Sterlite Industries is trading lower by 3% at Rs 105, extending its Monday’s 6% fall, after reporting a 17% drop in consolidated net profit for the third quarter because of higher depreciation and amortization costs in addition to huge foreign-exchange losses.
The net profit for the October-December period fell to Rs 914 crore from Rs 1,101 crore a year earlier. However, consolidated sales grew 24% to Rs 10,246 crore from Rs 8,294 crore on higher revenue from its major businesses, zinc and copper, the Vedanta Group firm said in a filing to the stock exchanges.
The company incurred a forex loss of Rs 425 crore as compared to a loss of Rs 21 crore during the third quarter of previous fiscal.
Around 1.65 million shares have changed hands on the counter so far on the NSE.
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