Tarang Bhanushali of IIFL gives his opinion on Vedanta 's March quarter performance. Below is the verbatim transcript of Tarang Bhanushali's interview with Menaka Doshi on CNBC-TV18. Q: What stands out for you from these numbers? A: Well, they are marginally below our estimate largely because of the lower than estimated number in the international zinc corporation. Also, iron ore operations continue to report losses so that is where the disappointment has come. But, the aluminium numbers have been quite good and better than what we were expecting. In fact earnings before interest and taxes (EBIT) contribution is double of what we were expecting so they have delivered very strong numbers on the aluminium front and which is what we were looking at for the future because aluminium is what would be driving the earnings for the stand alone entity on the aluminium or the consolidated. Q: What is the one time loss that the company has reported? A: It is regarded to the change in depreciation policy for Cairn India, that is what has led to the big one time loss. Well, the notes say that they have changed their depreciation policy for Cairn India. So that is what has led to the sharp fall over there. Q: So all-in-all would you say that your view on the stock or on the company remains unchanged at this point in time? Or you are hopeful that based on the slight out performance, let us say in some of the sectors, aluminium, etc which is doing better that you would want to revise your view on the stock? A: No, we would maintain our accumulate rating on the stock. We have a target price of Rs 220 which we would be revising post the management commentary on the aluminium business and the power business.
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