Sterlite Industries’ consolidated net profit grew 75 per cent to Rs 1,743 crore for the quarter ended September 30, 2012 compared with Rs 998 crore in the same period last year.
The country’s largest non-ferrous metals and mining company said consolidated net sales in the quarter rose 9 per cent to Rs 11,029 crore from Rs 10,135 crore during the same period on strong production and sales volumes of silver, lead, and copper as also in the power businesses.
Interim dividend
The board of directors has recommended an interim dividend of Rs 1.1 a share, and the record date for dividend payment is fixed at October 30. The interim dividend outgo will be Rs 370 crore.
The net profit jump was helped by forex gain and increase in power sales.
The company said the fall in metal prices was largely offset by the depreciation of the rupee. The company said it earned a foreign exchange gain of Rs 219 crore in the July-September quarter, due to the appreciation of the rupee from 56.30 to 52.70 against the US dollar in three months, which helped offset foreign exchange loss in the first quarter.
Higher revenues
Strong production and sales volumes of silver and lead at Zinc India, commercial power at Sterlite Energy Ltd and refined copper at Copper India generated higher revenues.
Power sales, which contribute nearly 10 per cent to topline, grew 53 per cent year-on-year, primarily due to higher power sales from three units of the Jharsuguda 2,400 MW power plant that operates at 80 per cent availability.
“With the improved performance and lower foreign exchange losses at Vedanta Aluminium, Sterlite’s share of loss of associate decreased to Rs 61 crore in Q2 compared to Rs 243 crore in the corresponding period,” the company said.
The company continued to maintain a strong balance-sheet with cash and liquid investment of Rs 23,334 crore as on September 30.