Vedanta group firm Sterlite Industries has reported a little over one% decline in consolidated net profit at INR 997.78 crore for the quarter ended September 30th 2011, largely due to foreign exchange losses.

The company had reported a net profit of INR 1,008.03 crore for the corresponding quarter of the last fiscal. Net sales of the company, however, registered a growth of over 68% at INR 10,133.84 crore during the quarter under review from INR 6,028.98 crore of the July to September quarter of FY 2011.

During this quarter, the company incurred a net FOREX loss of INR 466.22 crore due to depreciation in rupee, which has declined by about 10% in last 2 to 3 months. The company had reported a net gain of INR 136.26 crore in the year ago period.

However, higher realizations from its copper, power, zinc, lead and silver ventures during the quarter, resulted in a growth of over 68% in company's net sales. The company's copper business climbed by over 76% during the quarter at INR 5,129.41 crore, while the zinc, lead and silver segment recorded a growth of over 66% at INR 3,568.87 crore.

However, the company's realizations from aluminum business went down by 4.52% at INR 685.53 crore during the quarter. On a standalone basis, net profit of the company plunged by 35.84% at INR 257.17 crore during the quarter under review vis a vis INR 400.87 crore in the year ago period.

(Sourced from PTI)