Company Website:
http://www.sterlite-industries.com
MUMBAI, India -- (Business Wire)
Sterlite Industries (India) Limited (“Sterlite” or the “Company”) today
announced its results for the Third Quarter (Q3) and Nine Months ended
31 December 2012.
Q3 Highlights
Financials
-
Attributable PAT and Earnings per share up 30% at Rs. 1,191 Crore and
Rs. 3.5 per share, respectively
-
Strong balance sheet with cash and liquid investments of Rs. 23,472
crore
Operations
-
Mined metal production up 11% and integrated silver production up 8%
at Zinc India
-
Next phase of mining growth to 1.2 mtpa of zinc-lead capacity
announced at Zinc India
-
Strong operational performance at Aluminium smelters, producing above
rated capacity
-
Vizag Coal Berth obtained provisional Commercial Operations
Declaration (COD) and expected to commence operations in the current
quarter
Mr. Anil Agarwal, Chairman, Sterlite Industries (India) Ltd. : “Sterlite
Industries continues to maintain its strong performance and leadership
position. We have substantially improved our efficiencies, operational
performance and metal production across businesses. Zinc India is poised
for the next phase of growth as we embark on a major exploration drive
using best in class technology and global expertise.”
|
|
Consolidated Financial Performance |
|
|
|
|
| Q3 |
| Q2 |
| Nine months period |
| Particulars (In Rs. Crore, except as stated) |
| FY2013 |
| FY2012 |
| %
change
YoY |
| FY2013 |
| FY2013 |
| FY2012 |
| %
change
YoY |
|
Net Sales/Income from operations
|
|
10,692
|
|
|
10,249
|
|
| 4 | % |
|
11,029
|
|
|
32,313
|
|
|
30,210
|
|
| 7 | % |
|
EBITDA
|
|
2,375
|
|
|
2,363
|
|
| 1 | % |
|
2,538
|
|
|
7,252
|
|
|
7,672
|
|
| (5 | %) |
|
Interest expense
|
|
227
|
|
|
200
|
|
| - |
|
|
178
|
|
|
646
|
|
|
602
|
|
| - |
|
|
Forex (loss)/gain
|
|
(63
|
)
|
|
(300
|
)
|
| - |
|
|
219
|
|
|
(61
|
)
|
|
(489
|
)
|
| - |
|
|
Profit before Depreciation and Taxes
|
|
2,896
|
|
|
2,616
|
|
| 11 | % |
|
3,416
|
|
|
9,110
|
|
|
8,766
|
|
| 4 | % |
|
Depreciation
|
|
538
|
|
|
461
|
|
| - |
|
|
522
|
|
|
1,578
|
|
|
1,327
|
|
| - |
|
|
Profit before Exceptional items
|
|
2,358
|
|
|
2,155
|
|
| - |
|
|
2,894
|
|
|
7,531
|
|
|
7,439
|
|
| - |
|
|
Exceptional Items
|
|
-
|
|
|
6
|
|
| - |
|
|
-
|
|
|
-
|
|
|
41
|
|
| - |
|
|
Taxes
|
|
356
|
|
|
505
|
|
| - |
|
|
511
|
|
|
1,200
|
|
|
1,624
|
|
| - |
|
|
Profit After Taxes
|
|
2,003
|
|
|
1,643
|
|
| 22 | % |
|
2,383
|
|
|
6,331
|
|
|
5,775
|
|
| 10 | % |
|
Minority Interest
|
|
585
|
|
|
466
|
|
| - |
|
|
579
|
|
|
1,742
|
|
|
1,611
|
|
| - |
|
|
Share in Profit/(Loss) of Associate
|
|
(226
|
)
|
|
(264
|
)
|
| - |
|
|
(61
|
)
|
|
(453
|
)
|
|
(612
|
)
|
| - |
|
|
Attributable PAT after exceptional item
|
|
1,191
|
|
|
914
|
|
| 30 | % |
|
1,743
|
|
|
4,136
|
|
|
3,551
|
|
| 16 | % |
|
Basic Earnings per Share (Rs./share)
|
|
3.5
|
|
|
2.7
|
|
| - |
|
|
5.2
|
|
|
12.3
|
|
|
