Sterlite Industries Q1 net dips 27% to Rs 1,202 cr

Sterlite Industries (India) today reported nearly 27% dip in consolidated net profit at Rs 1,202 crore for the first quarter ended June 30, due to losses from forex, associate firm and higher interest outgo. SIL had clocked Rs 1,640 crore net profit in April-June quarter of the last fiscal."During Q1, profits were impacted by mark to market loss of Rs 217 crore on foreign currency loans and higher interest costs of Rs 78 crore," SIL said in a statement. It has lost Rs 167 crore incurred by an associate company during the quarter. It has lost Rs 167 crore incurred by an associate company during the quarter.
Net sales of the company during the reporting quarter were up by eight% at Rs 10,591 crore, primarily due to rise in volume of lead, silver and zinc in India, commercial power and copper as compared to Rs 9,863 crore in the year- ago period. However, its EBITDA was down by 15% to Rs 2,337 crore, due to lower metal prices, lower sales at Balco and higher production cost. Total expenses of the company, including the cost of raw material consumed, was higher at Rs 9,076 crore compared to Rs 7,532 crore a year ago.