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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

The Jharsuguda-I smelter operated above its rated capacity. Aluminium production was 21% higher in Q3 as compared with the corresponding prior period on account of full capacity utilization and higher operational efficiencies.

Q3 Aluminium CoP was stable in rupee terms due to better operational efficiencies, lower power consumption and lower coal cost despite increased cost of alumina. VAL achieved the best quarterly operational efficiency, and CoP remained in the lower half of the global cost curve.

Q3 EBITDA was significantly higher than the corresponding prior quarter, on account of higher production and higher metal premiums. EBITDA margin also improved due to higher conversion of primary metal into value added products. 46% of primary metal was converted to value added products in Q3 compared to 40% last year.

PAT during the quarter improved due to higher EBITDA and lower mark to market loss on foreign currency borrowings as compared to the corresponding prior quarter.

 

Status of Investment in Vedanta Aluminium Limited as at 31 December 2012

 
Investment in VAL (Rs. Crore)   Sterlite   Vedanta   External   Total
Equity   563   1,391   -  

1,954

Preference Shares   3,000   -   -   3,000
Quasi Equity / Debt   8,140   853   18,210   27203
Total Funding   11,703   2,244   18,210   32,157
Corporate Guarantees   6,538   23,271   -   29,809
 

Power Business

 
    Q3   Q2   Nine months period
Particulars (in million units)   FY2013   FY2012  

% change YoY

  FY2013   FY2013   FY2012  

% change YoY

Total Power Sales   1,916   1,997   (4%)   2,474   6,848   5,412   27%
SEL 1   1,578   1,559   1%   1,940   5,457   3,964   38%
Balco 270MW Power Sales   275   382   (28%)   346   959   1,192   (20%)
HZL Wind Power   62   56   12%   188   432   256   69%
                             
Financials (in Rs. crore except as stated)                            
Revenue 2   520   574   (9%)   885   2,267   1,775   28%
EBITDA   155   147   5%   300   784   447   75%
PAT   (28)   35   (180%)   113   168   108   55%
Average Power CoP (Rs./unit)   2.29   2.47   (7%)   2.22   2.16   2.50   (14%)
Average Power Realization (Rs./unit)   3.35   3.44   (3%)   3.45   3.42   3.60   (5%)
SEL CoP (Rs./unit)   2.22   2.64   (16%)   2.31   2.23   2.78   (20%)
SEL realization (Rs./unit)   3.31   3.49   (5%)   3.42   3.43   3.70   (7%)
             
      1.   Includes production under trial run of 456 million units in Q3 FY2013 vs. 428 million units in Q3 FY2012, and 795 million units in nine months period FY2013 vs. 717 million units in nine months period FY2012.
2. Includes intercompany sale of Rs. 4 crore in nine months period FY2012.
 

Power sales were at 1,916 million units in Q3, 4% lower than last year. During the quarter, PLF was 31%, considering three commissioned units of the 2,400MW Jharsuguda power plant, constrained by continued evacuation limitations that were imposed after the Northern and Eastern region grid failure in August 2012.

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