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Sterlite Industries
Sterlite Industries (Sterlite) reported disappointing profitability during 2QFY2012.
Net sales increased by 68.1% yoy to `10,134cr, slightly above our estimate of
`9,726cr. Net sales growth was driven by higher zinc sales volumes as well as
higher realization of zinc, lead and copper. Revenue of the copper, zinc and power
segments grew by 76.5%, 66.3% and 282.3% yoy, respectively. EBIT of the copper
and zinc segments grew by 95.8% and 64.5% yoy, respectively. However, EBIT of
the aluminium and power segments declined by 93.9% and 6.9% yoy, respectively.
Aluminium cost of production at Balco increased by 22.0% yoy to US$2,133/tonne
on account of increased prices of alumina and higher carbon costs. Sterlite’s
associate, Vedanta Aluminium reported loss of `624cr in 2QFY2012 compared to
loss of `196cr in 2QFY2011. Adjusted net profit increased by 0.9% yoy to
`1,022cr, significantly below our estimate of `1,641cr. The stock is under review
currently.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Sterlite Industries
Sterlite Industries (Sterlite) reported disappointing profitability during 2QFY2012.
Net sales increased by 68.1% yoy to `10,134cr, slightly above our estimate of
`9,726cr. Net sales growth was driven by higher zinc sales volumes as well as
higher realization of zinc, lead and copper. Revenue of the copper, zinc and power
segments grew by 76.5%, 66.3% and 282.3% yoy, respectively. EBIT of the copper
and zinc segments grew by 95.8% and 64.5% yoy, respectively. However, EBIT of
the aluminium and power segments declined by 93.9% and 6.9% yoy, respectively.
Aluminium cost of production at Balco increased by 22.0% yoy to US$2,133/tonne
on account of increased prices of alumina and higher carbon costs. Sterlite’s
associate, Vedanta Aluminium reported loss of `624cr in 2QFY2012 compared to
loss of `196cr in 2QFY2011. Adjusted net profit increased by 0.9% yoy to
`1,022cr, significantly below our estimate of `1,641cr. The stock is under review
currently.
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