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Sesa Sterlite posts net profit of Rs 2,394.37 cr in Q2

Board today recommended an interim dividend of Rs 1.50 per share and the outgo on this account will be Rs 446 crore

Press Trust of India  |  New Delhi 

Sesa Goa Q2 Results
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group firm today reported a consolidated net profit of Rs 2,394.37 crore for the second quarter ended September 30, 2013.

The newly created firm, which controls all operations except Konkola Copper Mines in Zambia, had reported a net profit of Rs 522.04 crore in the corresponding quarter of 2012-13.

However, the are not comparable as got created in August after merger of Sterlite Industries and some other group firms into Sesa Goa, it said in a filing to the BSE.

Net sales of the company stood at Rs 25,166.16 crore in the September 2013 quarter, while its total expenditure stood at Rs 21,737.63 crore. Sesa Sterlite's other income, during the quarter, stood at Rs 914.12 crore, while its finance cost was Rs 1,879.80 crore.

On a standalone basis, Sesa Sterlite's net profit was Rs 737.63 crore on the back of Rs 10,898.66 crore net sales in the July-September 2013 quarter.

Following completion of the merger in August, now has portfolio of oil and gas, zinc, lead, silver, copper, iron ore, aluminium and power businesses and it is almost a mirror image of its parent Vedanta Resources Plc.

In a separate statement, company chairman Anil Agarwal said, "The merger of Sterlite Industries and has created one of the world's largest global diversified natural resources Sesa Sterlite is the Indian flagship of our group and with its world class assets, efficient operations and our strong track record, we are well placed to deliver superior returns for shareholders."

He further said that despite volatile commodity prices and temporary suspension of iron ore operations at Goa and Karnataka, the company has delivered a strong operational and financial performance during the quarter, with production growth at our Oil and Gas, Zinc and Aluminium businesses.

"We expect to recommence mining in Karnataka soon and are hopeful that the Goa mining suspension will be resolved by the Supreme Court soon, which will be helpful for the government exchequer and the local economy," Agarwal added.

The company also said that its Board today recommended an interim dividend of Rs 1.50 per share and the outgo on this account will be Rs 446 crore.

Moreover, its expects to achieve full production capacity at its Lanjigarh alumina refinery, which is currently operating at about 40-50% capacity, the company said but did not mention from where it will secure bauxite to run the plant at the optimum levels.

As on September, 2013, consolidated gross debt of Sesa Sterlite was Rs 84,063 crore. This included long-term loans of Rs 66,192 crore and short term working capital loans of Rs 17,871 crore. On the other hand, it has a total cash and cash equivalents of Rs 48,140 crore.

First Published: Thu, October 31 2013. 20:24 IST