Falling metals prices challenge Vedanta

In fact, the mining ban put a $485m (£319m) dent in Vedanta's operating profit, although group operating profit still ticked up 5 per cent to $2.51bn. The lifting of restrictions in Karnataka means that Vedanta is confident of resuming mining there next month, although the ban in Goa remains dependent on a resolution through the courts.

In fact, only Vedanta's oil and gas, power and aluminium businesses increased earnings in the year. The oil and gas segment in particular has grown in importance and now generates 40 per cent of profits - a contribution that's second only to the zinc business, which accounts for 46 per cent of the total. Copper margins, meanwhile, have continued to contract, reflecting a 7 per cent price fall - so, even though copper generates 38 per cent of group revenues, the business managed only a modest $210m operating profit. In aggregate, Vedanta estimates that falling commodity prices reduced profit by $519m, although this was offset by a $308m gain from a combination of increased production volumes, cost reductions and favourable currency movements.

Morgan Stanley expects adjusted EPS of 237¢ (from 137¢ in 2012).