Form 6-K SESA STERLITE LTD For: Oct 30

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October 30, 2014 8:38 AM EDT

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�

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

�

Form 6-K

�

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of October 2014

Commission File 001 � 33175

�

Sesa Sterlite Limited

(Exact name of registrant as specified in the charter)

�

Sesa Ghor

20, EDC Complex, Patto

Panaji, Goa � 403 001, India

(Address of principal executive offices)

�

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F��x��Form 40-F��

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):��

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):��

�

Table of Contents

Sesa Sterlite Limited

Other Events

On October�29, 2014 Sesa Sterlite Limited (�the Company�) issued an earnings release announcing its Unaudited Standalone and Consolidated Financial Results under Indian GAAP for the Second Quarter and Half Year ended September�30, 2014. A copy of the earnings release dated October�29, 2014 is attached hereto as Exhibit 99.1 and is incorporated herein by reference. A copy of the Company�s Unaudited Standalone and Consolidated Financial Results under Indian GAAP for the Second Quarter and Half Year ended September�30, 2014 is attached hereto Exhibit 99.2 and incorporated herein by reference.

The Board has recommended an Interim Dividend of Rs.1.75 per share on equity share of Re.1/- each. As informed earlier the Record Date for the Interim Dividend is fixed on Wednesday, November�5, 2014.

�

Forward looking statement :

In addition to historical information, this Form 6K and the exhibits included herein contain forward-looking statements within the meaning of Section�27A of the Securities Act, of 1933, as amended, and Section�21E of the Securities Exchange Act, 1934, as amended. The forward looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements, Factors that might cause such a difference include, but are not limited to, those discussed in the section entitled �Special Note Regarding Forward-Looking Statements� in our Annual Report on Form 20F dated July�30, 2013. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our management�s analysis only as of the date of the exhibits to this Form 6K. In addition, you should carefully review the other information in our Annual Report and other documents filed with the United States Securities and Exchange Commission (the �SEC�) from time to time. Our filings with the SEC are available on the SEC�website,www.sec.gov.

Exhibits

Ex-99.1 Earnings release of Sesa Sterlite Limited dated October� 29, 2014

Ex-99.2 Standalone and Consolidated Financial Results of Sesa Sterlite Limited under Indian GAAP September�30, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October�29, 2014

�


SESA STERLITE LIMITED

By:	�	/s/ Rajiv Choubey
Name:	�	Rajiv Choubey
Title:	�	Company Secretary

Exhibit 99.1

SESA STERLITE LIMITED

(Formerly known as Sesa Goa Limited)

Regd. Office: Sesa Ghor, 20 EDC Complex,

Patto, Panaji, Goa - 403001.

www.sesasterlite.com

CIN: L13209GA1965PLC000044

29�October 2014

Sesa Sterlite Limited

Consolidated Results for the second Quarter and Half Year ended 30�September 2014

Attributable PAT* up 15% to Rs. 1,658 crore

Mumbai, India: Sesa Sterlite Limited (�Sesa Sterlite� or the �Company�) today announced its unaudited consolidated results for the second quarter (Q2) ended 30�September 2014.

Financial Highlights

�

Q2 FY2015 Revenues up 8% at Rs 19,448 crore

�

EBITDA at Rs. 6,381 crore; continued strong EBITDA margin of 46%¹

�

Attributable PAT excluding exceptional items up 15% at Rs. 1,658 crore

�

Strong balance sheet with Cash�& Cash equivalents of over Rs. 47,000 crore

Operational Highlights

�

Improving production rate at Zinc-India, Copper-India, Oil�& Gas

�

Zinc-India: Mined metal improving as per mine-plan; H2 output to be significantly higher

�

Oil�& Gas: RJ production normalised after planned maintenance shutdown at MPT

�

Strong operating performance at Aluminium and commissioning of new pot-lines in progress

�

Continued focus on cost control and efficiency improvements across businesses

�

Rajasthan oil�& gas development on track for Mangala EOR injection and gas ramp-up

Mr.�Tom Albanese, Group CEO: �We have delivered a strong performance in the second quarter with an 8% growth in revenue and a 15% growth in profits. Strong EBITDA margins were maintained at 46%, while Attributable PAT (excluding exceptional items) was up 15%. Main performance drivers during the quarter were Copper, Aluminium and Zinc India businesses, while Oil�& Gas production at Rajasthan has normalised after completion of the maintenance shutdown at the Mangala Processing Terminal. Combined with efficient cost management, we are focused on optimising our assets and generating strong cash flows. I am confident that Sesa Sterlite will continue to create value for all stakeholders.�

�

*	Excluding exceptional items on proforma basis post Sesa Sterlite merger

¹	Excludes custom smelting at Zinc and Copper India operations

�


Registered Office: Sesa Ghor, 20 EDC Complex, Patto, Panaji, Goa - 403001.	��
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

Consolidated Financial Performance

The Sesa Sterlite merger and the Vedanta Group consolidation was completed in August 2013, hence Q2 and H1 FY2015 performance is compared with the adjusted proforma numbers of respective period, which are more representative of the performance during the period.

