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:|
|Senior Vice President – Investor Relations||Tel: +91 22 6646 1531|
|AGM – Investor Relations||Tel: +91 22 6646 1531|