Millennium Post

Sterlite Industries’ 4th quarter profit booms 51%

Metals major Sterlite Industries on Tuesday reported 51 per cent jump in net profit at Rs 1,925 crore for the fourth quarter ended 31 March, 2013, on the back of higher sales.

The Anil Agarwal-led company’s net profit stood at Rs 1,277 crore in the corresponding quarter of 2011-12, it said in a statement.

Recording growth of over 17 per cent, net sales of the firm during the January-March 2013 period grew to Rs 12,609 crore from Rs 10,757 crore in the year-ago period. For the full fiscal ended 31 March, 2013, net profit of the company rose by 26 per cent to Rs 6,060 crore and revenues by 10 per cent to Rs 44,922 crore.

‘We achieved a strong operating and financial performance in FY’13. 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 for FY13,’ company chairman Anil Agarwal said.

At Rs 2.3 per share, the company’s total dividend outgo for 2012-13 would go up to Rs 773 crore as against Rs 686 crore in the previous fiscal.

Sterlite said the rise in revenues is driven by higher volumes and depreciation of the Indian rupee.

‘During Q4 and full year (2012-13), the company delivered higher refined silver, lead, Copper, Aluminium and Power and higher mined metal production at Zinc India,’ it said.

As on 31 March, 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.
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