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Sterlite Industries, a Vedanta Group company, reported that its consolidated net profit increased 30 per cent to Rs 1,191 crore (Rs 914 crore) on better contribution from group companies. Its revenue rose four per cent to Rs 10,738 crore (Rs 10,306 crore).
However, on a standalone basis the company’s net profit is down 22 per cent to Rs 542 crore (Rs 697 crore) while the income was almost flat at Rs 4,536 crore (Rs 4,584 crore).
Revenue from copper was up 1 per cent at Rs 5,164 crore while EBITDA was down 45 per cent on lower sulphuric acid realisations, less income from phosphoric acid operations and lower treatment and refining charges. This impact was partially offset by increase in volumes.
On the merger of its group companies, Sterlite Industries said the transaction has received approvals of respective companies’ equity shareholders, the stock exchanges and the Competition Commission of India. Approvals from the Foreign Investment Promotion Board and the Supreme Court of Mauritius have been received for the merger of Ekaterina Ltd with Sesa Goa Ltd. On December 31, the company has cash, cash equivalents and liquid investments of Rs 23,472 crore.
Suresh.iyengar@thehindu.co.in
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