3rd Quarter Results
January 28 2004 - 8:13AM
UK Regulatory
RNS Number:7370U
Vedanta Resources PLC
28 January 2004
Wednesday, 28 January 2004
Vedanta Resources plc
Indian listed subsidiaries' third quarter results
Vedanta Resources plc announces that its Indian listed subsidiaries, Sterlite
Industries (India) Limited "Sterlite", Hindustan Zinc Limited, "HZL" and Madras
Aluminium Company "MALCO" have today released their third quarter results in
accordance with Indian regulatory requirements.
Highlights
* Net sales have benefited from increased volumes as set out in the
production report issued on 7th January 2004 and from rising commodity prices,
particularly in the third quarter. Sterlite (copper) and HZL (zinc) net sales
rose by 49% and 61% respectively in this period.
* The operating profit of the Sterlite group show strong growth,
benefiting from operational improvements and better sales realisation in all
three divisions, especially zinc. Meanwhile, in copper, higher raw material
costs were offset by production gains, efficiency improvements and a stronger
performance from the Australian mines. Aluminium results were in line with
expectations
Anil Agarwal, CEO of Vedanta Resources plc, said;
"These strong results underpin the confidence we expressed at the time of our
listing in December. We are pleased with the operational improvements in all our
businesses and, in particular, the excellent results from HZL, the most recent
addition to the group. I look forward to reporting our full year results in
June."
Full details of the results are available on www.vedantaresources.com.
Contacts
Peter Sydney-Smith
Group Finance Director
Vedanta Resources plc +44 20 7629 6070
Scott Fulton
Fallon Stewart + 44 1525 634536
Jon Simmons
Financial Dynamics + 44 20 7831 3113
Notes to editors
Sterlite has this year, for the first time, reported consolidated figures and,
therefore, comparative prior year numbers are not available. The consolidated
figures for Sterlite (table 1A) include its Indian copper business, Bharat
Aluminium Company (BALCO), HZL and the Australian mines. The results of Indian
copper (Table 1B), zinc (Table 1C), and MALCO (Table 2) have also been announced
to the Bombay Stock Exchange and these results are summarised in this release.
Figures are presented in Indian GAAP and Rupees.
Vedanta's current effective ownership of Sterlite is 65.8% and 80% of MALCO.
Sterlite, itself, has a 64.9% interest in HZL, 51% in BALCO and 100% of the
Australian mines.
Vedanta issued a production report for the third quarter to 31st December 2003
on 7th January 2004. Copies of this release are available on
www.vedantaresources.com.
Sterlite Industries (India) Limited (Sterlite Group)
Table 1A: Consolidated Summary Data - Copper, Zinc and Aluminium (4)
Third Quarter 9 Months 12 Months
INR million 31/12/03 31/12/03 31/03/03
Net Sales (1) 15,280 40,960 43,892
Other income 319 1,080(2) 1,384
Operating costs 11,702 32,107(3) 35,960
Operating profit 3,897 9,933 9,316
Interest paid 396 1,113 1,806
Depreciation 724 2,104 3,018
Profit before tax 2,777 6,716 4,492
(1) Net of excise duty recovered
(2) In accordance with Indian GAAP, Other income includes interest received
INR539m
(3) In accordance with Indian GAAP, Operating costs include Voluntary
Retirement Scheme (VRS) costs of INR650m
(4) Does not include MALCO results, see table below.
Sterlite Industries (India) Limited (Sterlite Copper)
Table 1B: Company Summary Data - Indian Copper (3)
INR million Third Quarter 9 months 12 months
31/12/03 31/12/02 31/12/03 31/12/02 31/03/03
Net Sales (1) 8,212 5,505 21,854 15,465 22,079
Other income 33 31 108(2) 107 180
Operating costs 7,192 4,459 19,017 12,357 17,747
Operating profit 1,053 1,077 2,945 3,215 4,512
Interest paid 318 389 893 1,145 1,510
Depreciation 267 252 801 778 1,059
Profit before tax 468 436 1,251 1,292 1,943
1. Net of excise duties recovered
2. In accordance with Indian GAAP, other income includes interest received
INR76m
3. Includes the conductor business
Hindustan Zinc Limited (HZL)
Table 1C: Company Summary Data - Zinc
INR million Third Quarter 9 months 12 months
31/12/03 31/12/02 31/12/03 31/12/02 31/03/03
Net Sales (1) 4,977 3,083 13,243 9,103 14,113
Other income 178 170 581(2) 523 760
Operating costs 2,911 2,344 8,528(3) 7,471 11,809
Operating profit 2,244 909 5,296 2,155 3,064
Interest paid 2 1 4 2 3
Depreciation 177 163 528 487 767
Profit before tax 2,065 745 4,764 1,666 2,294
1. Net of excise duties recovered
2. In accordance with Indian GAAP, other income includes interest received
INR291m
3. In accordance with Indian GAAP, operating costs include VRS of INR461m
Madras Aluminium Company Limited (MALCO)
Table 2: Company Summary Data - Aluminium (excluding BALCO) (2)
INR million Second Quarter 6 months 12 months
31/12/03 31/12/02 31/12/03 31/12/02 30/06/03
Net Sales (1) 690 626 1,386 1,291 2,637
Other income 2 13 20 16 27
Operating costs 514 473 1,037 966 1,910
Operating profit 178 166 369 341 754
Interest paid 27 42 51 89 161
Depreciation 48 49 95 98 196
Profit before tax 103 75 223 154 397
(1) Net of excise duties recovered
(2) Excludes results of Indian Foils Limited (IFL), an associated
undertaking
This information is provided by RNS
The company news service from the London Stock Exchange
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