10.6
|
|
| - |
|
|
Underlying Earnings per Share*(Rs./share)
|
|
3.7
|
|
|
3.6
|
|
| - |
|
|
4.7
|
|
|
12.4
|
|
|
12.1
|
|
| - |
|
|
Exchange rate (Rs./$) – Average
|
|
54.1
|
|
|
51.0
|
|
| - |
|
|
55.2
|
|
|
54.5
|
|
|
47.2
|
|
| - |
|
|
Exchange rate (Rs./$) – Closing
|
|
54.8
|
|
|
53.3
|
|
| - |
|
|
52.7
|
|
|
54.8
|
|
|
53.3
|
|
| - |
|
*Before forex and exceptional items
Q3 EBITDA was in line with the corresponding prior quarter at Rs. 2,375
crore, reflecting improved operational efficiencies, marginally higher
metal prices and premiums and improved sales realization due to INR
depreciation, which were partially offset by lower by-product
realizations. Q3 FY2013 EBITDA was lower compared to Q2 FY2013, impacted
by lower power sales and lower by-product credits.
Improved operational performance and lower foreign exchange losses at
Vedanta Aluminium Limited decreased Sterlite’s share of loss of
associate by 14% during Q3 compared with the corresponding prior quarter.
Depreciation cost during Q3 was higher compared with the corresponding
prior quarter on account of capitalization of new plants at Zinc India
and Sterlite Energy Limited.
Interest cost in Q3 FY2013 was higher as compared to the corresponding
prior quarter and Q2 FY2013 due to capitalisation of new plants and
increased borrowings.
Attributable PAT and Basic EPS were Rs. 1,191 crore and Rs. 3.5 per
share for Q3, up 30% and were Rs. 4,136 crore and Rs. 12.3 per share for
the nine months period, up 16%.
The company continued to maintain a strong balance sheet with cash and
liquid investment of Rs. 23,472 crore as on 31 December 2012.
Merger of Sterlite and Sesa Goa Limited and Vedanta Group
Consolidation
The transaction has received approvals of respective companies’ equity
shareholders, the Stock Exchanges in India and the Competition
Commission of India. Approvals of Foreign Investment Promotion Board and
the Supreme Court of Mauritius have been received for the merger of
Ekaterina Limited with Sesa Goa Limited. The hearings at the High Court
of Madras have been completed and the order is awaited. The hearings at
the High Court of Bombay at Goa are in progress.
|
|
Zinc - India Business |
|
|
|
|
| Q3 |
| Q2 |
| Nine months period |
Production (in ’000 tonnes, or as stated) |
| FY2013 |
| FY2012 |
| % change
YoY |
| FY2013 |
| FY2013 |
| FY2012 |
| % change
YoY |
|
Mined metal content
|
|
233
|
|
209
|
| 11 | % |
|
190
|
|
610
|
|
607
|
| - |
|
| Refined Zinc – Total |
| 171 |
| 191 |
| (10 | %) |
| 163 |
| 495 |
| 569 |
| (13 | %) |
|
Refined Zinc – Integrated
|
|
168
|
|
188
|
| (10 | %) |
|
153
|
|
479
|
|
563
|
| (15 | %) |
|
Refined Zinc – Custom
|
|
3
|
|
3
|
| - |
|
|
10
|
|
17
|
|
6
|
| - |
|
| Refined Lead - Total 1 |
| 32 |
| 29 |
| 11 | % |
| 27 |
| 90 |
| 62 |
| 45 | % |
|
Refined Lead – Integrated
|
|
22
|
|
25
|
| (11 | %) |
|
24
|
|
75
|
|
58
|
| 29 | % |
|
Refined Lead – Custom
|
