EX-99.2 3 u93367exv99w2.htm EX-99.2 EX-99.2
Exhibit 99.2
         
(STERLITE LOGO)
  STERLITE INDUSTRIES (INDIA) LIMITED    
 
Regd. Office: SIPCOT Industrial Complex, Madurai Bye Pass Road, TV Pooram P.O., Tuticorin. Tamilnadu-628002.
    
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2008
                                                                                         
                                                                    (Rs.in lacs except as stated)
                                        Previous                                       Previous
                        Half Year       accounting Year       Quarter           Half Year   Half Year   accounting
        Quarter ended   Quarter ended   ended   Half Year ended   ended       ended   Quarter ended   ended   ended   Year ended
S.       30.09.2008   30.09.2007   30.09.2008   30.09.2007   31.03.2008       30.09.2008   30.09.2007   30.09.2008   30.09.2007   31.03.2008
No.   Particulars   (Unaudited)   (Unaudited)   (Unaudited)   (Audited)   (Audited)   Segment Information   (Unaudited)   (Unaudited)   (Unaudited)   (Audited)   (Audited)
1
   (a) Net Sales/Income from Operations     373,865       354,290       670,308       665,790       1,267,198     1. Segment Revenue                                        
 
   (b) Other Operating Income     1,930       172       2,104       1,511       3,571    
a) Copper
     345,963       341,975       622,214       644,285       1,236,763  
 
   Total Income     375,795       354,462       672,412       667,301       1,270,769    
b) Others
     44,232       14,915       71,265       25,957       46,645  
2
   Expenditure                                           Total     390,195       356,890       693,479       670,242       1,283,408  
 
  
a. Increase/decrease in stock in trade and work in progress
     4,676       37,873       4,463       5,662       (13,080 )  
Less: Inter Segment Revenues
     16,330       2,600       23,171       4,452       16,210  
 
  
b. Consumption of raw materials#
     305,308       278,906       546,938       581,246       1,122,653    
Net Sales/Income from Operations
     373,865       354,290       670,308       665,790       1,267,198  
 
  
c. Purchases of traded goods
     81       —       81       192       208                                              
 
  
d. Employees Cost
     2,301       1,670       4,437       3,294       6,618                                              
 
  
e. Depreciation
     3,652       3,463       7,201       6,885       13,898                                              
 
  
f. Other expenditures
     20,909       19,027       42,012       32,306       64,969                                              
 
  
g. Total
     336,927       340,939       605,132       629,585       1,195,266                                              
3
  
Profit from Operations before Other Income, Interest & Exceptional Items
     38,868       13,523       67,280       37,716       75,503                                              
4
   Other Income     18,245       15,192       35,888       18,938       56,668                                              
5
  
Profit before Interest & Exceptional Items
     57,113       28,715       103,168       56,654       132,171                                              
6
   Interest & Finance Charges     4,048       4,363       8,361       8,133       16,445     2. Segment Results                                        
7
   Profit after Interest but before Exceptional Items     53,065       24,352       94,807       48,521       115,726                                              
8
   Exceptional Items     1,000       —       1,000       —       5,279    
(Profit before tax & interest)
                                        
9
   Profit from ordinary activities before tax     52,065       24,352       93,807       48,521       110,447    
a) Copper
     30,115       12,647       47,310       32,741       71,240  
10
   Provision For —Current tax (net)     5,647       3,584       13,118       7,564       13,227                                              
 
  
—Deferred Tax (Credit)
     96       (540 )     (1,451 )     (516 )     1,970    
b) Others
     9,842       5,303       22,083       8,978       6,590  
 
  
—Fringe benefit tax
     29       21       54       40       87    
c)Other unallocable income/expenses (net)
     17,156       10,765       33,775       14,935       54,341  
11
   Net Profit from ordinary activities after Tax     46,293       21,287       82,086       41,433       95,163    
Total
     57,113       28,715       103,168       56,654       132,171  
12
   Extra Ordinary Items (net of tax)     —       —       —       —       —    
Less : Interest & Finance Charges
     4,048       4,363       8,361       8,133       16,445  
13
   Net Profit for the period     46,293       21,287       82,086       41,433       95,163                                              
14
   Paid-up equity share capital (Face value of Rs. 2 each)     14,170       14,170       14,170       14,170       14,170    
Less: Exceptional items
     1,000       —       1,000       —       5,279  
15
  
