Sterlite net slows down

Income from operations shot up 45 per cent from Rs 1402.11 crore to Rs 2,034.74 crore, while other income moved up from Rs 26.12 crore to Rs 33.84 crore during the period.

The sharp increase in turnover was driven by a 227 per cent increase in volumes at the copper division and a 164 per cent volume growth in the optical fibre business. Gross profit of the company was Rs 241.70 crore as compared to Rs194 crore recorded in the previous fiscal.

Earnings before interest, depreciation and tax increased by 55 per cent to Rs 325.60 crore as against 209.65 crore last year.

At the Bombay Stock Exchange, the Sterlite scrip closed at Rs 359 after opening at a higher level of Rs 365 per share.

Interest charges sharply increased from Rs 15.22 crore to Rs 83.90 crore, while provision for depreciation shot up from Rs 36.69 crore to Rs 79.75 crore during the period.

quot;Significantly higher depreciation and interest charges were on account of the full year impact of the capitalisation of the company8217;s copper smelter plant,quot; Sterlite said in a release.