Vedanta Group arm Sterlite Industries on Monday reported 35.05 per cent jump in consolidated net profit at Rs 1,925 crore for the quarter ended March 31,on higher realisations on products like copper, zinc and silver.
The company had posted a net profit of Rs 1,425.31 crore during the corresponding quarter of 2009-10.
Sterlite's net sales registered a growth of 39.91 per cent during the January-March quarter last fiscal at Rs 10,000.26 crore as compared to Rs 7,147.24 crore it had posted during the corresponding quarter of 2009-10, Sterlite said in a filing to Bombay Stock Exchange.
The company earned Rs 4,023.45 crore from its zinc, lead and silver sales together, registering a growth of 61.98 per cent during the quarter, while its revenue from copper sales were up by over 36 per cent at Rs 4,815.57 crore, the filing added.
The production of refined zinc and copper during the period rose by 29 per cent each, while lead production jumped by 10 per cent.
The annual net profit of the company surged by 34.69 per cent at Rs 5,042.52 crore vis-a-vis a net profit of Rs 3,743.74 crore in FY'10.
Its net sales registered a growth of 23.45 per cent at Rs 30,248.06 crore for the fiscal year ended March 31, as compared to Rs 24,500.60 crore of 2009-10.
During the year, Sterlite paid Rs 273.53 crore towards termination of purchase and sales agreement, and legal expenses in connection with ASARCO acquisition and Rs 56.82 crore under voluntary retirement scheme at a subsidiary engaged in zinc, lead, silver and aluminum operations as exceptional expenses, the filing said.
Buoyed by results, the company scrip closed 4.40 per cent up at Rs 186.40 a piece on Bombay Stock Exchange today.
Meanwhile, Sterile Industries has said that the Supreme Court will hear the matter of closing down the copper smelter facility at Tuticorin in Tamil Nadu on Friday.
The unit closure order was given by the Madras High Court last year on grounds of pollution.
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