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Sterlite Industries Q2 net up by 75pct at INR 1743 crore
Edited by : AL CIRCLE
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BS reported that foreign exchange gains and group firm Vedanta Aluminium Limited’s lower losses have helped Sterlite Industries Limited post a net profit of INR 1,743 crore in the quarter ended September 30 up 75% from INR 998 crore reported in the corresponding period last year.
The boost in net profit was helped by the forex gain of INR 219 crore due to the appreciation of the rupee from INR 56.30 against the dollar as on June 30 to INR 52.70 at the end of the Q2. Improved performance and lower forex losses at Vedanta Aluminium helped Sterlite cap its loss of associate to INR 61 crore compared with INR 243 crore in the Q2 of last year.
Net sales rose 9% to INR 11,029 crore. Sterlite said strong production and sales volumes of silver, lead and copper and commercial power sales from Sterlite Energy Ltd helped the company post higher revenues. The depreciating rupee helped the company largely offset falling metal rates at the London Metal Exchange.
Its earnings before interest, taxes, depreciation and amortisation for the second quarter was flat at INR 2,538 crore against INR 2,551 crore a year earlier. Interest costs dropped 25% to INR 178 crore in the quarter.
The boost in net profit was helped by the forex gain of INR 219 crore due to the appreciation of the rupee from INR 56.30 against the dollar as on June 30 to INR 52.70 at the end of the Q2. Improved performance and lower forex losses at Vedanta Aluminium helped Sterlite cap its loss of associate to INR 61 crore compared with INR 243 crore in the Q2 of last year.
Net sales rose 9% to INR 11,029 crore. Sterlite said strong production and sales volumes of silver, lead and copper and commercial power sales from Sterlite Energy Ltd helped the company post higher revenues. The depreciating rupee helped the company largely offset falling metal rates at the London Metal Exchange.
Its earnings before interest, taxes, depreciation and amortisation for the second quarter was flat at INR 2,538 crore against INR 2,551 crore a year earlier. Interest costs dropped 25% to INR 178 crore in the quarter.
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