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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

EBITDA during Q3 was higher compared with the corresponding prior quarter, primarily on account of higher premiums, which more than offset the impact of higher CoP in rupee terms and lower LME prices.

Q3 aluminium CoP was higher as compared with the corresponding prior quarter on account of higher alumina cost and higher coal prices due to tapering of coal linkage.

The first 300MW unit of the BALCO 1,200MW captive power plant is awaiting regulatory approvals. We plan to tap the first metal at the 325 ktpa Korba-III aluminium smelter in Q1 FY2014. The smelter plans to initially draw power from the existing 810 MW power plants.

For the 211 mt coal block at BALCO, we have received the second stage forest clearance during the quarter and expect to commence mining in Q1 FY2014.


Aluminium Business – Vedanta Aluminium Limited (Associate Company)

    Q3   Q2   Nine months period
Production (in’000 tonnes, or as stated)   FY2013   FY2012  

% change YoY

  FY2013   FY2013   FY2012  

% change YoY

Alumina – Lanjigarh   104     236     (56 %)   205     527     687     (23 %)
Aluminum – Jharsuguda   135     111     21 %   134     394     314     25 %
Financials (in Rs. crore except as stated)                            
Revenue   1,713     1,444     19 %   1,819     5,213     4,117     27 %
EBITDA   248     102     143 %   225     736     341     116 %
Forex gain/(loss)   (295 )   (339 )   13 %   280     (131 )   (544 )   76 %
PAT   (766 )   (893 )   14 %   (206 )   (1,537 )   (2,076 )   26 %
SIIL Share (29.5%)   (226 )   (263 )   14 %   (61 )   (453 )   (612 )   26 %
Aluminium CoP ($/MT)   1,928     2,004     (4 %)   1,905     1,892     2,280     (17 %)
Aluminium CoP (Rs./MT)   104,400     103,100     1 %   105,300     103,200     107,500     (4 %)
Aluminium LME Price ($/MT)   1,997     2,090     (4 %)   1,918     1,964     2,360     (17 %)

During the quarter, we temporarily suspended operations at the Lanjigarh alumina refinery due to lower availability of bauxite. VAL is in discussions with the concerned authorities and other stakeholders for sourcing of bauxite from Orissa and other states to restart the refinery operations. We produced 104,000 tonnes of Alumina during the quarter as compared with 236,000 tonnes during the corresponding prior quarter.

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