Vedanta's Sterlite unit sees EPS rise 30 per cent

The Indian non-ferrous metals division of mining company Vedanta Resources posted a 30 per cent rise in earnings per share in the nine months to December 31st.

In a statement issued on Tuesday, the FTSE-100 listed company said that its subsidiary, Sterlite Industries (India), saw earnings per share had risen to Rs 1,191 Crore and Rs 3.5 per share respectively.

Net sales in the nine months of fiscal year 2013 rose 7.0% to 32,313 Rs Crore compared to 30,210 Rs Crore in the nine months of fiscal year 2012. Meanwhile earnings before interest, tax, depreciation and amortisation (EBITDA) declined by 5.0% over the same period to 7,252 Rs Crore.

Sterlite's mined metal production was up 11% and integrated silver production was up 8.0% at Zinc India.

The unit further reported a strong balance sheet with cash and liquid investments of Rs 23,472 Crore.

Anil Agarwal, Chairman of Sterlite, said: "Sterlite Industries continues to maintain its strong performance and leadership position. We have substantially improved our efficiencies, operational performance and metal production across businesses."

He added: "Zinc India is poised for the next phase of growth as we embark on a major exploration drive using best in class technology and global expertise".

Vedanta's share price was down 1.35% to 1,169.00p at 12:25 on Tuesday.

MF