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Company Vedanta Resources PLC
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Sesa Sterlite announces Q3 results

Released 13:55 28-Jan-2014
Number 6933Y13

RNS Number : 6933Y
Vedanta Resources PLC
28 January 2014
 



28 January 2014

Vedanta Resources plc
Sesa Sterlite Limited announces results for the Third Quarter and nine months ended 31 December 2013

The following release was issued today by Vedanta Resources Plc's subsidiary Sesa Sterlite Limited.

            28 January 2014

 

 

Sesa Sterlite Limited

Results for the Third Quarter and Nine Months Ended 31 December 2013

 

 

Mumbai, India: SesaSterlite Limited ("Sesa Sterlite" or "the Company") today announced its unaudited consolidated results for the third quarter (Q3) and Nine Months ended 31 December 2013.

 

Highlights of the Quarter

 

Operational

 

·     Increased production of integrated refined zinc, lead and silver at Zinc India

·     Record oil & gas production of 224 kboepd

·     Resumed iron ore mining operations at Karnataka

 

Financial

 

·     Adjusted proforma PAT of Rs.1,780 crore in Q3 vs. Rs.1,402 crore in Q2

 

 

  

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. Crore, except as stated)

FY2014 (Adjusted Proforma)

FY2014 (Actual)

FY2014 (Adjusted Proforma)

FY2014 (Adjusted Proforma)

FY2014 (Actual)

71,780

Net Sales/Income from operations

19,414

19,414

18,026

51,807

44,949

25,232

EBITDA

6,565

6,565

6,955

18,999

13,743

48%

EBITDA margin excl. custom smelting 1 (%)

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

(154)

Forex loss/ (gain)

 (82)

(82)

 (235)

 (535)

705

23,355

Profit before Depreciation 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

2,620

Amortisation of goodwill

        678

589

 654

        1,916

1,655

15,788

Profit before Exceptional items

3,339

3,428

3,979

          10,007

5,753

139

Exceptional Items

                     -  

-  

62

                 62

62

1,024

Taxes

(139)

  (139)

 501

673

(1,175)

14,625

Profit After Taxes

              3,478

3,567

    3,416

   9,272

6,866

7,373

Minority Interest

              1,698

1,698

2,014

 5,490

3,271

-

Share in Profit/(Loss) of Associate

                    -

-

-

-

1,082

7,252

Attributable PAT after exceptional item

              1,780

1,868

1,402

 3,782

4,677

24.46

Basic Earnings per Share (Rs./share)

                6.00

6.30

  4.73

 12.76

15.99

        7,649

Underlying attributable PAT

              1,650

1,739

 1,405

 3,728

5,235

25.80

Underlying Earnings per Share 2 (Rs./share)

                5.57

5.87

4.74

12.57

17.89

 54.45

Exchange rate (Rs./$) - Average

              62.03

62.03

 62.13

 60.08

60.08

54.39

Exchange rate (Rs./$) - Closing

              61.90

61.90

   62.78

   61.90

61.90

1.     Excludes custom smelting at Zinc and Copper India operations

2.     Based on profit for the period after adding back exceptional items and other gains and losses, and their resultant tax and minority interest effects

 

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

Particulars

FY2014

FY2013

% change YoY

FY2014

FY2014

FY2013

% change 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%)

 

1.     Includes captive consumption of 1,927 tonnes in Q3 FY 2014 vs. 1,647 tonnes in Q3 FY 2013, and 5,271 tonnes in nine months period FY 2014 vs. 4,723 tonnes in nine months period FY 2013

2.     Excludes captive consumption of 10 tonnes in Q3 FY 2014 vs. 8 tonnes in Q3 FY 2013, and 28 tonnes in nine months period FY 2014 vs. 25 tonnes in nine months period FY 2013.

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

Particulars

FY2014

FY2013

% change YoY

FY2014

FY2014

FY2013

% change 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.

 

 
 

Oil & Gas Business

 

Particulars

Q3 FY2014 (Actual)

Q2 FY2014 (Proforma)

Nine months FY2014 (Proforma)

Nine months  FY2014

(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.

 

Iron Ore Business

 

 


Q3

Q2

Nine months period

Particulars

FY2014

FY2013

FY2014

FY2014

FY2013

% change YoY

IRON ORE 3 (in million dry metric tonnes, or as stated)








   Sales

-

-

-

-

-

3.1

-

Goa

-

-

-

-

-

3.0

-

Karnataka4

-

-

-

-

-

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

Particulars

FY2014

FY2013

% change YoY

FY2014

FY2014

FY2013

% change 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 (US¢/lb)

9.6

10.8

(12%)

8.6

11.7

7.8

50%

Tc/Rc (US¢/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

Particulars

FY2014

FY2013

% change YoY

FY2014

FY2014

FY2013

% change 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

Particulars

FY2014

FY2013

% change YoY

FY2014

FY2014

FY2013

% change YoY

Production (in million units)








Total Power Sales

2,196

2,128

3%

1,910

7,282

7,491

(3%)

2400 MW Jharsuguda power plant1

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%)

 

1.     Includes production under trial run of Nil units in Q3 FY2014 vs. 456 million units in Q3 FY2013 and Nil units in 9M FY2014 vs. 795 million units in 9M FY2013.

 

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 ²

1,081

111

970

953

135

818

Sesa Sterlite Consolidated

84,063

48,140

35,923

84,018

50,056

33,962

1.     As on 31 December 2013, debt at Cairn acquisition SPV comprises Rs.7,428 crore of bank debt and Rs.24,101 crore of inter-company  debt from Vedanta Resources Plc. There was an accrued interest payable of Rs. 2,400 crore on the inter-company debt.

2.     Others includes CMT, VGCB, Fujairah Gold, and Sesa Sterlite investment companies.

 

Debt Maturity Profile

(Rs. crore) ¹

Q4 FY14

FY15

FY16

FY17

FY18

FY19 & 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

1.     Maturity profile excludes working capital facilities of Rs.18,962 crore and inter-company debt from Vedanta Resources Plc of Rs.24,101 crore at Cairn acquisition SPV.

 

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.43,058 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.

 



 

For further information, please contact:

Investors:

Ashwin Bajaj

Senior Vice President - Investor Relations

Vedanta Resources plc

 

 

ir@vedanta.co.in

Tel: +44 20 7659 4732 / +91 22 6646 1531

Media:

Gordon Simpson

Faeth Birch

Finsbury

 

 

Tel: +44 20 7251 3801

About Vedanta Resources plc

Vedanta Resources plc ("Vedanta") is a London listed diversified global resources major. The group produces Aluminium, Copper, Zinc, Lead, Silver, Iron ore, Power, and Oil and Gas. Vedanta has world-class assets in India, Zambia, South Africa, Namibia, Ireland Liberia, Australia and Sri Lanka and a strong organic growth pipeline of projects. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information, please visit: www.vedantaresources.com.

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.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Sesa Sterlite announces Q3 results - RNS