OREANDA-NEWS. July 31, 2012. Sterlite Industries (India) Limited ("SIIL" or the "Company") announced its unaudited consolidated results for the first quarter ("Q1") ended 30 June 2012.

Q1 Highlights

ЃЎ          Integrated Lead production up 79% and integrated Silver production up 70% at Zinc India

ЃЎ          Power sales up 49%

ЃЎ          EBITDA at '2,337 crore

ЃЎ          Underlying EPS at '4.2 per share

ЃЎ          Strong balance sheet with cash and      liquid    investments of  '24,917 crore

ЃЎ          Shareholder approval received for        Sesa    Sterlite  merger

Financial Highlights

(In 'crore, except as stated)

Particulars

Quarter ended 30 June

Change

Year ended 31 March

 

2012

2011

%

2012

Net Sales/Income from Operations

10,591

9,826

8%

40,967

EBITDA

2,337

2,758

(15%)

10,169

Interest Expense

242

164

47%

852

Foreign Exchange Gain/(Loss)

(217)

-

-

(305)

Profit before Depreciation and Taxes (PBDT)

2,797

3,426

(18%)

12,174

Depreciation

518

420

23%

1,830

Profit before Taxes and Exceptional Items

2,279

3,006

(24%)

10,344

Exceptional Items

-

4

-

473

Taxes

334

614

(46%)

2,111

Profit after Taxes

1,945

2,388

(19%)

7,761

Minority Interest

577

642

(10%)

2,161

Share in Profit/(Loss) of Associate

(167)

(106)

57%

(772)

Attributable PAT after Exceptional Items

1,202

1,640

(27%)

4,828

Basic Earnings per Share (EPS) (crore/share)

3.6

4.9

 

14.4

Underlying Earnings per Share (EPS) ('/share) *

4.2

4.9

(14%)

16.7

Average Exchange Rate (crore/USD )

54.2

44.7

(21%)

47.9

*Underlying EPS excludes foreign exchange gain/loss and exceptional items

Consolidated Financial Performance

Revenues for Q1 were up 8% at '10,591 crore primarily due to increase in volume of Lead and Silver at Zinc India, Commercial Power and Copper. The drop in LME prices was partially offset by Rupee depreciation compared with the corresponding prior quarter.

EBITDA was down 15% at '2,337 crore, largely due to lower metal prices, lower volume of Zinc, lower power sales at Balco and higher cost of production in Rupee terms, partially offset by increased realisation on account of Rupee depreciation by 21% during Q1.

During Q1, profits were impacted by mark to market loss of '217 crore on foreign currency loans and higher interest costs of '78 crore.

Sesa - Sterlite Merger

Further to the approval received from the Stock Exchanges and the Competition Commission of India, Sterlite received shareholder approval at the Court Convened Meeting held on 21 June 2012. The Petition for the Schemes have been filed with and admitted by the High Court of Madras and High Court of Bombay at Goa. The Schemes are now subject to the approval of the High Court of Madras, High Court of Bombay at Goa and Supreme Court of Mauritius.