Sterlite Industries Q2 net up 75% at Rs 1,743 cr

The depreciating rupee helped the company largely offset falling metal rates at the the LME

Foreign exchange (forex) gains and group firm Vedanta Aluminium Ltd’s lower losses have helped Sterlite Industries Ltd post a net profit of Rs 1,743 crore in the quarter ended September 30, up 75 per cent from Rs 998 crore reported in the corresponding period last year.

The boost in net profit was helped by the forex gain of Rs 219 crore due to the appreciation of the rupee from Rs 56.30 against the dollar as on June 30 to Rs 52.70 at the end of the second quarter. Improved performance and lower forex losses at Vedanta Aluminium helped Sterlite cap its loss of associate to Rs 61 crore, compared with Rs 243 crore in the second quarter of last year. Net sales rose nine per cent to Rs 11,029 crore. Sterlite said strong production and sales volumes of silver, lead and copper and commercial power sales from Sterlite Energy Ltd helped the company post higher revenues. The depreciating rupee helped the company largely offset falling metal rates at the London Metal Exchange .

 

Its earnings before interest, taxes, depreciation, and amortisation for the second quarter was flat at Rs 2,538 crore against Rs 2,551 crore a year earlier. Interest costs dropped 25 per cent to Rs 178 crore in the quarter.