Sterlite Industries (India) Limited Unaudited Consolidated Results for the Third Quarter and Nine Mo
Sterlite Industries (India) Limited Unaudited Consolidated Results for the Third Quarter and Nine Months Ended 31 December 2012
MUMBAI, India--(BUSINESS WIRE)-- Sterlite Industries (India) Limited ("Sterlite" or the "Company") today announced its results for the Third Quarter (Q3) and Nine Months ended 31 December 2012.
- Attributable PAT and Earnings per share up 30% at Rs. 1,191 Crore and Rs. 3.5 per share, respectively
- Strong balance sheet with cash and liquid investments of Rs. 23,472 crore
- Mined metal production up 11% and integrated silver production up 8% at Zinc India
- Next phase of mining growth to 1.2 mtpa of zinc-lead capacity announced at Zinc India
- Strong operational performance at Aluminium smelters, producing above rated capacity
- Vizag Coal Berth obtained provisional Commercial Operations Declaration (COD) and expected to commence operations in the current quarter
Mr. Anil Agarwal, Chairman, Sterlite Industries (India) Ltd. : "Sterlite Industries continues to maintain its strong performance and leadership position. We have substantially improved our efficiencies, operational performance and metal production across businesses. Zinc India is poised for the next phase of growth as we embark on a major exploration drive using best in class technology and global expertise."
Consolidated Financial Performance
|Q3||Q2||Nine months period|
|Particulars(In Rs. Crore, except as stated)||FY2013||FY2012|
|Net Sales/Income from operations||10,692||10,249||4||%||11,029||32,313||30,210||7||%|
|Profit before Depreciation and Taxes||2,896||2,616||11||%||3,416||9,110||8,766||4||%|
|Profit before Exceptional items||2,358||2,155||-||2,894||7,531||7,439||-|
|Profit After Taxes||2,003||1,643||22||%||2,383||6,331||5,775||10||%|
|Share in Profit/(Loss) of Associate||(226||)||(264||)||-||(61||)||(453||)||(612||)||-|
|Attributable PAT after exceptional item||1,191||914||30||%||1,743||4,136||3,551||16||%|
|Basic Earnings per Share (Rs./share)||3.5||2.7||-||5.2||12.3||10.6||-|
|Underlying Earnings per Share*(Rs./share)||3.7||3.6||-||4.7||12.4||12.1||-|
|Exchange rate (Rs./$) - Average||54.1||51.0||-||55.2||54.5||47.2||-|
|Exchange rate (Rs./$) - Closing||54.8||53.3||-||52.7||54.8||53.3||-|
*Before forex and exceptional items
Q3 EBITDA was in line with the corresponding prior quarter at Rs. 2,375 crore, reflecting improved operational efficiencies, marginally higher metal prices and premiums and improved sales realization due to INR depreciation, which were partially offset by lower by-product realizations. Q3 FY2013 EBITDA was lower compared to Q2 FY2013, impacted by lower power sales and lower by-product credits.
Improved operational performance and lower foreign exchange losses at Vedanta Aluminium Limited decreased Sterlite's share of loss of associate by 14% during Q3 compared with the corresponding prior quarter.
Depreciation cost during Q3 was higher compared with the corresponding prior quarter on account of capitalization of new plants at Zinc India and Sterlite Energy Limited.
Interest cost in Q3 FY2013 was higher as compared to the corresponding prior quarter and Q2 FY2013 due to capitalisation of new plants and increased borrowings.
Attributable PAT and Basic EPS were Rs. 1,191 crore and Rs. 3.5 per share for Q3, up 30% and were Rs. 4,136 crore and Rs. 12.3 per share for the nine months period, up 16%.
The company continued to maintain a strong balance sheet with cash and liquid investment of Rs. 23,472 crore as on 31 December 2012.
Merger of Sterlite and Sesa Goa Limited and Vedanta Group Consolidation
The transaction has received approvals of respective companies' equity shareholders, the Stock Exchanges in India and the Competition Commission of India. Approvals of Foreign Investment Promotion Board and the Supreme Court of Mauritius have been received for the merger of Ekaterina Limited with Sesa Goa Limited. The hearings at the High Court of Madras have been completed and the order is awaited. The hearings at the High Court of Bombay at Goa are in progress.
Zinc - India Business
|Q3||Q2||Nine months period|
Production(in '000 tonnes, or as stated)
|Mined metal content||233||209||11||%||190||610||607||-|
|Refined Zinc - Total||171||191||(10||%)||163||495||569||(13||%)|
|Refined Zinc - Integrated||168||188||(10||%)||153||479||563||(15||%)|
|Refined Zinc - Custom||3||3||-||10||17||6||-|
|Refined Lead - Total1||32||29||11||%||27||90||62||45||%|
|Refined Lead - Integrated||22||25||(11||%)||24||75||58||29||%|
|Refined Lead - Custom||10||4||-||3||15||4||-|
|Silver - Total (in tonnes)2||117||58||103||%||92||290||154||89||%|
|Silver - Integrated (in tonnes)||62||58||8||%||80||222||154||44||%|
|Silver - Custom (in tonnes)||55||-||-||12||68||-||-|
|Financials(In Rs. crore, except as stated)|
|Zinc CoP without Royalty (Rs./MT)||44,900||40,300||11||%||46,750||45,700||39,400||16||%|
|Zinc CoP without Royalty ($/MT)||829||785||6||%||844||838||836||-|
|Zinc CoP with Royalty ($/MT)||993||944||5||%||999||999||1,015||(2||%)|
|Zinc LME Price ($/MT)||1,947||1,897||3||%||1,885||1,920||2,123||(10||%)|
|Lead LME Price ($/MT)||2,199||1,983||11||%||1,975||2,051<
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