India's largest non-ferrous metals and mining company Sterlite Industries India Ltd. (SLT) reported Monday a significant rise in profit for the third quarter ended December 31, helped by a 50% rise in its net sales.
Mumbai-India headquartered Sterlite Industries third quarter profit rose 42% to Indian Rupees or INR 7.31 billion from INR 5.14 billion in the same period last year. Excluding exceptional items, attributable profit surged by 90% to INR 10.05 billion from INR 5.29 billion a year earlier. The excluding item of INR 2.74 billion is related to Asarco agreement termination and other related costs.
Quarterly net sales of the company rose 50% to INR 66.77 billion from INR 44.46 billion for the same period a year-ago, helped by rise in revenues from its zinc and copper business.
Zinc business third quarter revenues more than doubled to INR 22.03 billion from INR 10.16 billion for the same year a year earlier and copper business revenues rose to INR 35.48 billion from INR 25.78 billion last year.
While the company's other smaller segment, aluminum business revenues slipped to INR 6.93 billion from INR 8.36 billion in the same period last year, power business revenues rose to INR 2.33 billion from INR 140 million a year-ago. The rise in its power business revenues is due to the significant increase in its power production to 433 million units from 42 million units a year-ago.
Subsidiary of Vedanta Resources Plc, a London-based diversified metals and mining group, Sterlite Industries indicated cash, cash equivalents and liquid investments of INR 252.57 billion at the end of the third quarter.
For the nine month period, attributable profit after exceptional item dropped 20% to INR 23.63 billion from INR 29.42 billion for the same period last year. Attributable profit before exceptional item for the period was down to INR 26.60 billion from INR 29.67 billion a year-ago.
Net sales for the nine months rose 3% to INR 173.00 billion from INR 168.08 billion last year.
Providing update on the expansion projects in its Zinc business, the company said the Rampura Agucha mine expansion to 6 mtpa or million tons per annum from 5 mtpa is on schedule for commissioning by mid 2010.
The company said that construction work on the 2,400 MW power plant at Jharsuguda, Orissa is in progress, with the first unit of 600 MW expected to be commissioned by the end of the financial year, and the remaining units expected to be progressively commissioned by the end of calender year 2010.
SLT is currently trading at US$16.96, down 0.12 or 0.70% on the NYSE. The stock declined INR 16.30 or 1.99%, at INR 802.45 on the BSE, and closed at INR 802.60, down INR 15.60 or 1.91% on the NSE.
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