Sterlite Industries, a Vedanta Group company, has reported that its consolidated net profit was down 27 per cent at Rs 1,987 crore (Rs 2,730 crore) in the March quarter.
Sales were up eight per cent at Rs 10,763 crore (Rs 10,000 crore).
The company's profitability was hit due to provision of Rs 423 crore on the back of the US court ruling pertaining to cancellation of share purchase agreement entered with Asarco in 2009.
It had registered a forex gain of Rs 331 crore during the quarter.
The board has recommended a final dividend of Rs 1 a share, taking the total dividend in the FY'12 to Rs 2 a share. The total dividend outgo will nearly double to Rs 686 crore against Rs 370 crore last year.
Sterlite will seek shareholders' approval on merger of its group company Sesa with itself in May. Mr Anil Agarwal, Chairman, Sterlite Industries, said the merger process is well on track. For the fiscal ended March, Sterlite net profit was down four per cent at Rs 4,828 crore (Rs 5,043 crore) even as sales rose 35 per cent to Rs 40,967 crore (Rs 30,248 crore).
The company's shares on the BSE were up two per cent at Rs 108 on Wednesday.