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Sterlite Industries (India) Limited Unaudited Consolidated Results For The Second Quarter And Half Year Ended 30 September 2011

Stocks in this article: SLT

Sterlite Industries (India) Limited (“SIIL” or the “Company”) today announced its unaudited consolidated results for the Second Quarter (“Q2”) and Half Year (“H1”) ended 30 September 2011.

Highlights of the quarter

Operational Performance

  • Refined Zinc-Lead metal production up 5% at 201,821 tonnes
  • Refined Silver production up 12% at 49,274 kg
  • Commissioned the 100 ktpa Dariba Lead smelter, taking the Zinc - India capacity to 1.064 mtpa
  • Stable operations at Zinc International

Financial performance

  • PBDT up 29% at Rs. 2,693 crore, Rs. 530 crore contributed by Zinc International
  • Strong balance sheet with cash and liquid investments of Rs. 22,691 crore
  • EPS of Rs. 3 per share
  • Interim Dividend of Rs 1 per share.

Financial Highlights

(In Rs. crore, except as stated)

Particulars Quarter ended

30 September

    Change     Half Year Ended

30 September

    Change
  2011     2010     %     2011     2010     %
Net Sales/Income from operations 10,134     6,029     68.1     19,958     11,953     67.0
Profit before interest, depreciation & taxes 3,049     2,086     46.1     6,645     4,260     55.9
Interest 356                 530     127      
Profit before depreciation and taxes (PBDT) 2,693     2,086     29.1     6,115     4,134     47.9
Depreciation 445     212           865     429      
Taxes 505     456           1,119     824      
Profit After Taxes 1,744     1,418     23.0     4,131     2,881     43.4
Minority Interest 503     385           1,145     761      
Share in Profit/(Loss) of Associate (243)     (25)           (349)     (103)      
Attributable PAT after exceptional item 998     1,008     (1.0)     2,637     2,016     30.8
Earnings per Share (EPS) (Rs. /share)* 3.0     3.0           7.8     6.0      

*Not Annualised

Zinc India Business

Particulars Quarter ended

30 September

    Change     Half Year Ended

30 September

    Change
  2011     2010     %     2011     2010     %
Production ( in Kt, except for silver)                                
Mined Metal 210     205     2.4     398     387     2.9
Refined Metal – Zinc 185     176     4.9     378     341     10.8
Refined Metal – Lead* (1) 17     16     5.2     33     31     5.4
Silver (in 000’s Kgs) (2) 49     44     12.1     96     87     10.1
                                 
Financials                                
Revenue (Rs. Cr) 2,560     2,146     19.3     5,344     4,073     31.2
PBDT (Rs. Cr) 1,775     1,265     40.2     3,673     2,418     51.9
PAT (Rs. Cr) 1,330     941     41.3     2,809     1,826     53.8
CoP with Royalty ($/MT) 1,036     976     6.1     1,050     997     5.3
Zinc LME ($/MT) 2,224     2,013     10.5     2,236     2,015     11.0
Lead LME ($/MT) 2,459     2,032     21.0     2,503     1,989     25.8

(1) Includes captive consumption of 1,348 tonnes and 2,739 tonnes in Q2 FY2012 and H1 FY2012, as compared with 1,646 tonnes and 2,812 tonnes in corresponding prior periods, respectively.

(2) Includes captive consumption of 7,193 kg and 14,389 kg in Q2 FY2012 and H1 FY2012, as compared with 8,612 kg and 14,745 kg in corresponding prior periods, respectively.

Mined metal production in Q2 was 209,676 tonnes, up 2% as compared with the corresponding prior quarter.

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