Sterlite Industries announces Q2 net profit of Rs.136.56 Crores, income at Rs.3330.56 Crores

Sterlite Industries India Ltd has announced the following Unaudited results for the quarter ended September 30, 2006:

The Company has posted a net profit after tax and exceptional items of Rs 1365.60 million for the quarter ended September 30, 2006 where as the same at Rs 811.00 million for the quarter ended September 30, 2005. Total Income (net of excise) is Rs 33305.60 million for the quarter ended September 30, 2006 where as the same was at Rs 17393.90 million for the quarter ended September 30, 2005.

The Consolidated results are as follows:

Income attributable to Consolidated Group of Rs 10710.00 million for the quarter ended September 30, 2006 where as the same at Rs 2568.70 million for the quarter ended September 30, 2005. Total Income (net of excise) is Rs 68292.50 million for the quarter ended September 30, 2006 where as the same was at Rs 27247.70 million for the quarter ended September 30, 2005.

As approved by the members of the Company through postal ballot, the Power Transmission Line (PTL) division of the Company having its manufacturing facilities at Rakholi (Silvassa, union territory) and Karanjwane (Pune, Maharashtra) have been sold on a going concern basis to Sterlite Optical Technologies Ltd (SOTL) at a lump sum consideration of Rs 1485.10 million, with effect from July 01, 2006. Loss on Sale of Power Transmission line Division amounting to Rs 36.30 million has been shown as Exceptional Items.

Previous Period/Year figures have been regrouped / recasted wherever necessary. As mentioned above, figures for the quarter ended September 30, 2006 does not include figures in respect of Power Transmission Line division. Hence figures for current period/s are not strictly comparable to figures for the previous period/s.

Source : Equity Bulls

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