Sterlite’s Profit Exceeds Estimates on Higher Earnings at Unit
Sterlite Industries (India) Ltd. (STLT), the nation’s top copper producer, posted a 50 percent increase in fourth-quarter profit as raw material costs fell and unit Hindustan Zinc Ltd. (HZ) reported better-than-estimated earnings.
Group net income at the company, based in the southern Indian city of Tuticorin, rose to 19.2 billion rupees ($354 million), or 5.73 rupees a share, in the three months ended March 31, from 12.8 billion rupees, or 3.61 rupees, a year earlier, the Vedanta Resources Plc unit said today in a statement to stock exchanges. The median profit of 20 analyst estimates compiled by Bloomberg was 14.4 billion rupees. Sales increased 17 percent to 126.1 billion rupees.
Hindustan Zinc reported a better-than-forecast 54 percent gain in fourth-quarter profit, aided by higher metal output. Net income at India’s largest zinc and silver producer rose to 21.7 billion rupees, in the three months ended March 31 from 14.1 billion rupees a year earlier, the company said in an exchange filing on April 25.
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