Sterlite net profit up 51%

Net sales were up over 17% in the same period to Rs 12,609 cr from Rs 10, 757 cr previous year

Sterlite Industries, a Vedanta Group company, has posted a 50.74 per cent increase in its net profit at Rs 1,925 crore for the fourth quarter of FY13, riding on the back of higher sales. The figure was Rs 1,277 crore in the corresponding quarter of FY12.

Net sales grew by over 17 per cent during the fourth quarter to Rs 12,609 crore, compared to Rs 10,757 crore in the same quarter in the previous year.

For the year ended March 31, 2013, net profit grew by 26 per cent to Rs 6,060 crore and revenues increased by 10 per cent to Rs 44,922 crore.

“We achieved a strong operating and financial performance in FY13. With production growth across our portfolio of world class assets, we recorded a net profit of Rs 6,060 crore in FY13 and the board has declared total interim dividend of Rs 2.30 per share as well,” said Vedanta chairman Anil Agarwal.

At Rs 2.3 per share, the company’s total dividend outgo for FY13 would go up to Rs 773 crore, against Rs 686 crore in the previous financial year.

Sterlite said the rise in revenues is driven by higher volumes and depreciation of the Indian rupee. During the fourth quarter and full year (FY13), the company delivered higher refined silver, lead, copper, aluminium and power and higher mined metal production at Zinc India, the statement added.

As on March 31, 2013, the company has consolidated cash, cash equivalents and liquid investments of Rs 24,847 crore, out of which Rs 12,790 crore was invested in debt mutual funds, Rs 2,151 crore in bonds and Rs 9,906 crore in bank deposits.
Sterlite Industries copper smelter plant was closed on March 30 this year after complaints of gas emission. The plant used to produce about 30000 tonnes per year of metal.

However, the company has maintained that the plant’s emissions are within permissible limits. On 1 April, Sterlite had filed a petition in the National Green Tribunal in Chennai challenging the order of the state pollution control board for closure of the plant.But, yesterday, the case was transferred to to the court at Delhi.