MUMBAI, India, January 28, 2014 /PRNewswire/ --
Sesa Sterlite Limited ("Sesa Sterlite" or "the Company") today announced its unaudited consolidated results for the third quarter (Q3) and Nine Months ended 31 December 2013.
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Highlights of the Quarter
Operational
Financial
Mr. Anil Agarwal, Chairman: "The Sesa Sterlite merger was completed a few months ago, and the merged company has delivered a strong set of results, benefiting from its scale and diversification. We have record production of oil & gas and copper. We continue to focus on driving value-accretive growth across our portfolio of long-life assets and this, combined with efficient cost management has positioned us well to deliver superior returns for our shareholders"
Consolidated Financial Performance
Q3 and nine months numbers are not comparable with the corresponding prior periods of FY 2013 since the merger got effective in August 2013.
Merger related profit and loss and tax impact for current year from April 2013 has been taken into account in Q2. Q2 actual numbers included pre-merger Sesa Goa Ltd and its subsidiaries; both Q1 and Q2 numbers of pre-merger Sterlite Industries and its subsidiaries, VAL & MALCO power; and Cairn India from 26 August 2013. Nine months actual financial numbers include results of all consolidating entities of Sesa Sterlite Limited for the nine months FY2014, except Cairn India, which is consolidated from 26 August 2013. Hence, company has drawn a unreviewed adjusted proforma account for the Q2 and nine months to indicate the performance during the period, had the restructuring been effected from 1 April 2013, to illustrate the effects of the restructuring on the profit from continuing operations. The adjusted proforma Q2, Q3 and nine months number excludes impact of tax write back and accelerated amortisation for Lisheen mine.
In line with the Q2 adjusted proforma numbers, Q3 adjusted proforma have been provided to reflect the goodwill amortisation on the basis of production at Lisheen mine as compared to the accelerated amortisation carried out in Q2 actuals.
The adjusted proforma numbers for FY 2013 have been prepared on the same lines, as if the restructuring and full consolidation had taken place as of 1 April 2012.
The adjusted proforma financial information has been prepared for illustrative purposes only and, because of its nature, addresses an assumed situation and therefore does not reflect the Group's reported financial results.
FY2013
(Adjusted
Proforma) Q3 Q2 Nine months period
Particulars
(In Rs. FY2014 FY2014 FY2014
Crore, except (Adjusted FY2014 (Adjusted (Adjusted FY2014
as stated) Proforma) (Actual) Proforma) Proforma) (Actual)
Net
Sales/Income
from
71,780 operations 19,414 19,414 18,026 51,807 44,949
25,232 EBITDA 6,565 6,565 6,955 18,999 13,743
EBITDA margin
excl. custom
smelting [1]
48% (%) 48% 48% 49% 48% 42%
4,664 Finance cost 1,530 1,530 1,473 4,574 3,558
2,953 Other Income 390 390 459 1,446 1,310
Forex loss/
(154) (gain) (82) (82) (235) (535) 705
Profit before
Depreciation
23,355 and Taxes 5,432 5,432 6,030 16,038 10,642
4,948 Depreciation 1,415 1,415 1,398 4,115 3,234
Amortisation
2,620 of goodwill 678 589 654 1,916 1,655
Profit before
Exceptional
15,788 items 3,339 3,428 3,979 10,007 5,753
Exceptional
139 Items - - 62 62 62
1,024 Taxes (139) (139) 501 673 (1,175)
Profit After
14,625 Taxes 3,478 3,567 3,416 9,272 6,866
Minority
7,373 Interest 1,698 1,698 2,014 5,490 3,271
Share in
Profit/(Loss)
- of Associate - - - - 1,082
Attributable
PAT after
exceptional
7,252 item 1,780 1,868 1,402 3,782 4,677
Basic
Earnings per
Share
24.46 (Rs./share) 6.00 6.30 4.73 12.76 15.99
Underlying
attributable
7,649 PAT 1,650 1,739 1,405 3,728 5,235
Underlying
Earnings per
Share [2]
25.80 (Rs./share) 5.57 5.87 4.74 12.57 17.89
Exchange rate
(Rs./$) -
54.45 Average 62.03 62.03 62.13 60.08 60.08
Exchange rate
(Rs./$) -
54.39 Closing 61.90 61.90 62.78 61.90 61.90
Revenue for the quarter was Rs.19,414 crore as compared with revenue Rs.18,026 crore in Q2. Revenue increased primarily on account of higher volume of oil & gas and copper. Copper India had a record production of copper cathodes during the quarter.
