Sterlite Industries March quarter net profit declined
27.2% to Rs 1987 crore Year-on-Year, due to the company recognising an
exceptional loss of Rs. 423 crores. The company said due to an unfavorable
ruling by the US courts in connection with the cancellation of the share
purchase agreement entered with ASARCO in 2009 , it incurred this
loss
Meanwhile, sales of the company climbed 7.6%. to Rs
10,763 crore driven by higher volumes as several of the company’s growth projects
commenced operations and ramped up production, and the successful integration
of the zinc international business acquired in second half of FY 2011.
Anil Agarwal, chairman, Sterlite Industries said; “Sterlite
Industries delivered strong operating and financial performance during the year
despite macroeconomic headwinds. We continue to deliver on our growth projects,
expanding and optimizing our assets to generate strong returns for our
shareholders.”
The company in a statement said it continues to
maintain a strong balance sheet and financial position, with cash and liquid
investments totaling to Rs.23,403 crore on 31 March 2012.
Meanwhile, during the quarter, production of refined
zinc was marginally lower at 190,000 tonnes YoY primarily on account
of higher utilization of new-generation smelters in Rajasthan and ramp-down of
Vizag smelter.
But lead production was 37,000 tonnes in Q4, up 110% YoY. Silver production
was at 88 tonnes during the quarter, up 77%. The increase in lead and silver production
was on account of the ramp-up of the SK mine, the 100 ktpa Dariba lead smelter
and the silver refinery.
During the quarter the company announced a merger
of Sterlite with Sesa Goa, and simplification of the Vedanta Group
structure. "The merger process is well on track to create one of the
world’s largest natural resource majors, and deliver significant long term
value for shareholders," said the company.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
No comments:
Post a Comment