|
10
|
|
4
|
| - |
|
|
3
|
|
15
|
|
4
|
| - |
|
| Silver - Total (in tonnes) 2 |
| 117 |
| 58 |
| 103 | % |
| 92 |
| 290 |
| 154 |
| 89 | % |
|
Silver - Integrated (in tonnes)
|
|
62
|
|
58
|
| 8 | % |
|
80
|
|
222
|
|
154
|
| 44 | % |
|
Silver – Custom (in tonnes)
|
|
55
|
|
-
|
| - |
|
|
12
|
|
68
|
|
-
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financials (In Rs. crore, except as stated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
3,117
|
|
2,726
|
| 14 | % |
|
2,746
|
|
8,504
|
|
8,070
|
| 5 | % |
|
EBITDA
|
|
1,484
|
|
1,380
|
| 8 | % |
|
1,408
|
|
4,241
|
|
4,359
|
| (3 | %) |
|
PAT
|
|
1,629
|
|
1,278
|
| 27 | % |
|
1,497
|
|
4,668
|
|
4,087
|
| 14 | % |
|
Zinc CoP without Royalty (Rs./MT)
|
|
44,900
|
|
40,300
|
| 11 | % |
|
46,750
|
|
45,700
|
|
39,400
|
| 16 | % |
|
Zinc CoP without Royalty ($/MT)
|
|
829
|
|
785
|
| 6 | % |
|
844
|
|
838
|
|
836
|
| - |
|
|
Zinc CoP with Royalty ($/MT)
|
|
993
|
|
944
|
| 5 | % |
|
999
|
|
999
|
|
1,015
|
| (2 | %) |
|
Zinc LME Price ($/MT)
|
|
1,947
|
|
1,897
|
| 3 | % |
|
1,885
|
|
1,920
|
|
2,123
|
| (10 | %) |
|
Lead LME Price ($/MT)
|
|
2,199
|
|
1,983
|
| 11 | % |
|
1,975
|
|
2,051
|
|
2,328
|
| (12 | %) |
|
Silver LBMA Price ($/oz)
|
|
33
|
|
32
|
|
3
|
%
|
|
30
|
|
31
|
|
36
|
|
(15
|
%)
|
|
| |
| |
| | |
| |
| |
| |
| | |
|
|
|
|
1.
|
|
Includes captive consumption of 1,647 tonnes in Q3 FY2013 vs.
1,730 tonnes in Q3 FY2012, and 4,723 tonnes in nine months period
FY2013 vs. 4,469 tonnes in nine months period FY2012.
|
| | |
2.
| |
Includes captive consumption of 8 tonnes in Q3 FY2013 vs. 9 tonnes
in Q3 FY2012, and 25 tonnes in nine months period FY2013 vs. 24
tonnes in nine months period FY2012.
|
| | | | |
|
Mined metal production was 11% higher in Q3, as compared with the
corresponding prior quarter. Compared to Q2 FY2013 mined metal
production was 22% higher in Q3. As guided previously, we expect higher
mined metal production during the full year FY2013 as compared with the
previous year.
In line with the mine-plan, mined metal production was lower in first
half of FY2013 resulting in a lower integrated zinc production in Q3 as
compared with the corresponding prior quarter. However, compared to Q2
FY2013, integrated zinc production was 10% higher in Q3, and is expected
to increase further in Q4 FY2013.
Integrated lead production was 11% lower in Q3 FY2013. However, total
refined lead production was 11% higher.
Integrated silver production was 8% higher in Q3 driven by production
ramp-up at SK mine and improved utilisation of lead-silver refining
capacities.
EBITDA for Q3 was 8% higher due to higher refined lead and silver
volumes, higher metal prices and depreciation of the Indian Rupee,
partially offset by lower refined zinc volumes and higher CoP. CoP was
higher on account of lower by-product credits and lower volumes,
partially offset by operational efficiencies and lower coal prices.
