Sterlite Industries (India) Limited Unaudited Consolidated Results for the Third Quarter and Nine Mo

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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.

Q3 Highlights


Financials

  • 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

Operations

  • 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 

%
change
YoY

 FY2013 FY2013 FY2012 

%
change
YoY

Net Sales/Income from operations 10,692  10,249  4% 11,029  32,313  30,210  7%
EBITDA 2,375  2,363  1% 2,538  7,252  7,672  (5%)
Interest expense 227  200  -  178  646  602  - 
Forex (loss)/gain (63) (300) -  219  (61) (489) - 
Profit before Depreciation and Taxes 2,896  2,616  11% 3,416  9,110  8,766  4%
Depreciation 538  461  -  522  1,578  1,327  - 
Profit before Exceptional items 2,358  2,155  -  2,894  7,531  7,439  - 
Exceptional Items -  6  -  -  -  41  - 
Taxes 356  505  -  511  1,200  1,624  - 
Profit After Taxes 2,003  1,643  22% 2,383  6,331  5,775  10%
Minority Interest 585  466  -  579  1,742  1,611  - 
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)

 FY2013 FY2012 

% change
YoY

 FY2013 FY2013 FY2012 

% change
YoY

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)              
Revenue 3,117 2,726 14% 2,746 8,504 8,070 5%
EBITDA 1,484 1,380 8% 1,408 4,241 4,359 (3%)
PAT 1,629 1,278 27% 1,497 4,668 4,087 14%
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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