Highlights of Q2 performance
On consolidated basis for the quarter ended September 2008, the revenue of SterliteIndustries increased by 3% to Rs 6810.99 crore (including other operative income ofRs 217.22 crore). The OPM of the company declined by 320 bps to 27.2% on the backof sharp decline in LME prices of all the metals on one side and significant increase inpower and fuel cost on other. The overall operating profit declined by 8% to Rs1852.24 crore.The other income for the quarter surged by 42% on Y-o-Y to 402.46 crore leading to aPBIDT of Rs 2247 crore, down 2% on Y-o-Y.The interest charges for the quarter were at Rs 58.05 crore (down 10% Y-o-Y) and thedepreciation charges for the quarter declined by 19% Y-o-Y to Rs 166.65 crore. Foruniform accounting policy depreciation on new plant and machinery in aluminiumbusiness has been provided at SLM rates as against the WDV Method rates.Consequent to this, depreciation charge for the quarter ended September 2008 islower by Rs 44.33 crore. The decline in interest and depreciation charges boost thePBT before EO to Rs 2022.37 crore, flat on Y-o-Y basis.After considering the EO expenses of Rs 10 crore in Q2 FY09 relating to any possibleliability on account of guarantees given to Banks and Financial Institutions for theloans taken by other company, (against NIL in Q2 FY08), the PBT after EO stood atRs 2012.37 crore, almost flat on Y-o-Y. The provision for taxation was Rs 291.56 crore
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