PAT for Q3 was 27% higher compared with the corresponding prior period
primarily on account of higher investment income.
The Board of Directors of Hindustan Zinc has approved the next phase of
growth. Zinc India has been actively conducting exploration, which
increased net Reserve and Resource across all mines to 332.3 mt of ore
as at end FY 2012. Based on a long-term evaluation of assets and in
consultation with mining experts, Zinc India has finalised plans for the
next phase of growth, which will involve sinking of underground shafts
and developing underground mines. The plan comprises developing a 3.75
mtpa underground mine at Rampura Agucha and expanding the Sindesar Khurd
mine from 2.0 mtpa to 3.75 mtpa, Zawar mines from 1.2 mtpa to 5.0 mtpa,
Rajpura Dariba mine from 0.6 mtpa to 1.2 mtpa and Kayad mine from 0.35
mtpa to 1.0 mtpa. It will also involve the opening up of a small new
mine at Bamnia Kalan in the Rajpura Dariba belt.
The growth plan will increase mined metal production capacity to 1.2
mtpa Metal in Concentrate (MIC). These mines will be developed using the
best-in-class technology and equipment, and in consultation with leading
global mine experts, ensuring highest level of productivity. The
projects will be completed in six years and the benefit of growth
projects will start flowing in from the third year, even as projects
will continue till FY2019. Annual capital expenditures for these
projects will average US$250 million a year over next six years
(totalling approximately Rs. 8,000 Crores).
|
|
Zinc - International Business |
|
|
|
|
| Q3 |
| Q2 |
| Nine months period |
| Production (in’000 tonnes, or as stated) |
| FY2013 |
| FY2012 |
| % change
YoY |
| FY2013 |
| FY2013 |
| FY2012 |
| % change
YoY |
|
Refined Zinc – Skorpion
|
|
36
|
|
34
|
| 7 | % |
|
37
|
|
109
|
|
109
|
| - |
|
|
Mined metal content- BMM and Lisheen
|
|
68
|
|
71
|
| (4 | %) |
|
77
|
|
215
|
|
228
|
| (6 | %) |
|
Total
|
|
104
|
|
105
|
| - |
|
|
114
|
|
324
|
|
337
|
| (4 | %) |
| Financials (In Rs. Crore, except as stated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue1 |
|
1,065
|
|
1,030
|
| 3 | % |
|
1,125
|
|
3,201
|
|
3,251
|
| (2 | %) |
|
EBITDA
|
|
439
|
|
373
|
| 18 | % |
|
392
|
|
1,169
|
|
1,365
|
| (14 | %) |
|
PAT
|
|
226
|
|
235
|
| (4 | %) |
|
210
|
|
627
|
|
844
|
| (26 | %) |
|
CoP – ($/MT)
|
|
1,095
|
|
1,188
|
| (8 | %) |
|
1,053
|
|
1,091
|
|
1,237
|
| (12 | %) |
|
Zinc LME Price ($/MT)
|
|
1,947
|
|
1,897
|
|
3
|
%
|
|
1,885
|
|
1,920
|
|
2,123
|
|
(10
|
%)
|
|
Lead LME Price ($/MT)
|
|
2,199
|
|
1,983
|
|
11
|
%
|
|
1,975
|
|
2,051
|
|
2,328
|
|
(12
|
%)
|
|
|
|
|
1.
|
|
Includes intercompany sales to Zinc India of Rs. 153 crore in nine
months period FY 2012.
|
| | | | |
|
Zinc International delivered a total production of refined zinc and
mined zinc-lead metal MIC of 104,000 tonnes in Q3.