Reserves excluding revaluation reserves (As per balance sheet of previous accounting year )
                                     1,302,332    
Profit before Tax
     52,065       24,352       93,807       48,521       110,447  
16
   Earning Per Share (Rs.) (Not annualised)*                                                                                    
 
  
Basic and diluted EPS before Extraordinary items
     6.53 *     3.32 *     11.59 *     6.46 *     14.10     3. Capital Employed                                        
 
  
Basic and diluted EPS after Extraordinary items
     6.53 *     3.32 *     11.59 *     6.46 *     14.10    
(Segment Assets less Segment Liabilities)
                                        
 
                                              
a) Copper
     455,290       357,682       455,290       357,682       393,237  
17
  
Public Shareholding (Excluding shares against which ADRs/GDRs are issued)
                                          
b) Others
     41,699       26,017       41,699       26,017       29,375  
 
  
Number of Shares
     173,852,692       117,180,406       173,852,692       117,180,406       154,625,740    
c) Unallocated
     870,158       908,696       870,158       908,696       893,891  
 
  
Percentage of Shareholding
     24.54 %     20.93 %     24.54 %     20.93 %     21.82 %  
Total
     1,367,147       1,292,395       1,367,147       1,292,395       1,316,503  
    # Comprises (net) of exchange difference — Rs. 17,249 lacs in Q2 2008, Rs. (7,590) lacs in Q2 2007, Rs. 23,039 lacs in H1 2008, Rs.(29,304) lacs In H1 2007 & Rs. (25,182) lacs in FY 2007-08                    

 

 

 
    Notes:
 
1   The above results have been reviewed by Audit Committee. The Board of Directors at its meeting held on 23rd October, 2008 approved the above results and its release.
 
2   a) Out of the ADS proceeds of Rs. 8,05,093 lacs, so far the Company has utilised Rs. 3,08,100 lacs.
 
  b) Out of the total right issue proceeds of Rs. 1,97,230 lacs received in past, so far the Company has utilised Rs. 1,07,219 lacs.
 
    The unutilised proceeds of ADS & right issue have been temporarily invested in Debt mutual funds.
 
3   During the period, the Company incorporated “Sterlite (USA) Inc.” as its wholly owned subsidiary.
 
4   Talwandi Sabo Power Limited has become 100% subsidiary with effect from 1st September 2008 through its subsidiary Sterlite Energy Limited.
 
5   During the quarter & half year ended 30th September 2008, the Company has paid Rs. 78,500 lacs & Rs. 98,500 lacs respectively, towards share application in equity shares of its Subsidiary.
 
6   Arising from the announcement of The Institute of Chartered Accountants of India on March 29, 2008, the Company had chosen for adoption of Accounting Standard (AS) — 30, “Financial Instruments: Recognition & Measurement”, in its entirety during the quarter ended March 31, 2008. The figures of corresponding quarter & half year of the previous year have not been restated. As a result the same are not comparable.
 
7   Exceptional Item of Rs. 1,000 lacs for the quarter & half year ended 30th September 2008 represents provision for any possible liability on account of guarantees given to Banks and Financial Institutions for the loans taken by other Company.
 
8   The above results are prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 (AS 25 — Interim Financial Reporting) & have been subjected to “Limited Review” by the Auditors of the Company.
 
9   “Others” business segment comprises of Phosphoric Acids & Aluminium Foils.
 
