Sterlite reports steady production numbers :Angel Broking,

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Sterlite reports steady production numbers
Sterlite Industries’ (Sterlite) subsidiary, HZL’s (65% stake) mined metal production increased
by 2% yoy to 210,000 tonnes in 2QFY2012, reflecting improved production at Rampura
Agucha following the maintenance shutdown in 1QFY2012. Refined zinc production
increased by 5% yoy to 185,000 tonnes in 2QFY2012, primarily due to improved
operational performance at its hydro smelters. Refined lead production increased by 6%
yoy to 17,000 tonnes in 2QFY2012, primarily due to higher volumes from the newly
commissioned 100kt Dariba lead smelter. Sterlite’s International Zinc business production
of zinc-lead equivalent decreased by 2% yoy to 114,000 tonnes. Silver production
increased by 12% yoy to 1.6mn ounces in 2QFY2012. During 2QFY2012, the Tuticorin
copper smelter’s production increased by 28% yoy to 87,000 tonnes of copper cathode,
reflecting lower production in 2QFY2011 on account of a planned bi-annual maintenance
shutdown. Mined metal production at Australia stood at 5,000 tonnes in 2QFY2012. The
company informed that the construction of the 160MW captive power plant at Tuticorin
was progressing well and the first unit was scheduled for commissioning in 4QFY2012,
while the 400ktpa copper smelter expansion project at Tuticorin was awaiting approval
from the regulatory authorities. We maintain our Buy recommendation on the stock with a
target price of `189.