Moneycontrol, Jan 24, 2009
Sterlite Industries has announced its third quarter results. The company's Q3 consolidated net profit was at Rs 514 crore versus Rs 855.3 crore.
Consolidated net sales went down at Rs 4,445 crore versus Rs 5,233 crore and EBITDA was at Rs 1,151 crore as against Rs 1,172 crore.
Key takeaways from Sterlite Industries concall:
It has started a temporary ramp down of production in BALCO plant I.
Decrease in revenue from BALCO was primarily on account of lower LME prices.
The 325,000 tpa smelter project at BALCO is progressing well and will be commissioning as per schedule.
Work on the 500,000 tpa aluminium smelter and associated captive power plant at Jharsuguda, Orissa is progressing well.
The first stream of the alumina refinery at Lanjigarh is fully operational.
Consolidated cash and cash equivalents on 31 December 2008 was closer to Rs.19,000 crores.
Boxite project is been approved by the court.
Captive plants will be commissioning as per schedule.
Rs 300 crore benefit because of rise in volume.
Rs 300 crore benefit because of rupee depreciation.
Highest ever quarterly zinc production.
BALCO to cut 1/4 th capacity.
Expansion project on track to make HZL the world’s largest integrated zinc - lead producer.
The other income is from surplus power sell, sale of scrap, Mark to Market gain.
Interest cost has increased due to increase in borrowing and borrowing cost.
Company has entered in an agreement with Sarco, a US based company for copper production which has mining life of 40 years.