Sterlite Q2 net rises 3% to Rs 42.5 crore

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Sterlite Industries, the country's leading non-ferrous metals company, has reported a 2.55 per cent rise in net profits at Rs 42.54 crore for the quarter ended September 2003, against Rs 41.48 crore in the corresponding quarter of the previous year. Net sales stood at Rs 769.69 crore, a rise of 45.09 per cent, compared with Rs 576.01 crore in the corresponding quarter in 2002-03.

Tarun Jain, director finance, Sterlite, said, "Although the copper sales for the second quarter have risen 24 per cent compared with the corresponding quarter in the previous fiscal, there has been a 39 per cent decline in the treatment and refining charges, which has impacted the profit."

Interest outgo reduced by 40.06 per cent at Rs 25.73 crore in the reporting quarter, against Rs 42.90 crore in the corresponding period in the previous year.

The consolidated profit of Sterlite, which includes the profits of Bharat Aluminium Company and Hindustan Zinc, stood at Rs 165 crore. Sterlite owns a majority stake in both these companies.