EBITDA for Q3 was 18% higher compared with the corresponding prior
quarter mainly due to higher zinc and lead LME prices and lower CoP.
|
|
Copper – India / Australia Business |
|
|
|
|
| Q3 |
| Q2 |
| Nine Months period |
| Production (in’000 tonnes, or as stated) |
| FY2013 |
| FY2012 |
| % change
YoY |
| FY2013 |
| FY2013 |
| FY2012 |
| % change
YoY |
|
Copper - Mined metal content
|
|
6
|
|
|
6
|
|
| 8 | % |
|
6
|
|
19
|
|
|
17
|
|
| 11 | % |
|
Copper - Cathodes
|
|
92
|
|
|
84
|
|
| 9 | % |
|
87
|
|
267
|
|
|
245
|
|
| 9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financials (In Rs. crore, except as stated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
5,164
|
|
|
5,130
|
|
| 1 | % |
|
5,417
|
|
15,882
|
|
|
15,068
|
|
| 5 | % |
|
EBITDA
|
|
234
|
|
|
426
|
|
| (45 | %) |
|
342
|
|
842
|
|
|
1,196
|
|
| (30 | %) |
|
Foreign Exchange gain/(loss)
|
|
(92
|
)
|
|
(122
|
)
|
| 25 | % |
|
161
|
|
(151
|
)
|
|
(234
|
)
|
| 35 | % |
|
PAT
|
|
147
|
|
|
347
|
|
| (58 | %) |
|
475
|
|
718
|
|
|
1,033
|
|
| (31 | %) |
|
Tc/Rc (US¢/lb)
|
|
12.4
|
|
|
15.9
|
|
| (22 | %) |
|
11.3
|
|
12.0
|
|
|
14.3
|
|
| (16 | %) |
|
Net CoP – cathode (US¢/lb)
|
|
10.8
|
|
|
2.4
|
|
| - |
|
|
7.1
|
|
7.8
|
|
|
(1.4
|
)
|
| - |
|
|
Copper LME Price ($/MT)
|
|
7,909
|
|
|
7,489
|
|
| 6 | % |
|
7,706
|
|
7,827
|
|
|
8,531
|
|
| (8 | %) |
|
| | |
| | |
| | |
| |
| | |
| | |
| | |
Copper cathode production was 92,000 tonnes in Q3, 9% higher than the
corresponding prior period. Mined metal production at Australia was at
6,000 tonnes in Q3, in-line with the corresponding prior period.
EBITDA for Q3 was 45% lower compared with the corresponding prior
quarter on account of lower sulphuric acid realisations, lower
contribution from phosphoric acid operations and lower Tc/Rc, partially
offset by increase in volumes. Demand for phosphoric acid and sulphuric
acid remains low and we anticipate lower acid realisations in the
current quarter as well.
The first 80MW unit of the 160MW captive power plant at Tuticorin was
commissioned in Q3 and is currently operating at 80% PLF. The second
80MW unit is expected to be synchronized in Q1 FY2014.
|
|
Aluminium Business - BALCO |
|
|
|
|
| Q3 |
| Q2 |
| Nine months period |
| Production (in’000 tonnes, or as stated) |
| FY2013 |
| FY2012 |
| % change
YoY |
| FY2013 |
| FY2013 |
| FY2012 |
| % change
YoY |
|
Aluminium
|
|
62
|
|
|
63
|
|
| - |
|
|
63
|
|
185
|
|
184
|
| 1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financials (In Rs. crore, except as stated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
832
|
|
|
801
|
|
| 4 | % |
|
859
|
|
2,472
|
|
2,243
|
| 10 | % |
|
EBITDA
|
|
64
|
|
|
36
|
|
| 77 | % |
|
95
|
|
216
|
|
305
|
| (29 | %) |
|
PAT
|
|
(8
|
)
|
|
(17
|
)
|
| 52 | % |
|
32
|
|
18
|
|
110
|
| (84 | %) |
|
CoP ($/MT)
|
|
1,995
|
|
|
1,880
|
|
| 6 | % |
|
1,970
|
|
1,958
|
|
1,984
|
| (1 | %) |
|
CoP (Rs./MT)
|
|
108,000
|
|
|
98,200
|
|
| 10 | % |
|
108,800
|
|
106,800
|
|
95,400
|
| 12 | % |
|
Aluminum LME Price ($/MT)
|
|
1,997
|
|
|
2,090
|
|
| (4 | %) |
|
1,918
|
|
1,964
|
|
2,360
|
| (17 | %) |
|
| | |
| | |
| | |
| |
| |
| |
| | |
The Korba-II smelter operated above its rated capacity and continues to
convert all of its primary metal into value added products.
