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Sterlite Industries (India) Limited Consolidated Results For The Third Quarter And Nine Months Ended 31 December 2011

Stocks in this article: SLT

Sterlite Industries (India) Limited (“SIIL” or the “Company”) today announced its unaudited consolidated results for the third quarter (“Q3”) and nine months (“nine month period”) ended 31 December 2011.

Highlights of the quarter

Operational Performance

  • Record production volumes of refined Lead and Silver at Zinc India operations
  • Commissioned the 350tpa silver refinery at Zinc India

Financial performance

  • Revenues up 24% at Rs. 10,246 crore
  • EBITDA up 17% at Rs. 2,318 crore
  • PAT at Rs. 914 Cr after foreign exchange loss of Rs. 425 crore
  • Strong balance sheet with cash and liquid investments of Rs. 21,546 crore

Financial Highlights

 

(In Rs. crore, except as stated)

     
Particulars  

Quarter ended 31 December

 

Change

 

Nine Months Ended 31 December

  Change
    2011   2010   %   2011   2010   %
Net Sales/Income from operations   10,246   8,294   23.5   30,204   20,248   49.2
EBITDA   2,318   1,979   17.2   7,559   4,991   51.4
Interest expense (excluding forex)   157   74       459   217    
Exchange gain/(loss)   (425)   (18)       (798)   22    
Profit before depreciation and taxes (PBDT)   2,606   2,382   9.4   8,721   6,516   33.8
Depreciation   458   249       1,323   678    
Taxes   505   421       1,624   1,245    
Profit After Taxes   1,643   1,711   (4.0)   5,775   4,592   25.8
Minority Interest   466   508       1,611   1,269    
Share in Profit/(Loss) of Associate   (264)   (102)       (612)   (205)    
Attributable PAT after exceptional item   914   1,101   (17)   3,551   3,118   13.9
Basic Earnings per Share (EPS) (Rs. /share)*   2.7   3.3       10.6   9.3    
Underlying earnings per Share (EPS) (Rs./share)* (Before FX loss)   4.0   3.3       12.9   9.2    
Exchange rate (Rs/$)   51.0   45.3   12.7   47.2   45.7   3.2

*Not Annualized

Zinc India Business

Particulars

 

Quarter ended 31 December

 

Change

 

Nine Months Ended 31 December

 

Change

    2011   2010   %   2011   2010   %

Production ( in Kt, except for silver)

                       

Mined Metal

  209   222   (6.0)   607   609   (0.3)
Refined Metal – Zinc   191   178   7.1   569   519   9.6
Refined Metal – Lead (1)   29   14   102.0   62   46   35.5
Silver (in 000’s Kgs) (2)   58   42   37.1   154   129   18.9
                         
Financials                        
Revenue (Rs. Cr)   2,726   2,589   5.3   8,070   6,663   21.1
EBITDA (Rs. Cr)   1,373   1,497   (8.3)   4,351   3,600   20.9
PAT (Rs. Cr)   1,278   1,303   (1.9)   4,087   3,129   30.6
CoP with Royalty ($/MT)   944   988   4.5   1,015   994   (2.1)
CoP without Royalty ($/MT)   785   790   0.7   836   817   (2.3)
Zinc LME ($/MT)   1,897   2,315   (18.0)   2,123   2,116   0.3
Lead LME ($/MT)   1,983   2,390   (17.0)   2,328   2,124   9.6

(1) Includes captive consumption of 1,730 tonnes in Q3 FY2012 vs. 1,746 tonnes in Q3 FY2011, and 4,469 tonnes in ‘nine months period’ FY2012 vs. 4,558 tonnes in ‘nine months period’ FY2011.

(2) Includes captive consumption of 9,182 Kgs. in Q3 FY2012 vs. 9,236 Kgs. in Q3 FY2011, and 23,571 Kgs. in ‘nine months period’ FY2012 vs. 23,981 Kgs. in ‘nine months period’ FY2011.

Mined metal production in Q3 was marginally lower at 209,007 tonnes, compared with the corresponding prior quarter. Refined Zinc production in Q3 was up 7% at 190,946 tonnes, compared with the corresponding prior quarter primarily on account of improved throughput and operational efficiencies.

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