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Sterlite's net profit jumps 51% in Q4

Buoyed by higher sales and EBITDA, metals major Sterlite Industries (India) clocked 51 per cent jump in the January-March quarter net profit at Rs 1,925 crore.

Buoyed by higher sales and EBITDA, metals major Sterlite Industries (India) clocked 51 per cent jump in the January-March quarter net profit at Rs 1,925 crore.

For the entire 2012-13 fiscal, the company reported net profit of Rs 6,060 crore, up 26 per cent.

"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 FY'13," Sterlite Chairman Anil Agarwal said in a statement.

The company, which has interests in aluminium, zinc and copper among others, had clocked net profit of Rs 1,277 crore in Q4 FY'12, and Rs 4,828 crore for 2011-12 fiscal.

Sterlite Industries' Board has declared total interim dividend of Rs 2.30 per share for 2012-13 translating a Rs 773 crore dividend outgo for the company.

The revenue for the January-March quarter was up 17 per cent at Rs 12,609 crore, while for the 2012-13 fiscal it was up 10 per cent at Rs 44,922 crore on account of higher volumes and the rupee depreciation.

Sterlite attributed the increase in net profit to higher EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation), higher investment income, lower foreign exchange losses and lower tax rate.

EBITDA was up 2 per cent in 2012-13 at Rs 10,574 crore, and 23 per cent in fourth quarter at Rs 3,323 crore. Sterlite said it was due to "higher production, higher metal premiums and lower costs".

"During Q4 and full year, the company delivered higher refined silver, lead, Copper, Aluminium and Power and higher mined metal production at Zinc India," it said.

The company reported forex gains of Rs 78 crore during the January-March quarter, and Rs 17 crore for the full year.

As on March 31, 2013, the company has consolidated cash, cash equivalents and liquid investments of Rs 24,847 crore.

Of this, Rs 12,790 crore was invested in debt mutual funds, Rs 2,151 crore in bonds and Rs 9,906 crore in bank deposits.

On Sterlite and Sesa Goa merger, aimed at consolidation and simplification of the Group structure, it said the approval of the Bombay High Court was received on April 3, while hearings at the Madras High Court have been completed and the order is awaited.