Anil Agarwal-led Vedanta Resources subsidiary Sesa Sterlite reported a 25 percent decline in net profit (before exceptional items) at Rs 1,341.2 crore in April-June quarter (Q1FY15) compared to Rs 1,788.65 crore in previous quarter on account of lower revenue in oil & gas, copper and aluminium businesses but it was better than analysts' forecast of Rs 1,287 crore due to higher other income and forex gain. Profit (after exceptional items) stood at Rs 375.6 crore as against Rs 1,621.55 crore during the same period.
The company has reported an exceptional item of Rs 1,627.4 crore (versus Rs 167.10 crore Q-o-Q) due to change in method of depreciation on some of its oil & gas assets by its subsidiary Cairn India .
Total income dropped 17.7 percent at Rs 17,186.5 crore in the quarter ended June 2014 ((slightly lower-than-expectations of Rs 17,300 crore) compared to Rs 20,894.41 crore in March quarter driven by lower production at Sterlite Copper due to a planned maintenance shutdown of 23 days during Q1 and lower volumes in zinc businesses and Cairn India.
"The impact of marginally higher LME and metal premiums was partially offset by higher profit petroleum tranche starting this quarter," said the company.
Year-on-year numbers are not comparable due to merger of Sesa Goa and Sterlite Industries, and Vedanta Group consolidation in previous financial year. According to the company's release, the adjusted growth in profit (before exceptional item) and revenue were 123.5 percent and 19 percent year-on-year, respectively.
Other income shot up 49 percent sequentially to Rs 1,138.92 crore. The increase was mainly on account of higher maturities of investments in fixed maturity plans (FMPs) at Zinc and Cairn India, as income was recognised at maturity of FMP's due to partial adoption of AS 30, the company elaborated. The forex gain during the quarter was Rs 141.41 crore, mainly at Cairn India driven by their dollar denominated investments and trade debtors.
Operational performance also missed street forecast with the operating profit (EBITDA - 75-80 percent contribution comes from its subsidiary Cairn India and Hindustan Zinc) falling 16 percent quarter-on-quarter to Rs 5,655 crore but margin expanded by 70 basis points to 32.9 percent. Analysts had expected both at Rs 6,074 crore and 35 percent, respectively.
Sesa Sterlite holds 59.9 percent stake in Cairn India and 64.92 percent in Hindustan Zinc as of June 2014.
Its mining business continued to be impacted by mining ban in Goa. "Supreme Court lifted the ban on iron ore mining in Goa on April 21, subject to certain conditions. "In pursuant of the said judgement, the Goa government is expected to announce a policy on iron ore mining shortly but till then mining operations remain suspended," said the company in its filing.
Even its alumina refinery expansion project at Lanjigarh is also on hold as the company's fresh application for environmental clearance is under process and the public hearing is scheduled on July 30, 2014.
Sesa Sterlite said it has strong balance sheet with cash & cash equivalents of over Rs 47,500 crore at the end of June quarter while its gross debt was Rs 80,028 crore, a reduction of about Rs 500 crore from March 2014.
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