Diversified major Sesa Sterlite today reported consolidated net profit of Rs 376 crore for the April-June quarter, on the back of Rs 17,056 crore revenue.
The attributable profit after tax after exceptional items stood at Rs 600 crore in the same quarter a year ago.
In June 2014 quarter, exceptional items, net of tax, were Rs 1,627 crore (gross Rs 2,128 crore, tax impact of Rs 501 crore) represents the retrospective effect of the 'depreciation accounting' change made by Cairn India, the company said. This is due to changes made in the method of depreciation on some of its oil and gas assets.
The company's Profit After Tax (PAT) for the quarter at Rs 1,363 crore (Rs 2,990 crore gross of exceptional items) compares to Rs 2,379 crore and Rs 3,074 crore in corresponding prior quarter and sequential quarter, respectively. PAT (gross of exceptional items) shows a healthy growth of 26 per cent over Q1 FY 2014, Sesa Sterlite said.
Since the merger of Vedanta Group firms creating Sesa Sterlite came into effect from the quarter ended September 30, 2013, the results for the quarter are not comparable with previous corresponding period, it said.
Revenues of the company stood for the reporting quarter (April-June 2014) stood at Rs 17,056 crore as a result of higher contribution from copper, oil & gas and aluminium businesses.
Its copper business clocked a 97 per cent rise in revenue to Rs 4,855 crore. It was higher by 10 per cent for Cairn India at Rs 4,483 crore. Revenue in Aluminium was up by 23 per cent at Rs 2,917 crore on better premium while it was almost flat in other businesses compared to Q1 FY'14.
EBITDA at Rs 5,670 crore was up by three per cent at 47 per cent as the Aluminium business "continued to improve", but it was impacted adversely by higher costs in Zinc business. It was also lower in Cairn India.
Finance cost was marginally lower at Rs 1,537 crore than in proforma Q1 FY'14. However, net interest was lower largely due to higher other income.
Due to change in closing currency rate, there was a forex gain of Rs 141 crore in this quarter, mainly at Cairn India owing to its dollar denominated investments and trade debtors.
Gross debt was Rs 80,028 crore, a reduction of about Rs 500 crore from March 2014. Out of the company's cash, cash