EBITDA for the quarter was Rs.6,565 crore as compared with adjusted proforma of Rs.6,955 crore in Q2. The EBITDA was lower primarily in Zinc International due to lower production and sales volumes. At Cairn India contribution from higher revenues was offset by increased exploration costs and one time charge on account of adoption of fair value methodology for stock option valuation.
The company continues to maintain strong EBITDA margins (excluding custom smelting) at 48% for the quarter.
Finance cost in nine months is higher as compared with corresponding prior period due to cessation of interest capitalization pertaining to the Jharsuguda-II smelter, and higher interest on Rupee equivalent on foreign currency borrowings due to the INR depreciation.
There was tax credit in Q3 on account of reversal of higher tax provision made in the previous quarter and consequently higher attributable profit.
Zinc - India Business
Q3 Q2 Nine months period
% %
change change
Particulars FY2014 FY2013 YoY FY2014 FY2014 FY2013 YoY
Production (in'000
tonnes, or as stated)
Mined metal content 220 233 (5%) 222 680 610 11%
Refined Zinc - Total 196 171 15% 196 567 495 14%
Refined Zinc - Integrated 196 168 17% 195 564 479 18%
Refined Zinc - Custom - 3 - 1 3 14 -
Refined Lead - Total [1] 27 32 (15%) 32 92 90 2%
Refined Lead - Integrated 27 22 20% 31 87 75 15%
Refined Lead - Custom - 10 - 1 5 15 -
Saleable Silver - Total
(in tonnes) [2] 73 108 (33%) 90 259 266 (3%)
Saleable Silver -
Integrated (in tonnes) 72 54 35% 83 233 197 18%
Saleable Silver - Custom
(in tonnes) 1 55 - 7 26 68 -
Financials (In Rs. crore,
except as stated)
Revenue 3,388 3,117 9% 3,460 9,722 8,504 14%
EBITDA 1,810 1,484 22% 1,844 5,093 4,241 20%
Zinc CoP without Royalty
(Rs./MT) 52,000 44,900 16% 50,500 49,700 45,700 9%
Zinc CoP without Royalty
($/MT) 840 829 1% 816 828 838 (1%)
Zinc CoP with Royalty
($/MT) 1,000 993 1% 975 986 999 (1%)
Zinc LME Price ($/MT) 1,907 1,947 (2%) 1,859 1,869 1,920 (3%)
Lead LME Price ($/MT) 2,111 2,199 (4%) 2,102 2,088 2,051 2%
Silver LBMA Price ($/oz) 21 33 (36%) 21 22 31 (29%)
Mined metal production was 5% lower as compared with the corresponding prior quarter. For the nine month period, mined metal production was 11% higher, which is the highest ever mined metal production for the nine month period and was driven by higher production at Rampura Agucha and Zawar mines.
Integrated refined zinc production was 17% higher in Q3 due to improved operational efficiencies at the smelters. Production of integrated refined lead was 20% higher due to improved utilization of smelter capacity.
EBITDA for Q3 was up by 22% due to higher integrated sales volumes and Rupee depreciation, partially offset by lower silver prices and higher cost of production (COP). EBITDA from the silver business was Rs.294 crore during the quarter. The zinc metal cost of production excluding royalty during the quarter was Rs.52,000 ($840), 16% higher in Rupee terms from a year ago. The increase in Rupee costs was primarily due to lower by-product sulphuric acid prices, higher diesel and coal costs due to Rupee depreciation, higher mine development expense, partly offset by higher volumes and operational efficiencies.
Mined metal production is expected at around 900kt in FY 2014 reflecting slower than expected ramp up of underground mining project and some change in mining sequence wherein preference has been given to primary mine development during this period. Integrated saleable silver production is expected to be in the range of 290 - 300 tonnes in FY 2014.
Mine development is progressing well at all our underground projects. Kayad mine has become operational during the quarter. Our project capex will be in line with our guidance of $250 million per year.