10   Previous Period/Year figures have been regrouped / rearranged wherever necessary.
 
11   In terms of clause 41 of the Listing agreement, details of number of investor complaints for the quarter ended 30th September 2008: Beginning NIL, Received 23 , Disposed off 23 , Pending NIL.
By order of the Board
  Place: Mumbai     Anil Agarwal
   
  Dated : 23rd October, 2008     Chairman

 

 

         
(VEDANTA LOGO)
  STERLITE INDUSTRIES (INDIA) LIMITED  
(STERLITE LOGO)
 
Regd. Office: SIPCOT Industrial Complex, Madurai By Pass Road, TV Pooram P.O., Tuticorin. Tamilnadu-628002.
    
     
o Attributable PAT up 18% at Rs. 127,694 Lacs
  o Significant reduction in unit production costs in Zinc and Copper
o Refined zinc production up 30% at 122,000 MT
  o Copper plant was awarded IEI Safety Innovation award 2008 from Institute of Engineers India
UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2008
                                                                                         
        (Rs. in Lacs except as stated)
                                        Previous                                       Previous
                                        accounting Year       Quarter       Half Year   Half year   accounting
        Quarter ended   Quarter ended   Half Year ended   Half year ended   ended       ended   Quarter ended   ended   ended   Year ended
S.       30.09.2008   30.09.2007   30.09.2008   30.09.2007   31.03.2008       30.09.2008   30.09.2007   30.09.2008   30.09.2007   31.03.2008
No.   Particulars   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Audited)   Segment Information   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Audited)
1
   (a) Net Sales/Income from Operations     659,377       656,713       1,236,386       1,270,627       2,470,536     1. Segment Revenue                                        
 
   (b) Other Operating Income     21,722       4,602       25,213       22,118       34,131    
a) Copper
     345,853       341,874       622,000       644,081       1,236,363  
 
   Total Income     681,099       661,315       1,261,599       1,292,745       2,504,667    
b) Aluminium
     111,724       104,579       228,461       210,104       416,955  
2
   Expenditure                                          
c) Zinc & Lead
     172,124       197,728       333,984       394,120       784,553  
   
a. Increase/decrease in stock in trade and work in progress
     10,520       43,804       (1,016 )     3,396       (9,894 )                                            
   
b. Consumption of raw materials#
     329,937       291,367       590,021       610,474       1,186,812    
d) Others
     46,492       15,615       76,031       27,257       49,869  
   
c. Purchases of traded goods
     81       —       81       192       208     Total     676,193       659,796       1,260,476       1,275,562       2,487,740  
   
d. Employees Cost
     19,263       14,864       37,570       29,652       65,920    
Less: Inter Segment Revenues
     16,816       3,083       24,090       4,935       17,204  
 
  
e. Depreciation
     16,665       20,463       33,212       40,776       59,504    
Net Sales/Income from Operations
     659,377       656,713       1,236,386       1,270,627       2,470,536  
   
f. Power, Fuel & water
     60,938       41,179       109,321       79,531       167,722                                              
 
  
g. Other expenditures
     75,136       68,916       154,251       135,188       272,947                                              
 
  
h. Total
     512,540       480,593       923,440       899,209       1,743,219                                              
3  
Profit from Operations before Other Income, Interest & Exceptional Items
    
168,559		      
180,722		      
338,159		      
393,536		      
761,448		                                              
4
   Other Income     39,483       27,727       76,238       45,220       122,481                                              
5
  
Profit before Interest & Exceptional Items
     208,042       208,449       414,397       438,756       883,929                                              
6
  
Interest & Finance Charges
     5,805       6,429       14,547       15,975       31,862    
2. Segment Results
                                        
7
  
Profit after Interest but before Exceptional Items
     202,237       202,020       399,850       422,781       852,067                                              
8
  
Exceptional Items
     1,000       —       1,000       —       5,279    
(Profit before tax & interest)
                                        
9
  
Profit from ordinary activities before tax
     201,237       202,020       398,850       422,781       846,788    
a) Copper
     46,915       20,755       72,320       46,889       102,167  
10
  
Provision For —Current tax (net)
     25,303       44,056       61,499       94,663       176,020    
b) Aluminium
     22,687       19,389       62,564       48,684       117,934  
 
