Sterlite posts 30% growth in consolidated net profit

Vedanta Group firm Sterlite Industries has posted 30 per cent growth in consolidated net profit at Rs 1,191 crore for the quarter ended December 31 because of improved sales realisations and lower tax outgo.

It had posted a net profit of Rs 913 crore in the corresponding quarter last year.

The total expenditure increased three per cent to Rs 9,011 crore, while the tax outgo declined 29.6 per cent to Rs 355.5 crore during the quarter. The interest costs also went up 13 per cent to Rs 227 crore. Net sales grew 4.3 per cent to Rs 10,692 crore during the quarter against Rs 10,249 crore in the corresponding quarter last year, a according to a company statement. “Sterlite Industries continues to maintain its strong performance and leadership position,” Chairman Anil Agarwal said. Besides, its subsidiary, Hindustan Zinc, plans to add 1.2 million tonnes per annum new capacity, with an investment of Rs 8,000 crore.