Sterlite profits up 131% in Q4 on higher volumes, metal prices

Anil Agarwal's Vedanta Resources-owned Sterlite Industries on Monday reported a 131 per cent surge in profit for the last quarter of 2009-10 at Rs 1,381 crore against Rs 598 crore in the same period in 2008-09.

Anil Agarwal's Vedanta Resources-owned Sterlite Industries on Monday reported a 131 per cent surge in profit for the last quarter of 2009-10 at Rs 1,381 crore against Rs 598 crore in the same period in 2008-09.

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The company's revenues during the quarter grew by 64 per cent to Rs 7,111 crore in Q4 2009-10 from Rs 4,336 crore in the same quarter of 2008-09. The margins were helped by rising metal prices during the last three months. Zinc prices for three-month delivery averaged $2,307 a metric tonne in the quarter ended March 31, compared with $1,208 a year earlier, according to London Metal Exchange data.

For 2009-10, Sterlite registered a 6 per cent rise in profit at Rs 3,744 crore against Rs 3,540 crore in 2008-09. Revenues posted a 15 per cent growth at Rs 24,410 crore compared to Rs 21,144 crore.

The board has proposed a dividend of Rs 3.75 per share on the face value of Rs 2 per share to the shareholders of the company. Further, bonus shares in the ratio of 1:1 were also issued, which means every shareholder will get one equity share for every one held in the company by them.

The company also registered record production of zinc and lead during the year.