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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.

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.

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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

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