Sterlite Industries posts 65% jump in net - Views on News from Equitymaster

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Sterlite Industries posts 65% jump in net

Jan 28, 2000

Sterlite Industries has posted a sharp 65% jump in net profits during the quarter ended 31st December 1999. The company has benefited from an improvement in operating margins as realisations grew faster than raw material costs. The quality of the company's earnings has improved in view of the decline in other income. Sterlite has benefited from a firmness in international copper prices. The company’s other division - telecom cables, too has fared well in view of the increasing demand from private telecom players and the Department of Telecom.

(Rs m) 2QFY2000 2QFY1999 Change
Net Sales 7,618.4 5,334.8 42.8%
Other Income 66.0 82.3 -19.8%
Expenditure 6,381.0 4,644.9 37.4%
Interest 383.3 156.6 144.8%
Depreciation 234.7 200.2 17.2%
Profit before Tax 685.4 415.4 65.0%
Tax - -  
Profit after Tax/(Loss) 685.4 415.4 65.0%
Net profit margin (%) 9.0% 7.8%  

The company has posted a rise in net margins to 9% despite a 145% jump in interest expenditure. This could prove to be a source of concern in the coming quarters if international prices of copper were to become sluggish.

Market View:
The stock has been rated as a 'BUY' mainly on account of the improving demand scenario emerging after large orders for telecom cables were bagged by the company. The improvement in the international prices of copper has also supported the rating.

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