EBITDA during Q3 was higher compared with the corresponding prior
quarter, primarily on account of higher premiums, which more than offset
the impact of higher CoP in rupee terms and lower LME prices.
Q3 aluminium CoP was higher as compared with the corresponding prior
quarter on account of higher alumina cost and higher coal prices due to
tapering of coal linkage.
The first 300MW unit of the BALCO 1,200MW captive power plant is
awaiting regulatory approvals. We plan to tap the first metal at the 325
ktpa Korba-III aluminium smelter in Q1 FY2014. The smelter plans to
initially draw power from the existing 810 MW power plants.
For the 211 mt coal block at BALCO, we have received the second stage
forest clearance during the quarter and expect to commence mining in Q1
FY2014.
|
|
Aluminium Business – Vedanta Aluminium Limited (Associate
Company) |
|
|
|
|
| Q3 |
| Q2 |
| Nine months period |
| Production (in’000 tonnes, or as stated) |
| FY2013 |
| FY2012 |
| % change
YoY |
| FY2013 |
| FY2013 |
| FY2012 |
| % change
YoY |
|
Alumina – Lanjigarh
|
|
104
|
|
|
236
|
|
| (56 | %) |
|
205
|
|
|
527
|
|
|
687
|
|
| (23 | %) |
|
Aluminum – Jharsuguda
|
|
135
|
|
|
111
|
|
| 21 | % |
|
134
|
|
|
394
|
|
|
314
|
|
| 25 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financials (in Rs. crore except as stated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
1,713
|
|
|
1,444
|
|
| 19 | % |
|
1,819
|
|
|
5,213
|
|
|
4,117
|
|
| 27 | % |
|
EBITDA
|
|
248
|
|
|
102
|
|
| 143 | % |
|
225
|
|
|
736
|
|
|
341
|
|
| 116 | % |
|
Forex gain/(loss)
|
|
(295
|
)
|
|
(339
|
)
|
| 13 | % |
|
280
|
|
|
(131
|
)
|
|
(544
|
)
|
| 76 | % |
|
PAT
|
|
(766
|
)
|
|
(893
|
)
|
| 14 | % |
|
(206
|
)
|
|
(1,537
|
)
|
|
(2,076
|
)
|
| 26 | % |
|
SIIL Share (29.5%)
|
|
(226
|
)
|
|
(263
|
)
|
| 14 | % |
|
(61
|
)
|
|
(453
|
)
|
|
(612
|
)
|
| 26 | % |
|
Aluminium CoP ($/MT)
|
|
1,928
|
|
|
2,004
|
|
| (4 | %) |
|
1,905
|
|
|
1,892
|
|
|
2,280
|
|
| (17 | %) |
|
Aluminium CoP (Rs./MT)
|
|
104,400
|
|
|
103,100
|
|
| 1 | % |
|
105,300
|
|
|
103,200
|
|
|
107,500
|
|
| (4 | %) |
|
Aluminium LME Price ($/MT)
|
|
1,997
|
|
|
2,090
|
|
| (4 | %) |
|
1,918
|
|
|
1,964
|
|
|
2,360
|
|
| (17 | %) |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
During the quarter, we temporarily suspended operations at the Lanjigarh
alumina refinery due to lower availability of bauxite. VAL is in
discussions with the concerned authorities and other stakeholders for
sourcing of bauxite from Orissa and other states to restart the refinery
operations. We produced 104,000 tonnes of Alumina during the quarter as
compared with 236,000 tonnes during the corresponding prior quarter.