  
—Deferred Tax (Credit)
     3,703       453       5,465       2,261       23,357    
c) Zinc & Lead
     90,403       143,991       183,496       298,104       539,078  
 
  
—Fringe benefit tax
     150       141       267       198       451    
d) Others
     11,013       5,498       24,438       9,148       6,522  
 
  
MAT Credit Charge/ (Entitlement)
     —       —       —       —       10,442    
e) Other unallocable income/expenses (net)
     37,024       18,816       71,579       35,931       118,228  
11
  
Net Profit from ordinary activities after Tax
     172,081       157,370       331,619       325,659       636,518     Total     208,042       208,449       414,397       438,756       883,929  
12
  
Extra Ordinary Items (net of tax)
     —       —       —       —       —    
Less : Interest & Finance Charges
     5,805       6,429       14,547       15,975       31,862  
13
  
Net Profit for the period
     172,081       157,370       331,619       325,659       636,518                                              
14
   Minority Interest     44,248       49,109       88,945       103,107       196,160    
Less: Exceptional items
     1,000       —       1,000       —       5,279  
15
  
Share in the Profit/(Loss) of Associates
     (139 )     13       128       13       (421 )   Profit before Tax     201,237       202,020       398,850       422,781       846,788  
16
 
  
Net Profit after tax attributable to Consolidated Group
     127,694       108,274       242,802       222,565       439,937     3. Capital Employed                                        
17
  
Paid-up equity share capital (Face value of Rs. 2 each)
     14,170       14,170       14,170       14,170       14,170    
(Segment Assets less Segment Liabilities)
                                        
18
  
Reserves excluding revaluation reserves (As per balance sheet of previous accounting year )
                                     2,216,068    
a) Copper
     493,301       430,623       493,301       430,623       478,356  
19
  
Earning Per Share (EPS) (Rs.) (Not Annualised)*
                                          
b) Aluminium
     463,369       421,266       463,369       421,266       490,740  
 
                                              
c) Zinc & Lead
     467,708       396,026       467,708       396,026       452,467  
 
  
Basic and diluted EPS before Extraordinary items
     18.02 *     15.28 *     34.27 *     34.71 *     65.19    
d) Others
     352,023       138,404       352,023       138,404       232,156  
 
  
Basic and diluted EPS after Extraordinary items
     18.02 *     15.28 *     34.27 *     34.71 *     65.19    
e) Unallocable
     1,314,527       1,100,435       1,314,527       1,100,435       1,138,875  
 
                                               Total     3,090,928       2,486,754       3,090,928       2,486,754       2,792,594  
20
  
Public Shareholding (Excluding shares against which ADRs/GDRs are issued)
                                                                                    
 
  
Number of Shares
     173,852,692       117,180,406       173,852,692       117,180,406       154,625,740                                              
 
  
Percentage of Shareholding
     24.54 %     20.93 %     24.54 %     20.93 %     21.82 %                                            
    # Comprises (net) of exchange difference — Rs. 15,628 lacs in Q2 2008, Rs. (9,117) lacs in Q2 2007,Rs.21,515 lacs in H1 2008, Rs. (28,719) lacs in H1 2007 & Rs. (26,953) lacs in FY 07-08                                            

 

 
    Notes:-
 
 1   The standalone & consolidated results for the quarter & half year ended 30th September, 2008 have been reviewed by Audit Committee at their meeting. The Board of Directors at its meeting held on 23rd October, 2008 approved the above results and their release.
 
 2   The Company opted to publish only Consolidated Financial results. The standalone results of the Company will be available on Company’s website www.sterlite-industries.com
 
 3   Talwandi Sabo Power Limited has become 100% subsidiary with effect from 1st September 2008 through its subsidiary Sterlite Energy Limited.
 
