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Mumbai: Sterlite Industries (India) Ltd, a subsidiary of Anil Agarwal promoted Vedanta Resources plc, on Wednesday reported dip in net profit by 41.56%, largely on account of lower zinc prices, to Rs 672.66 crore for the quarter ended June 30, 2009 against Rs 1,151.08 crore in the corresponding period last year.
Net revenues during the quarter stood at Rs 4578.86 crore, down 21%, from Rs 5805 crore in fiscal Q1 last year. Sterlites Revenues from its zinc business during Q1 was Rs 1,489 crores against Rs. 1,619 crores last year. “During the quarter, the positive impact of ‘higher volumes’ and ‘rupee depreciation’ on sales and EBITDA was more than offset by the ‘sharp decline’ in the zinc and lead London metal exchange (LME) prices and ‘lower’ by-product realization,” said a company statement.
Similarly production of aluminium also dipped to 72,056 million tonnes compared with 88,989 million tonnes in the corresponding prior quarter.
According to a company Official, “The decrease in production was primarily on account of the complete ramp down of the Balco plant I smelter due to lower demand in the market.
We have no immediate plans of reviving this plant unless aluminium goes back to surged demand,” he added. Meanwhile, Sterlite had recently raised Rs 7200 crore ($1.5 billion) through a follow on American depository shares (ADS) offer or ‘shares companies issue overseas’ to fund its capex plans.
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