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.

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