Sterlite Industries ' consolidated net profit grew by 75
percent year-on-year to Rs 1,743 crore in the second quarter of current
financial year, helped by forex gain and increase in power sales.
Consolidated net sales rose higher-than-expected by 8.8
percent to Rs 11,029 crore from Rs 10,135 crore during the same period owing to
strong production and sales volumes of silver, lead, copper and power
businesses.
Analysts on an average had expected net profit of Rs 1,205
crore on net sales of Rs 10,495 crore for the quarter.
The fall in metal prices was largely offset by the
depreciation of Indian rupee, says company in a press release.
The company earned a foreign exchange gain of Rs 219 crore
in the July-September quarter due to appreciation of rupee from 56.30 to 52.70
against the US dollar in three months, which helped offset the foreign exchange
loss in Q1.
Power sales, which contribute nearly 10 percent to topline,
grew 53 percent year-on-year primarily due to higher power sales from 3 units
of the Jharsuguda 2,400MW power plant that is operating at availability of over
80 percent.
"With the improved performance and lower foreign
exchange losses at Vedanta Aluminium (VAL), Sterlite's share of loss of
associate declined to Rs 61 crore in Q2 as compared to Rs 243 crore in the
corresponding quarter of previous fiscal," the company said.
The board of directors have recommended an interim dividend
of Rs 1.1 per share and the record date for dividend payment is fixed at
October 30, 2012.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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