Sterlite Industries, a Vedanta Group company, reported that its net profit was up 51 per cent in the March quarter at Rs 1,925 crore (Rs 1,277 crore), due to higher volumes and depreciation of the rupee against dollar. Sales increased 17 per cent at Rs 12,609 crore (Rs 10,757 crore).
The Board has declared a dividend of Rs 1.20 a share.
On a standalone basis, the net profit moved up three-fold to Rs 285 crore (Rs 86 crore), while net sales jumped nine per cent to Rs 4,957 crore (Rs 4,533 crore).
The Tamil Nadu Pollution Control Board had ordered the closure of the Tuticorin Copper Smelter of the company last month and it has appealed against the order. Meanwhile, the company has made a provision of Rs 100 crore according to the Supreme Court order on April 2.
While providing a sort of relief to Sterlite, the apex court directed the company to deposit Rs 100 crore within three months with the District Collector, Tuticorin, to improve air and water environment quality in the vicinity of the plant. During the fourth quarter, the company delivered higher refined silver, lead, copper, aluminium and power and higher mined metal production at its zinc plant in India.
Vedanta Group is in the process of consolidating its assets in India Sesa Sterlite. The
High Court of Bombay at Goa has already approved the scheme of amalgamation and arrangement and the order from the High Court of Madras is still awaited, said the company.
Sterlite has consolidated cash, cash equivalents and liquid investments of Rs 24,847 crore as of March-end.
Shares of Sterlite were up four per cent at Rs 95 on Tuesday.