Local woes to hit Vedanta earnings; closure of copper biz to hurt profits

Vedanta, once the largest ore miners in Goa, has almost no operations now, after a Supreme Court order in February quashed the renewal of 88 mining leases

The going is likely to be tough for Anil Agarwal-led Vedanta Ltd. With some of its domestic businesses in standalone operations shutting down, Vedanta’s earnings are expected to take a hit in the near term.

Last month, the Madras High Court ordered the permanent shutdown of Sterlite Industries’ copper smelter in Thoothukudi, after 13 people were killed in police firing on local residents, who were demanding the closure of the company’s 400,000 tonnes per annum plant over environmental concerns. In its standalone business, copper accounted for 28 per cent of profit before interest and tax in 2017-18.

Vedanta, once the