Zinc - International Business
Q3 Q2 Nine months period
% %
change change
Particulars FY2014 FY2013 YoY FY2014 FY2014 FY2013 YoY
Production (in'000
tonnes, or as stated)
Refined Zinc - Skorpion 23 36 (37%) 35 92 109 (16%)
Mined metal content- BMM
and Lisheen 62 68 (9%) 71 189 215 (12%)
Total 84 104 (19%) 106 281 324 (13%)
Financials (In Rs. crore,
except as stated)
Revenue 764 1,065 (28%) 1,147 2,849 3,201 (11%)
EBITDA 149 439 (66%) 393 841 1,169 (28%)
CoP - ($/MT) 1,257 1,079 17% 1,059 1,169 1,071 9%
Zinc LME Price ($/MT) 1,907 1,947 (2%) 1,859 1,869 1,920 (3%)
Lead LME Price ($/MT) 2,111 2,199 (4%) 2,102 2,088 2,051 2%
Production at Zinc International was 19% lower in Q3 due to an unplanned maintenance shutdown at Skorpion in November and December after a tank failure. The operations are ramping up and we expect a total production of 90 kt in Q4 FY2014.
EBITDA for Q3 was 66% lower due to lower production; as well as lower despatches from Skorpion and BMM, that had an EBITDA impact of approximately Rs. 120 crore. These are expected to be despatched in Q4. COP was higher at $1,257 per tonne as compared with $1,079 per tonne, due to the shutdown.
Z
- International Business
Oil & Gas Business
Nine
Nine months
Q3 months FY2014
FY2014 Q2 FY2014 FY2014
Particulars (Actual) (Proforma) (Proforma) (Actual)*
Production (in boepd, or as
stated)
Average Daily Gross Operated
Production 2,24,493 2,13,299 2,16,760 2,16,760
Rajasthan 1,86,359 1,75,478 1,78,469 1,78,469
Ravva 27,857 29,151 28,421 28,421
Cambay 10,277 8,671 9,870 9,870
Average Daily Working Interest
Production 1,40,830 1,32,862 1,35,271 1,35,271
Rajasthan 1,30,451 1,22,835 1,24,928 1,24,928
Ravva 6,268 6,559 6,395 6,395
Cambay 4,111 3,468 3,948 3,948
Total Oil and Gas (million boe)
Oil & Gas- Gross 20.65 19.62 59.61 28.25
Oil & Gas-Working Interest 12.96 12.22 37.20 17.72
Financials (In Rs. crore, except
as stated)
Revenue 5,000 4,650 13,713 6,855
EBITDA 3,555 3,619 10,203 4,966
Average Price Realisation - Oil &
Gas ($/boe) 94.9 95.3 94.5 96.7
Brent Price ($/bbl) 109 110 107 110
Note:
*Sesa Sterlite acquired a 38.7% stake in Cairn India Limited, effective 26th August 2013. This has increased the company's stake in Cairn India from 20.1% to 58.8%. The total oil and gas production (in million boe) and Financials (in Rs.crore) in the 'Nine Months FY2014 (Actual)' are for the period from 26 August 2013. However, the average daily gross operated and working interest production numbers in 'Nine Months FY2014 (Actual)'are on proforma basis for nine months.
In Q3, average gross operated production and working interest production were 224,493 barrels of oil equivalent per day (boepd) and 140,830 boepd, respectively, 10% higher as compared with last year, driven primarily by the production ramp-up at Rajasthan. In Rajasthan, 42 new wells were brought on line during the quarter and have resulted in production increase of 10% to 186,359 boepd, as compared with last year. Development Area (DA1) produced gross average of 160,975 boepd and DA2 a gross average of 25,384 boepd respectively. The overall facility uptime was at 99%.
Production at Cambay was 51% higher yoy at 10,277 boepd, due to the infill wells campaign that was completed in FY2013. Production at Ravva was marginally lower in Q3 at 27,857 boepd though recovery rates continue to be over 47%.
Revenue for the quarter was Rs.5,000 crore, post profit sharing with the GoI in all the producing blocks and the royalty expense in the Rajasthan block, up 8% QoQ driven by higher volume. EBITDA for the quarter was Rs.3,555 crore, lower than the previous quarter as the contribution from higher revenues was primarily offset by increased exploration costs and one time charge on account of adoption of fair value methodology of stock option valuation.