The Jharsuguda-I smelter operated above its rated capacity. Aluminium
production was 21% higher in Q3 as compared with the corresponding prior
period on account of full capacity utilization and higher operational
efficiencies.
Q3 Aluminium CoP was stable in rupee terms due to better operational
efficiencies, lower power consumption and lower coal cost despite
increased cost of alumina. VAL achieved the best quarterly operational
efficiency, and CoP remained in the lower half of the global cost curve.
Q3 EBITDA was significantly higher than the corresponding prior quarter,
on account of higher production and higher metal premiums. EBITDA margin
also improved due to higher conversion of primary metal into value added
products. 46% of primary metal was converted to value added products in
Q3 compared to 40% last year.
PAT during the quarter improved due to higher EBITDA and lower mark to
market loss on foreign currency borrowings as compared to the
corresponding prior quarter.
|
|
Status of Investment in Vedanta Aluminium
Limited as at 31 December 2012 |
|
|
| Investment in VAL (Rs. Crore)
|
| Sterlite |
| Vedanta |
| External |
| Total |
|
Equity
|
|
563
|
|
1,391
|
|
-
|
| 1,954 |
|
Preference Shares
|
|
3,000
|
|
-
|
|
-
|
| 3,000 |
|
Quasi Equity / Debt
|
|
8,140
|
|
853
|
|
18,210
|
| 27203 |
|
Total Funding
|
|
11,703
|
|
2,244
|
|
18,210
|
| 32,157 |
|
Corporate Guarantees
|
|
6,538
|
|
23,271
|
|
-
|
| 29,809 |
|
|
Power Business |
|
|
|
|
| Q3 |
| Q2 |
| Nine months period |
| Particulars (in million units) |
| FY2013 |
| FY2012 |
| % change
YoY |
| FY2013 |
| FY2013 |
| FY2012 |
| % change
YoY |
| Total Power Sales |
|
1,916
|
|
1,997
|
| (4%) |
|
2,474
|
|
6,848
|
|
5,412
|
| 27% |
|
SEL 1 |
|
1,578
|
|
1,559
|
| 1% |
|
1,940
|
|
5,457
|
|
3,964
|
| 38% |
|
Balco 270MW Power Sales
|
|
275
|
|
382
|
| (28%) |
|
346
|
|
959
|
|
1,192
|
| (20%) |
|
HZL Wind Power
|
|
62
|
|
56
|
| 12% |
|
188
|
|
432
|
|
256
|
| 69% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financials (in Rs. crore except as stated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue 2 |
|
520
|
|
574
|
| (9%) |
|
885
|
|
2,267
|
|
1,775
|
| 28% |
|
EBITDA
|
|
155
|
|
147
|
| 5% |
|
300
|
|
784
|
|
447
|
| 75% |
|
PAT
|
|
(28)
|
|
35
|
| (180%) |
|
113
|
|
168
|
|
108
|
| 55% |
|
Average Power CoP (Rs./unit)
|
|
2.29
|
|
2.47
|
|
(7%)
|
|
2.22
|
|
2.16
|
|
2.50
|
|
(14%)
|
|
Average Power Realization (Rs./unit)
|
|
3.35
|
|
3.44
|
|
(3%)
|
|
3.45
|
|
3.42
|
|
3.60
|
|
(5%)
|
|
SEL CoP (Rs./unit)
|
|
2.22
|
|
2.64
|
|
(16%)
|
|
2.31
|
|
2.23
|
|
2.78
|
|
(20%)
|
|
SEL realization (Rs./unit)
|
|
3.31
|
|
3.49
|
|
(5%)
|
|
3.42
|
|
3.43
|
|
3.70
|
|
(7%)
|
|
| |
| |
| |
| |
| |
| |
| |
|
|
|
|
1.
|
|
Includes production under trial run of 456 million units in Q3
FY2013 vs. 428 million units in Q3 FY2012, and 795 million units in
nine months period FY2013 vs. 717 million units in nine months
period FY2012.
|
| | |
2.
| |
Includes intercompany sale of Rs. 4 crore in nine months period
FY2012.
|
| | | | |
|
Power sales were at 1,916 million units in Q3, 4% lower than last year.
