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Wednesday, Jul 31, 2002

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Sterlite posts 32% rise in PAT

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MUMBAI: Sterlite Industries (India) Ltd has reported a 32 per cent increase in profit after tax at Rs 29.87 crore from Rs 22.67 crore in the year-ago period. Net sales edged down to Rs 723.64 crore from Rs 726.53 crore and other income fell to Rs 3.74 crore (Rs 6.25 crore).

Exports during the quarter stood at Rs 90 crore. Copper sales rose to 39,946 tonnes, up by 23 per cent from the year-ago period. Interest cost rose to Rs 37.73 crore from Rs 13.71 crore. Cash profit was at Rs 63.32 crore (Rs 46.44 crore).

The company, through its subsidiary Sterlite Opportunities and Ventures Ltd, acquired 26 per cent stake in Hindustan Zinc Ltd at a cost of Rs 445 crore. A further 20 per cent stake has also been acquired through an open offer at Rs 40.51 per share aggregating Rs 342.3 crore.

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