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TheStreet Open House

Sterlite Industries (India) Limited Unaudited Consolidated Results For The Third Quarter And Nine Months Ended 31 December 2012

Stocks in this article: SLT

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.

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