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

Stocks in this article: SLT

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 - Total 1   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   2,328   (12 %)
Silver LBMA Price ($/oz)   33   32   3 %   30   31   36   (15 %)
             
     

1.

 

Includes captive consumption of 1,647 tonnes in Q3 FY2013 vs. 1,730 tonnes in Q3 FY2012, and 4,723 tonnes in nine months period FY2013 vs. 4,469 tonnes in nine months period FY2012.

2.

Includes captive consumption of 8 tonnes in Q3 FY2013 vs. 9 tonnes in Q3 FY2012, and 25 tonnes in nine months period FY2013 vs. 24 tonnes in nine months period FY2012.

 

Mined metal production was 11% higher in Q3, as compared with the corresponding prior quarter. Compared to Q2 FY2013 mined metal production was 22% higher in Q3. As guided previously, we expect higher mined metal production during the full year FY2013 as compared with the previous year.

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