Sesa Goa has declared its third quarter results. The company's Q3 net profit down 7.3% at Rs 4.7 billion (Rs 470 crore) versus Rs 5.056 billion (Rs 505.6 crore). Net sales were up 14.9% at Rs 13.74 billion (Rs 1,374 crore) versus Rs 12.18 billion (Rs 1,218 crore).
Despite the fall in profits, Managing Director PK Mukherjee still maintains the company’s FY09 guidance of 25-30% volume growth. He sees strong signs of recovery and prices bottoming out soon.
He said December cash and cash equivalents stood at Rs32 billion (Rs 3200 crore). "To this, we would add Rs 1000 crore cash in Q4 FY09."
Mukherjee said pig iron and met-coke division has been hit by domestic demand. "Though the demand for pig iron is moving up there has been no recovery in prices."
Source: Moneycontrol
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