Sesa Sterlite fell 0.90% to Rs 198.10 at 10:35 IST on BSE after consolidated net profit surged 276.12% to Rs 1868.29 crore on 7802.57% spurt in total income to Rs 19912.90 crore in Q3 December 2013 over Q3 December 2012.
The result was announced after market hours on Tuesday, 28 January 2014.
Meanwhile, the BSE Sensex was up 103.65 points, or 0.50%, to 20,787.16.
On BSE, so far 1.62 lakh shares were traded in the counter, compared with an average volume of 9.71 lakh shares in the past one quarter.
The stock hit a high of Rs 203.50 and a low of Rs 195.25 so far during the day. The stock hit a 52-week high of Rs 213.05 on 21 January 2014. The stock hit a 52-week low of Rs 119.45 on 31 July 2013.
The stock had outperformed the market over the past one month till 28 January 2014, falling 0.65% compared with the Sensex's 2.41% fall. The scrip had also outperformed the market in past one quarter, rising 2.20% as against Sensex's 0.55% rise.
The large-cap company has an equity capital of Rs 296.47 crore. Face value per share is Re 1.
Sesa Sterlite informed that Q3 December 2013 and nine months numbers are not comparable with the corresponding prior periods of the fiscal year ended March 2013 (FY 2013) since the merger between Sterlite Industries (India) and Sesa Goa got effective in August 2013.
Merger related profit and loss and tax impact for current year from April 2013 has been taken into account in Q2 September 2013. Q2 September 2013 actual numbers included pre-merger Sesa Goa and its subsidiaries; both Q1 June 2013 and Q2 September 2013 numbers of pre-merger Sterlite Industries and its subsidiaries, VAL & MALCO power; and Cairn India from 26 August 2013. Nine months actual financial numbers include results of all consolidating entities of Sesa Sterlite Limited for the nine months FY2014, except Cairn India, which is consolidated from 26 August 2013. Hence, company has drawn a unreviewed adjusted proforma account for the Q2 and nine months to indicate the performance during the period, had the restructuring been effected from 1 April 2013, to illustrate the effects of the restructuring on the profit from continuing operations. The adjusted proforma Q2, Q3 and nine months number excludes impact of tax write back and accelerated amortisation for Lisheen mine, the company said.
In line with the Q2 September 2013 adjusted proforma numbers, Q3 December 2013 adjusted proforma have been provided to reflect the goodwill amortisation on the basis of production at Lisheen mine as compared to the accelerated amortisation carried out in Q2 actuals.
The adjusted proforma numbers for FY 2013 have been prepared on the same lines, as if the restructuring and full consolidation had taken place as of 1 April 2012, the firm said.
The company added that the adjusted proforma financial information has been prepared for illustrative purposes only and, because of its nature, addresses an assumed situation and therefore does not reflect the Group's reported financial results.
Based on adjusted proforma basis, underlying attributable profit after tax (PAT) rose 17.44% to Rs 1650 crore on 7.70% increase in net sales to Rs 19414 crore in Q3 December 2013 over Q2 September 2013.
EBITDA (earnings before interest, taxes, depreciation and amortization) fell 5.61% to Rs 6565 crore in Q3 December 2013 over Q2 September 2013. EBITDA margin (excluding custom smelting at zinc and copper India operations) stood at 48% in Q3 December 2013, lower than 49% in Q2 September 2013.
There was tax credit in Q3 on account of reversal of higher tax provision made in the previous quarter and consequently higher attributable profit, the company said.
Mr. Anil Agarwal, Chairman: "The Sesa Sterlite merger was completed a few months ago, and the merged company has delivered a strong set of results, benefiting from its scale and diversification. We have record production of oil & gas and copper. We continue to focus on driving value-accretive growth across our portfolio of long-life assets and this, combined with efficient cost management has positioned us well to deliver superior returns for our shareholders".
Gross debt at Sesa Sterlite was Rs 84018 crore as at 31 December 2013 at similar level as on 30 September 2013. The company has consolidated cash, cash equivalents and liquid investments of Rs 50056 crore. Therefore, the net debt of the company stands at Rs 33962 crore.
Sesa Sterlite, a subsidiary of London-listed Vedanta Resources Plc, is one of the world's largest diversified natural resource companies. Our business primarily involves exploring, extracting and processing minerals and oil & gas. The company produces oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and have a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka. Sesa Sterlite has a strong position in emerging markets with over 80% of its revenues from India, China, East Asia, Africa and the Middle East.
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