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Sterlite Industries (India) Limited Unaudited Consolidated Results For The First Quarter Ended 30 June 2011

Stocks in this article: BSESLT

Sterlite Industries (India) Limited (“SIIL” or the “Company”) today announced its unaudited consolidated results for the first quarter (“Q1”) ended 30 June 2011.

Highlights for the Quarter

Operational Performance

  • Refined Zinc production up 17% at 193,000 tonnes at Zinc – India operations
  • Commissioning commenced at 100,000 tpa Dariba Lead smelter which will take HZL’s total Zinc -Lead capacity to 1,064 ktpa
  • Refined silver production up 8% at 47,000 kgs
  • Strong operating performance with 12% higher metal equivalent production at Zinc – International

Financial performance

  • Revenues up 66% at ` 9,824 crore
  • Attributable PAT up 64% at `1,640 crore, `317 crore contributed by Zinc International business
  • Strong balance sheet with cash and liquid investments of `22,933 crore

Financial Highlights

           

(In ` crore, except as stated)

Particulars     Quarter ended

30 June

    Change     Year Ended

31 March

      2011       2010       %     2011  
Net Sales/Income from operations     9,824       5,925       65.8     30,248  
Profit before interest, depreciation & taxes     3,600       2,175       65.5     10,530  
Interest     174       127             309  
Depreciation     420       217             1,030  
Taxes     614       368             1,811  
Profit After Taxes     2,388       1,462       63.3     7,322  
Minority Interest     642       376             1,995  
Share in Profit/(Loss) of Associate     (106 )     (78 )           (285 )
Attributable PAT after exceptional item     1,640       1,008       62.7     5,043  
Earnings per Share (EPS) (` /share)*     4.9       3.0       63.3     15.0  

*Not Annualised

               
 

Zinc India Business

                   
Particulars     Quarter ended

30 June

    Change     Year Ended 31 March
      2011     2010     %     2011
Production ( in Kt, except for silver)                        
Mined Metal*     188     182     4.0     840
Refined Metal – Zinc     193     165     17.0     712
Refined Metal - Lead* (1)     16     15     6.6     63
Silver (in 000’s Kgs) (2)     47     43     8.0     179
                         
Financials                        
Revenue (` Cr)     2,784     1,928     44.4     9,844
EBITDA (` Cr)     1,554     1,000     55.3     5,556
CoP with Royalty ($/MT)     1,063     1,019           990
Zinc LME ($/MT)     2,250     2,018           2,185

*Zinc and Lead Production and Financial data pertain to HZL only

(1) Including captive consumption of 1,391 tonnes in Q1 FY2012 vs. 1,166 tonnes in Q1 FY2011.

(2) Including captive consumption of 7,196 Kgs. in Q1 FY2012 vs. 6,133 Kgs. in Q1 FY2011.

Mined metal production was 4.0% higher at 188,000 tonnes in Q1, compared with the corresponding prior quarter. Higher contributions from Sindesar Khurd mine was partially offset by the volume loss due to unplanned maintenance shutdown of the primary crusher at the Rampura Agucha mine. Rampura Agucha was back on line during the quarter and the shortfall in production volume is expected to be recovered during the year.

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