 4   a) Consolidated Financial Statements have been prepared in accordance with Accounting Standard 21 — “Consolidated Financial Statements and Accounting for Investments in Subsidiaries in Separate Financial Statements”. The subsidiaries consolidated are Bharat Aluminium Company Limited, Sterlite Opportunities and Ventures Limited, Hindustan Zinc Limited, Sterlite Energy Limited, Monte Cello BV, Copper Mines of Tasmania Pty. Limited, Thalanga Copper Mines Pty. Limited, Sterlite Paper Limited, Fujairah Gold FZE and Talwandi Sabo Power Limited.
 
    b) An associate, Vedanta Aluminium Limited, in which the Company has significant influence, is accounted under the equity method in accordance with Accounting Standard on Accounting for investment in Associates in Consolidated Financial Statements (AS 23).
 
 5   The above results are prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 (AS 25 — Interim Financial Reporting) & have been subjected to “Limited Review” by the Auditors of the Company.
 
 6   a) Out of the ADS proceeds of Rs. 8,05,093 lacs, so far the Company has utilised Rs. 3,08,100 lacs.
 
    b) Out of the total right issue proceeds of Rs. 1,97,230 lacs received in past, so far the Company has utilised Rs. 1,07,219 lacs.
 
    The unutilised proceeds of ADS & right issue have been temporarily invested in Debt mutual funds.
 
 7   a) In order to follow uniform accounting policy in line with those of the company, in preparation of Consolidated Financial Statement as per Accounting Standard 21, from the quarter ended 31st March, 2008, depreciation on new plant and machinery in aluminium business has been provided at Straight Line Method rates as against the Written Down Value Method rates. Consequent to this, depreciation charge for the quarter & half year ended 30th september, 2008 is lower by Rs. 4,433 lacs (net of tax Rs. 2,926 lacs) & Rs. 8,829 lacs (net of tax Rs. 5,828 lacs) respectively as compared to the amount of depreciation that would have been charged if there was no change in the method.
 
    b) Arising from the announcement of The Institute of Chartered Accountants of India on 29th March 2008, the Company had chosen for adoption of Accounting Standard (AS) — 30, “Financial Instruments: Recognition & Measurement”, in its entirety during the quarter ended 31st March 2008. The figures of corresponding quarter & half year of the previous year have not been restated.
 
    c) The figures of corresponding quarter & half year ended 30th september 2007 are not comparable to the extent as mentioned in 7 (a) & (b) above.
 
 8   Exceptional Item of Rs. 1,000 lacs for the quarter & half year ended 30th September 2008 represents provision for any possible liability on account of guarantees given to Banks and Financial Institutions for the loans taken by other Company.
 
 9   Other operating income of corresponding half year ended 30th September 2007 and previous accounting year ended 31st March, 2008 includes a sum of Rs 13,048 lacs (net of tax Rs. 8,613 lacs) being excess royalty liability written back based on decision of the Rajasthan High Court in respect of Zinc operations.
 
10   Investment in equity shares of a power Company has been considered as an intangible asset. This has resulted in an additional amortisation charge of Rs. 117 lacs and Rs. 234 lacs respectively for the quarter and half year ended 30th september 2008.
 
11   As per Accounting Standard 17 on Segment Reporting (AS 17), the Company has reported “Segment Information”, as described below: -
 
    The main business segment are, (i) Copper which consist of mining of copper concentrate, manufacturing of copper cathode and continuous cast copper rod, (ii) Aluminium which consist of mining of bauxite and various aluminium products and (iii) Zinc which consists of mining of ore and manufacturing of zinc ingots and lead ingots (iv) Other business segment comprise of Phosphoric Acid, Paper and Power other than captive power. The assets and liabilities that can not be allocated between the segments are shown as unallocated corporate assets and liabilities respectively.
 
12   In terms of clause 41 of the Listing agreement, details of number of investor complaints for the quarter ended 30th September 2008: Beginning NIL, Received 23 , Disposed off 23 , Pending NIL.
 
13   Previous Period/Year figures have been regrouped / re-arranged wherever necessary.
         
   
 
  By order of the Board
 
 
   
Place: Mumbai
  Anil Agarwal
   
Dated : 23rd October, 2008
  Chairman