Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Sterlite Industries (India)
F1Q12: Largely in-Line Results
Quick Comment –Sterlite declared F1QF12 results:
1) Sterlite reported EBITDA of Rs27.2bn, higher by 87%
YoY but down 9% QoQ and 3% above our estimates. 2)
Attributable PAT was Rs16.4bn, up 63% YoY but down
15% QoQ and 3% above our estimates.
Highlights:
1) EBITDA of Rs5.17bn from the Zinc international
business, up 18% QoQ, driven primarily by higher
mined metal and refined metal production of 80kt
and 39kt compared to 44kt and 36kt in F4Q11.
2) Copper EBIT was 6% below MSe at Rs2.91bn (up
55% YoY and down 2% QoQ). The negative
surprise was due to lower-than-expected production
volumes of 74kt (down 3% YoY and 7% QoQ) vs.
80kt MSe caused by lower concentrate grade and
reduced plant availability due to an unscheduled
maintenance shutdown Tc/Rc was marginally
higher at US$13.9 c/lb.
3) Balco’s aluminum EBIT stood at Rs1.59bn (down
18% QoQ but up 347% YoY) and 15% ahead of
MSe. The surprise was primarily due to lower-than-
expected cost of aluminum production (CoP).
However we note that a CoP of US$1,981/Mt in the
current quarter is still on the higher side, reflecting
an inflation in alumina and coal costs.
4) VAL reported an EBIDTA of Rs2.11bn (down 15%
QoQ but up 51% YoY) and a net loss of Rs3.60bn
(up 33% QoQ and 35% YoY). The incremental loss
was driven by higher CoP of US$2,344/Mt and
higher interest and depreciation charge. Aluminum
production volumes were 112Kt (up 4% QoQ and
45% YoY). Due to a power outage in June 2011 at
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Sterlite Industries (India)
F1Q12: Largely in-Line Results
Quick Comment –Sterlite declared F1QF12 results:
1) Sterlite reported EBITDA of Rs27.2bn, higher by 87%
YoY but down 9% QoQ and 3% above our estimates. 2)
Attributable PAT was Rs16.4bn, up 63% YoY but down
15% QoQ and 3% above our estimates.
Highlights:
1) EBITDA of Rs5.17bn from the Zinc international
business, up 18% QoQ, driven primarily by higher
mined metal and refined metal production of 80kt
and 39kt compared to 44kt and 36kt in F4Q11.
2) Copper EBIT was 6% below MSe at Rs2.91bn (up
55% YoY and down 2% QoQ). The negative
surprise was due to lower-than-expected production
volumes of 74kt (down 3% YoY and 7% QoQ) vs.
80kt MSe caused by lower concentrate grade and
reduced plant availability due to an unscheduled
maintenance shutdown Tc/Rc was marginally
higher at US$13.9 c/lb.
3) Balco’s aluminum EBIT stood at Rs1.59bn (down
18% QoQ but up 347% YoY) and 15% ahead of
MSe. The surprise was primarily due to lower-than-
expected cost of aluminum production (CoP).
However we note that a CoP of US$1,981/Mt in the
current quarter is still on the higher side, reflecting
an inflation in alumina and coal costs.
4) VAL reported an EBIDTA of Rs2.11bn (down 15%
QoQ but up 51% YoY) and a net loss of Rs3.60bn
(up 33% QoQ and 35% YoY). The incremental loss
was driven by higher CoP of US$2,344/Mt and
higher interest and depreciation charge. Aluminum
production volumes were 112Kt (up 4% QoQ and
45% YoY). Due to a power outage in June 2011 at
No comments:
Post a Comment