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Sesa Goa reports slightly disappointing 2QFY2012 production numbers
Sesa Goa reported iron ore production of 1.1mn tonnes in 2QFY2012, compared to
2.9mn tonnes (2.4mn tonnes excluding the shut Orissa mines). The company’s production
declined on account of ban on mining in Karnataka announced on August 26, 2011, and
the discontinuation of operations in Orissa in November 2010. Sesa Goa reported 1.6mn
tonnes of iron ore sales compared to 1.8mn tonnes (1.4mn tonnes excluding the shut
Orissa mines). The company sold 0.7mn tonnes (up 58% yoy) from Karnataka and 0.8mn
tonnes (down 10% yoy) of iron ore from Goa. Production and sales numbers came in
slightly below our estimates. Nevertheless, we expect the company’s production and sales
volumes to increase after the seasonally weak 2QFY2012. We maintain our Buy
recommendation on the stock with a target price of `253.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Sesa Goa reports slightly disappointing 2QFY2012 production numbers
Sesa Goa reported iron ore production of 1.1mn tonnes in 2QFY2012, compared to
2.9mn tonnes (2.4mn tonnes excluding the shut Orissa mines). The company’s production
declined on account of ban on mining in Karnataka announced on August 26, 2011, and
the discontinuation of operations in Orissa in November 2010. Sesa Goa reported 1.6mn
tonnes of iron ore sales compared to 1.8mn tonnes (1.4mn tonnes excluding the shut
Orissa mines). The company sold 0.7mn tonnes (up 58% yoy) from Karnataka and 0.8mn
tonnes (down 10% yoy) of iron ore from Goa. Production and sales numbers came in
slightly below our estimates. Nevertheless, we expect the company’s production and sales
volumes to increase after the seasonally weak 2QFY2012. We maintain our Buy
recommendation on the stock with a target price of `253.
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