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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

In line with the mine-plan, mined metal production was lower in first half of FY2013 resulting in a lower integrated zinc production in Q3 as compared with the corresponding prior quarter. However, compared to Q2 FY2013, integrated zinc production was 10% higher in Q3, and is expected to increase further in Q4 FY2013.

Integrated lead production was 11% lower in Q3 FY2013. However, total refined lead production was 11% higher.

Integrated silver production was 8% higher in Q3 driven by production ramp-up at SK mine and improved utilisation of lead-silver refining capacities.

EBITDA for Q3 was 8% higher due to higher refined lead and silver volumes, higher metal prices and depreciation of the Indian Rupee, partially offset by lower refined zinc volumes and higher CoP. CoP was higher on account of lower by-product credits and lower volumes, partially offset by operational efficiencies and lower coal prices.

PAT for Q3 was 27% higher compared with the corresponding prior period primarily on account of higher investment income.

The Board of Directors of Hindustan Zinc has approved the next phase of growth. Zinc India has been actively conducting exploration, which increased net Reserve and Resource across all mines to 332.3 mt of ore as at end FY 2012. Based on a long-term evaluation of assets and in consultation with mining experts, Zinc India has finalised plans for the next phase of growth, which will involve sinking of underground shafts and developing underground mines. The plan comprises developing a 3.75 mtpa underground mine at Rampura Agucha and expanding the Sindesar Khurd mine from 2.0 mtpa to 3.75 mtpa, Zawar mines from 1.2 mtpa to 5.0 mtpa, Rajpura Dariba mine from 0.6 mtpa to 1.2 mtpa and Kayad mine from 0.35 mtpa to 1.0 mtpa. It will also involve the opening up of a small new mine at Bamnia Kalan in the Rajpura Dariba belt.

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