There have been encouraging results from the exploration programme across the portfolio. Since resumption of exploration in Rajasthan, our drilling program achieved over 50% success rate, opened up 3 new play types and added oil in place resources of 500 - 600 MMbbls. With 4 rigs now dedicated to exploration in Rajasthan and two high impact pact wells being drilled, we are on track to drill out 50% of the gross risked prospective resources in the block by fiscal year end. Aishwarya Barmer Hill was recognized as the 27th Discovery, with successful testing at 450 bopd. The 28th Discovery, the V2Y Channel, opened up multiple pay zones in the low permeability Barmer Hill formation; the zones together have demonstrated a flow of 450 bopd.
At Ravva, we spudded a 'high value high risk' deep exploration prospect, drilling for which is likely to be completed in the current quarter and testing would follow thereafter.
The Declaration of Commerciality for the Nagayalanka discovery was submitted during the quarter, and first oil is expected in 2017 at an expected production rate of over 10,000 bopd. In addition, appraisal wells are yielding early indications of potential resource accretion. This is expected to strengthen the Eastern India portfolio.
Acquisition of seismic data is ongoing in other exploration assets, such as South Africa, KG Offshore and Mumbai Offshore blocks.
Oil & Gas Business
Iron Ore Business
Q3 Q2 Nine months period
% %
change change
Particulars FY2014 FY2013 YoY FY2014 FY2014 FY2013 YoY
IRON ORE [3] (in million
dry metric tonnes, or as
stated)
Sales - - - - - 3.1 -
Goa - - - - - 3.0 -
Karnataka[4] - - - - - 0.1 -
Production of Saleable
Ore - - - - - 3.7 -
Goa - - - - - 3.7 -
Karnataka - - - - - 0.0 -
Production ('000 tonnes)
Pig Iron 139 83 67% 129 377 204 85%
Financials (In Rs. crore,
except as stated)
Revenue 290 230 26% 459 1,116 2,437 (54%)
EBITDA (23) (84) (73%) (78) (148) 558 (127%)
In Karnataka, following clearance from the Supreme Court of India and obtained other statutory clearances, we have resumed mining operations from December 28, 2013 at a provisional capacity of 2.29 mtpa. We are ramping up production to a run-rate of around 0.5 million tonnes per month.
In Goa, sale of the inventory through e-auction is expected to commence shortly. These e-auctions will be conducted post verification of the inventory, and will be monitored by a Committee appointed by the Supreme Court. The Supreme Court has also set up a separate committee to conduct a macro EIA study to arrive at a ceiling of annual excavation of iron ore in the state of Goa. Both these committees are expected to separately submit their reports to the court by February 15, 2014 for the Court's consideration.
EBITDA in Q3 was Rs. (23) crore as compared to Rs. (84) crore in the corresponding prior quarter, due to higher contribution from the pig iron business.
Copper - India / Australia Business
Q3 Q2 Nine months period
% %
change change
Particulars FY2014 FY2013 YoY FY2014 FY2014 FY2013 YoY
Production (in'000
tonnes, or as stated)
Copper - Mined metal
content 5 6 (23%) 6 17 19 (13%)
Copper - Cathodes 99 92 7% 82 197 267 (26%)
Tuticorin power sales
(million units) 162 7 - 158 457 7 -
Financials (In Rs. crore,
except as stated)
Revenue 6,599 5,164 28% 4,812 13,876 15,882 (13%)
EBITDA 392 234 68% 421 820 842 (3%)
Net CoP - cathode
(USCent/lb) 9.6 10.8 (12%) 8.6 11.7 7.8 50%
Tc/Rc (USCent/lb) 16.6 12.4 34% 14.7 15.6 12.0 30%
Copper LME Price ($/MT) 7,153 7,909 (10%) 7,073 7,124 7,827 (9%)
In Q3, copper cathode production was 99,000 tonnes, highest ever for a quarter.
Mined metal production at Australia was 5,000 tonnes in Q3, lower due to disruption of operation caused by an accident at the mine. Q4 production will remain affected due to a mud rush incident at one of the stopes.
Net unit cost of conversion at Copper- India was 9.6 US cents/lb compared with 10.8 US cents/lb in the prior period. Cost of production was lower due to improved operational efficiency resulting from higher volumes, lower power cost, partially offset by lower by-product (sulphuric acid) credits.
Tc/Rc in the current quarter further increased to 16.6 US cents/lb, which was 34% higher as compared to the corresponding prior period. Tc/Rc is expected to remain high on the back of rising global mine supply from brownfield and greenfield expansions.
EBITDA in Q3 was 68% higher due to higher Tc/Rc and higher contribution from the 80 MW power plant, partially offset by lower by-product credit.
