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

The evacuation capacity has improved with the charging of a shared 1,000MW Raipur-Wardha transmission line in January 2013, and PLFs for the 3 commissioned units are expected to be around 50% in Q4 FY2013. The fourth unit is currently under trial run, and is expected to be stabilised by the end of the current quarter.

Power sales at the Balco 270 MW plant were 28% lower in Q3 due to similar evacuation constraints.

In spite of lower sales realisation, EBITDA for Q3 was marginally higher due to lower power generation cost at SEL.

Work at the Talwandi Sabo power project is progressing well and the first unit is expected to be synchronized in Q2 FY2014.

Port Projects

In October 2010, we had been awarded a 30-year concession to upgrade the coal berth at Vishakhapatnam Port to 10.18mtpa (Coal Berth mechanization project) and operate it. This is being implemented at a total project cost of $150mn through Vizag General Cargo Berth Private Limited (VGCB), a 74:26 joint venture between Sterlite Industries (India) Ltd. and Leighton Welspun Contractors Private Ltd. VGCB has obtained provisional Commercial Operations Declaration and is expected to commence operations in the current quarter.

Cash, Cash Equivalents and Liquid Investment

The company continues to follow a conservative investment policy and invests in high quality debt instruments in the form of mutual funds, bonds and fixed deposits with banks. As at 31 December 2012, the company has cash, cash equivalents and liquid investments of Rs. 23,472 crore, out of which Rs. 13,302 crore was invested in debt mutual funds and bonds, and Rs. 10,170 crore was in fixed deposits and bank balances.

Note: Figures in previous periods have been regrouped or restated, wherever necessary to make them comparable to current period.

 

For further information, please contact:

 

Ashwin Bajaj

 

sterlite.ir@vedanta.co.in

Senior Vice President – Investor Relations

Tel: +91 22 6646 1531

 

Sheetal Khanduja

sterlite.ir@vedanta.co.in

AGM – Investor Relations

Tel: +91 22 6646 1531

 

About Sterlite Industries

Sterlite Industries (India) Limited is India’s largest diversified metals and mining company. The company produces aluminium, Copper, zinc, lead, silver, and commercial energy and has operations in India, Australia, Namibia, South Africa and Ireland. The company has a strong organic growth pipeline of projects. Sterlite Industries is listed on the Bombay Stock Exchange and National Stock Exchange in India and the New York Stock Exchange in the United States. For more information, please visit www.sterlite-industries.com.

Disclaimer

This press release contains “forward-looking statements” – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or “will.” Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

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