Sterlite net drops 25%

Sterlite Industries, India’s largest base metals producer, on Thursday said its net profit for the quarter ended September 30 fell by 25 per cent to Rs 959 crore as the prices of metals fell. The company reported Rs 1,280 crore net profit in the corresponding quarter of the previous year.

Sales of the company fell by 8 per cent to Rs 6,085 crore in the same period. Zinc for three-month delivery averaged $1,730 a tonne in the period, compared with $1,831 a year earlier, according to London Metal Exchange data.

The price of aluminum, which the company also produces, was about 35 per cent lower on average in the September quarter, compared with a year earlier. Sterlite fell 2.3 per cent to Rs 743 a share on the National Stock Exchange.

 

The stock has almost tripled this year, compared with a 66 per cent gain in the Sensex.