Aluminium Business
Q3 Q2 Nine months period
% %
change change
Particulars FY2014 FY2013 YoY FY2014 FY2014 FY2013 YoY
Production
(in'000 tonnes,
or as stated)
Alumina -
Lanjigarh 181 104 74% 116 297 527 (44%)
Aluminium -
Jharsuguda 136 135 1% 137 407 394 3%
Aluminium -
BALCO 63 62 1% 63 187 185 1%
Aluminium -
Total 199 197 1% 200 595 579 3%
Financials (In
Rs. crore,
except as
stated)
Revenue 2,594 2,445 6% 2,799 7,757 7,291 6%
EBITDA 430 312 38% 469 1,182 952 24%
Alumina CoP -
Lanjigarh
(Rs./MT) 352 406 (13%) 329 355 353 -
Alumina CoP -
Lanjigarh
($/MT) 21,800 23,200 (6%) 20,500 21,300 19,200 11%
Aluminium CoP
-(Rs./MT) 1,01,100 1,04,600 (3%) 1,02,900 1,00,800 1,03,200 (2%)
Aluminium CoP
-($/MT) 1,629 1,931 (16%) 1,651 1,678 1,893 (11%)
Aluminium CoP -
Jharsuguda
(Rs/MT) 98,700 1,04,400 (5%) 99,700 97,400 1,03,200 (6%)
Aluminium CoP -
Jharsuguda
($/MT) 1,591 1,928 (17%) 1,602 1,621 1,892 (14%)
Aluminum CoP -
BALCO (Rs/MT) 1,06,200 1,05,000 1% 1,09,800 1,08,000 1,03,300 5%
Aluminium CoP -
BALCO ($/MT) 1,709 1,939 (12%) 1,755 1,798 1,893 (5%)
Aluminum LME
Price ($/MT) 1,769 1,997 (11%) 1,781 1,794 1,964 (9%)
The Lanjigarh alumina refinery recommenced operations in July and has ramped up well, producing 181,000 tonnes in Q3. It had a capacity utilization of 72% in Q3 as compared with 46% in Q2 and is expected to further increase in the current quarter. Alumina produced from our refinery has been able to meet 43% of our total alumina requirement, as compared with 17% during Q2.
Jharsuguda-I and Korba-II smelters continued to operate above their rated capacities with a consistent cost performance.
Aluminium COP at Jharsuguda and the Balco smelter was Rs. 98,700/tonne (US$1591/tonne) and 1,06,200/tonne (US$1709/tonne), respectively. COP at Jharsuguda was lower mainly due to improved efficiencies and reduced power cost, on account of better quality of coal and lower e-auction coal. BALCO COP increased due to higher coal cost on account of coal tapering, partially offset by operational efficiencies in the plant.
EBITDA in Q3 was up 38% as compared with the corresponding period mainly on account of lower COP and Rupee depreciation, partially offset by lower LME price.
We expect to tap first metal at the 325 ktpa BALCO-III Aluminium in H1 FY2015. We expect to synchronize the first unit of the BALCO 1,200 MW power plant in Q1 after obtaining all regulatory approvals, which are progressing well. We continue to evaluate the potential start-up date of the first of four lines of the 1.25 mtpa Jharsuguda smelter.
Power Business
Q3 Q2 Nine months period
% %
change change
Particulars FY2014 FY2013 YoY FY2014 FY2014 FY2013 YoY
Production (in million
units)
Total Power Sales 2,196 2,128 3% 1,910 7,282 7,491 (3%)
2400 MW Jharsuguda power
plant[1] 1,827 1,578 16% 1,494 5,924 5,457 9%
270 MW BALCO power plant 75 275 (73%) 44 306 959 (68%)
274 MW HZL Wind power
plants 59 62 (5%) 151 372 432 (14%)
100MW MALCO power plant 236 212 11% 221 681 643 6%
Financials (in Rs. crore
except as stated)
Revenue 775 646 20% 793 2,841 2,652 7%
EBITDA 247 198 25% 286 975 892 9%
Average Cost of
Generation(Rs./unit) 2.27 2.46 (7%) 2.35 2.29 2.32 (1%)
Average Realization
(Rs./unit) 3.39 3.56 (5%) 3.77 3.60 3.60 -
Jharsuguda Cost of
Generation (Rs./unit) 2.09 2.22 (6%) 2.32 2.20 2.23 (1%)
Jharsuguda Average
Realization (Rs./unit) 3.07 3.20 (4%) 3.47 3.34 3.39 (1%)
Power sales were higher at 2,196 million units in Q3, up 3% over the previous year, primarily due to higher power sales from the Jharsuguda 2,400MW power plant which had a PLF of 38%. PLFs at Jharsuguda and BALCO 270 MW remained low largely due to a combination of weak demand and evacuation constraints.
