Metals major Sterlite Industries saw a 27% dip in its net profit on account of losses from volatility in the exchange rate of rupee, and an exceptional loss of Rs. 423 crore incurred owing to an unfavourable court ruling in the US.
Net profit of the company during January-March 2012 stood at Rs. 1,987 crore. Net sales were up by 7.6% at Rs. 10,763 crore, over the same period a year ago.
“Sterlite Industries delivered strong operating and financial performance during the year despite macroeconomic headwinds,” Anil Agarwal, chairman, Sterlite Industries (India) Ltd said in a statement. Agarwal said that the merger process of Sterlite and Sesa Goa is “well on track to create one of the world’s largest natural resource majors, and deliver significant long term value for shareholders.”