttaresh.V)
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