Average power realization in Q3 was at Rs. 3.39 per unit against Rs. 3.56 per unit in the corresponding prior quarter. The power generation cost at Jharsuguda during the quarter was lower at Rs. 2.09 per unit as compared with Rs. 2.22 per unit in the corresponding prior quarter. The marginal decline in realization during the quarter has been compensated by marginal decline in our COP on account of improvement in the quality of coal and lower auxiliary consumption.
EBITDA improved by 25% in Q3 primarily due to higher power sales from the 2,400MW Jharsuguda power plant as compared to a year ago.
The boiler light up of the first 660 MW unit of the 1,980 MW Talwandi Sabo was achieved in Q3 and is expected to be synchronized in the next few months.
Cash and Debt
Amount in Rs. Crore 30 September 2013 31 December 2013
Company Debt Cash & LI Net Debt Debt Cash & LI NetDebt
Sesa Sterlite
Standalone 41,450 3,687 37,763 40,960 3,667 37,293
Zinc India - 22,772 (22,772) - 22,834 (22,834)
Zinc International - 1,180 (1,180) - 1,137 (1,137)
Cairn India - 20,196 (20,196) 566 22,108 (21,542)
BALCO 5,019 86 4,933 5,014 44 4,970
Talwandi Sabo 4,536 13 4,523 4,996 26 4,970
Cairn acquisition SPV
(1) 31,977 95 31,882 31,529 105 31,424
Others squared 1,081 111 970 953 135 818
Sesa Sterlite
Consolidated 84,063 48,140 35,923 84,018 50,056 33,962
Debt Maturity
Profile
FY19 &
(Rs. crore) (1) Q4 FY14 FY15 FY16 FY17 FY18 Later Total
Sesa Sterlite
Standalone 395 6,185 2,325 2,303 4,047 10,226 25,481
Sesa Sterlite
Subsidiaries 358 3,838 2,419 2,820 2,270 3,769 15,474
Total 753 10,023 4,744 5,123 6,317 13,995 40,955
Gross debt at Sesa Sterlite was Rs.84,018 crore as at 31 December 2013 at similar level as on 30 September 2013.
This comprises long term loans of Rs.65,056 crore and short term working capital loans of Rs.18,962 crore. Out of total loan of Rs.84,018 crore, Rs.40,960 crore loan is in Sesa Sterlite standalone and balance Rs.43058 crore in the other subsidiaries. The loan in INR currency is Rs.27,868 crore and balance Rs.56,150 crore is in US dollar. On a consolidated basis the debt equity ratio is healthy at 0.8.
The company has consolidated cash, cash equivalents and liquid investments of Rs.50,056 crore, out of which Rs.31,143 crore was invested in debt mutual funds, Rs.5,423 crore in bonds, and Rs.13,490 crore in bank deposits. Therefore, the net debt of the company was at Rs.33,962 crore. The company continues to follow a conservative investment policy and invests in high quality debt instruments with the mutual funds, bonds and fixed deposits with banks.
Note: Figures in previous periods have been regrouped or restated, wherever necessary to make them comparable to current period.
About Sesa Sterlite Limited
Sesa Sterlite Limited ("Sesa Sterlite") is one of the world's largest diversified natural resource companies. Our business primarily involves exploring, extracting and processing minerals and oil & gas. We produce oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and have a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka. Sesa Sterlite has a strong position in emerging markets with over 80% of its revenues from India, China, East Asia, Africa and the Middle East.
Sustainability is at the core of Sesa Sterlite's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities.
Sesa Sterlite is a subsidiary of Vedanta Resources Plc, a London listed company. Sesa Sterlite is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.
Registered Address: Sesa Sterlite Limited, Sesa Ghor, 20 EDC Complex, Patto, Panjim, Goa - India - 403 001
Disclaimer
This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
For further information, please contact:
Ashwin Bajaj
Senior Vice President - Investor Relations
[email protected]
Tel: +91-22-6646-1531
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