Sterlite Industries (India) Limited announced its unaudited consolidated results for the Q3 and 9 months ended December 31st 2011.
Highlights of the quarter;
1. Operational Performance
(I). Record production volumes of refined Lead and Silver at Zinc India operations
(II). Commissioned the 350 tonne per annun silver refinery at Zinc India
2. Financial performance
(I). Revenues up 24% at INR 10,246 crore
(II). EBITDA up 17% at INR 2,318 crore
(III). PAT at INR 914 Cr after foreign exchange loss of INR 425 crore
(IV). Strong balance sheet with cash and liquid investments of INR 21,546 crore.
Mined metal production in Q3 was marginally lower at 209,007 tonnes, compared with the corresponding prior quarter. Refined Zinc production in Q3 was up 7% at 190,946 tonnes, compared with the corresponding prior quarter primarily on account of improved throughput and operational efficiencies.
Refined Lead production in Q3 was highest ever at 28,804 tonnes up 102%, compared with the corresponding prior quarter. The increase in production was due to volume contribution from the newly commissioned 100 KT Dariba Lead smelter, currently under ramp up.
Refined Silver production in Q3 was highest ever at 57,595 kilogram up 37% compared with the corresponding prior quarter. This was mainly attributable to higher input from the mines and volume contribution from the new 350 tonne per annum Silver refinery commissioned during the quarter.
Revenues and EBITDA for Q3 were INR 2,726 crore and INR 1,373 crore respectively. The decrease in EBITDA was mainly on account of lower LME prices, higher coal costs and manufacturing expenses, which more than offset the benefit of higher volumes and higher realization on account of rupee depreciation.
The Zinc metal cost, without royalty, during the quarter was INR 40,300 per MT, 13% higher in INR, compared with the corresponding prior quarter. The positive impact of operational efficiencies was more than offset by increase in commodity prices and other inflationary factors.
The average Silver Cash Settlement Price per London Bullion Market Association increased to USD 31.87 per oz in Q3 FY2012 from USD 26.43 per oz in the corresponding prior quarter. The silver revenue increased to INR 255 Cr from INR 116 Cr in corresponding prior period.