During the quarter, PLF was 31%, considering three commissioned units of
the 2,400MW Jharsuguda power plant, constrained by continued evacuation
limitations that were imposed after the Northern and Eastern region grid
failure in August 2012.
The evacuation capacity has improved with the charging of a shared
1,000MW Raipur-Wardha transmission line in January 2013, and PLFs for
the 3 commissioned units are expected to be around 50% in Q4 FY2013. The
fourth unit is currently under trial run, and is expected to be
stabilised by the end of the current quarter.
Power sales at the Balco 270 MW plant were 28% lower in Q3 due to
similar evacuation constraints.
In spite of lower sales realisation, EBITDA for Q3 was marginally higher
due to lower power generation cost at SEL.
Work at the Talwandi Sabo power project is progressing well and the
first unit is expected to be synchronized in Q2 FY2014.
Port Projects
In October 2010, we had been awarded a 30-year concession to upgrade the
coal berth at Vishakhapatnam Port to 10.18mtpa (Coal Berth mechanization
project) and operate it. This is being implemented at a total project
cost of $150mn through Vizag General Cargo Berth Private Limited (VGCB),
a74:26 joint venture between Sterlite Industries (India) Ltd.
and Leighton Welspun Contractors Private Ltd. VGCB has obtained
provisional Commercial Operations Declaration and is expected to
commence operations in the current quarter.
Cash, Cash Equivalents and Liquid Investment
The company continues to follow a conservative investment policy and
invests in high quality debt instruments in the form of mutual funds,
bonds and fixed deposits with banks. As at 31 December 2012, the company
has cash, cash equivalents and liquid investments of Rs. 23,472 crore,
out of which Rs. 13,302 crore was invested in debt mutual funds and
bonds, and Rs. 10,170 crore was in fixed deposits and bank balances.
Note: Figures in previous periods have been regrouped or
restated, wherever necessary to make them comparable to current period.
About Sterlite Industries
Sterlite Industries (India) Limited is India’s largest diversified
metals and mining company. The company produces aluminium, Copper, zinc,
lead, silver, and commercial energy and has operations in India,
Australia, Namibia, South Africa and Ireland. The company has a strong
organic growth pipeline of projects. Sterlite Industries is listed on
the Bombay Stock Exchange and National Stock Exchange in India and the
New York Stock Exchange in the United States. For more information,
please visit www.sterlite-industries.com.
Disclaimer
This press release contains “forward-looking statements” – that is,
statements related to future, not past, events. In this context,
forward-looking statements often address our expected future business
and financial performance, and often contain words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or
“will.” Forward–looking statements by their nature address matters that
are, to different degrees, uncertain. For us, uncertainties arise from
the behaviour of financial and metals markets including the London Metal
Exchange, fluctuations in interest and or exchange rates and metal
prices; from future integration of acquired businesses; and from
numerous other matters of national, regional and global scale, including
those of a political, economic, business, competitive or regulatory
nature. These uncertainties may cause our actual future results to be
materially different that those expressed in our forward-looking
statements. We do not undertake to update our forward-looking statements.
Regd. Office: SIPCOT Industrial Complex, Madurai Bypass Road, TV
Puram P.O., Tuticorin-628002, Tamil Nadu
Contacts:
Sterlite Industries (India) Limited
Ashwin Bajaj, +91 22 6646 1531
Senior
Vice President – Investor Relations
sterlite.ir@vedanta.co.in
or
Sheetal
Khanduja, +91 22 6646 1531
AGM – Investor Relations
sterlite.ir@vedanta.co.in
Source: Sterlite Industries (India) Limited