Sterlite Q2 net up 37% at Rs.2,383 cr

Good show on back of higher silver, lead & power output

Anil Agarwal-promoted Sterlite Industries India on Tuesday reported a 37% growth in net profit for the second quarter of fiscal 2012-13 as the company produced more silver, lead and power. The net profit for the quarter stood at R2,383 crore against R1,744 crore in the corresponding quarter last year.

Net revenues for Sterlite increased 9% to R11,029 crore compared to R10,135 crore in the same quarter last year.

"Strong production and sales volumes of silver and lead at Zinc India, commercial power at Sterlite Energy and refined copper at Copper India resulted in higher revenues," the company said in a statement. "The fall in metal prices was largely offset by depreciation of the Indian Rupee."

Sterlite's net profit also benefited from a forex gain of R219 crore compared to a notional forex loss of R246 crore in the same quarter last year.

The company's aluminum producing unit, Vedanta Aluminum, also performed better contributing to Sterlite's performance during the second quarter.

"Sterlite's share of loss of associate decreased to R61 crore from R243 crore last year," the company said in a statement. Vedanta Aluminum's losses were narrowed by 75% during the quarter to R206 crore, largely due to a R280-crore forex gain and a 52% increase in its revenue.

As of September 30, the company had cash, cash equivalents and liquid investments of R23,334 crore. Sterlite is waiting on the judgments from the High Court of Madras and the High Court of Bombay at Goa to go ahead with its proposed merger with Vedanta group company Sesa Goa.

"Further to the approval received from the stock exchanges in India, the Competition Commission of India, Foreign Investment Promotion Board and the equity shareholders during Q1, approval of the Supreme Court of Mauritius for the merger of Ekaterina with the Sesa Goa was obtained during Q2," Sterlite said in its statement.

ALSO READ

Tata arm wins Jaguar trademark battle against Swiss watchmaker

Honda may boost Amaze output on heavy bookings

Diesel cars to lend 40% to volumes in FY14: Maruti

DreamWorks looks to Stone Age for new BO hit