Sesa Sterlite has reported a net profit of Rs 3473 crores for the quarter ending March 31, 2014 on the back of higher revenues.
The Sesa Sterlite merger and the Vedanta Group consolidation was completed in August 2013 and hence the actual Q3, Q4 and FY 2014 numbers are not comparable with those of the corresponding prior periods.
Revenues during Q4 were 7 per cent higher compared with Q3, on account of higher volumes across
"During FY 2014 adjusted proforma revenue remained strong on account of higher volumes at Zinc India, Oil & Gas, aluminium business and INR depreciation despite temporary closure of Copper India operations in Q1, suspension of iron ore mining operations and lower commodity prices," the company said in a statement.
The Board has declared a final dividend of Rs.1.75 per share. "We continue to have a strong balance sheet with cash and liquid investments of Rs.50,797 crore as on 31 March 2014 which is mostly invested in debt related mutual funds, bank deposits and bonds. Gross debt at Sesa Sterlite was Rs.80,566 crore as at 31 March 2014," the company said.
Mr. Navin Agarwal, Chairman added: "The Sesa Sterlite merger was completed last year, we have reconstituted the board, and the merged entity has delivered a strong performance in FY 2014. We are focused on optimizing our assets, growing production with continued cost control, and generating strong cash flows across all businesses. I am confident that Sesa Sterlite will continue to create value for all stakeholders."