(In Rs. crore, except as stated)

�

FY2014
(Adjusted
Proforma)

�

��

�

��

Particulars

�

FY2015
(Actual)

�

FY2014
(Adjusted
Proforma)

�

%
Change

�

FY2015
(Actual)

�

FY2015
Actual

�

FY2014
(Adjusted
Proforma)

�

%
Change

�

72,591

��

Net Sales/Income from operations

�

19,448

��

�

18,026

��

�

%�

�

17,056

��

�

36,504

��

�

32,387

��

�

%�

�

25,665

��

EBITDA

�

6,381

��

�

6,955

��

�

%)�

�

5,670

��

�

12,051

��

�

12,434

��

�

%)�

�

47%

��

EBITDA margin¹

�

%�

�

%�

�

��

�

%�

�

%�

�

%�

�

��

�

6,111

��

Finance cost

�

1,472

��

�

1,473

��

�

��

�

1,537

��

�

3,009

��

�

3,044

��

�

%)�

�

2,210

��

Other Income

�

686

��

�

459

��

�

%�

�

1,210

��

�

1,897

��

�

1,059

��

�

%�

�

505

��

Forex gain

�

260

��

�

235

��

�

%�

�

141

��

�

401

��

�

453

��

�

(11

%)�

�

21,999

��

Profit before Depreciation and Taxes

�

5,801

��

�

6,030

��

�

%)�

�

5,416

��

�

11,218

��

�

10,606

��

�

%�

�

5,584

��

Depreciation

�

1,534

��

�

1,398

��

�

%�

�

1,544

��

�

3,078

��

�

2,700

��

�

%�

�

2,840

��

Amortisation of goodwill

�

469

��

�

654

��

�

(28

%)�

�

520

��

�

990

��

�

1,238

��

�

(20

%)�

�

13,576

��

Profit before Exceptional items

�

3,798

��

�

3,979

��

�

%)�

�

3,352

��

�

7,150

��

�

6,668

��

�

%�

�

229

��

Exceptional Items²

�

��

�

��

�

%�

�

1,627

��

�

1,718

��

�

��

�

��

�

1,000

��

Taxes

�

560

��

�

501

��

�

%�

�

362

��

�

922

��

�

811

��

�

%�

�

12,347

��

Profit After Taxes

�

3,148

��

�

3,416

��

�

%)�

�

1,363

��

�

4,510

��

�

5,795

��

�

(22

%)�

�

7,342

��

Minority Interest

�

1,528

��

�

2,014

��

�

(24

%)�

�

988

��

�

2,516

��

�

3,793

��

�

(34

%)�

�

5,207

��

Attributable PAT before exceptional item

�

1,658

��

�

1436

��

�

%�

�

1,341

��

�

2,999

��

�

2,036

��

�

%�

�

16.88

��

Basic Earnings per Share (Rs./share)

�

5.46

��

�

4.73

��

�

%�

�

1.27

��

�

6.73

��

�

6.75

��

�

��

�

17.58

��

Basic Earnings per Share without exceptional items (Rs./share)

�

5.59

��

�

4.94

��

�

%�

�

4.52

��

�

10.12

��

�

6.87

��

�

%�

�

60.5

��

Exchange rate (Rs./$) � Average

�

60.6

��

�

62.1

��

�

%)�

�

59.8

��

�

60.2

��

�

59.1

��

�

%�

�

60.1

��

Exchange rate (Rs./$) � Closing

�

61.6

��

�

62.8

��

�

%)�

�

60.1

��

�

61.6

��

�

62.8

��

�

%�

�

1.	Excludes custom smelting at Zinc and Copper India operations

2.	Exceptional items for the quarter is reflected net of tax

Revenue

Revenue in Q2 was at Rs 19,448 crore, up 8% in the quarter as compared to Q2 FY2014. The increase was mainly driven by improved volume at Copper India (Rs. 1,153 crore) post planned maintenance shutdown for 23 days in Q1 FY2015. Higher LME prices and premia in Aluminium and Zinc India business also helped to improve revenue (Rs. 732 crore). Iron Ore was marginally stronger (Rs. 135 crore) due to higher pig iron output�& sale. Cairn India revenue however reduced (Rs. 668 crore) due to lower volume resulting from a planned maintenance shutdown as well as lower brent. Australian copper mines continued to remain under Care and Maintenance resulting in lower revenue. The revenue percentage increase is higher in H1 as compared to corresponding prior period primarily because Sterlite Copper was under temporary closure in Q1 FY 2014.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 2 of 17
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

EBITDA and EBITDA Margin

Q2 EBITDA at Rs. 6,381 crore is down 8% compared with Q2 FY2014 with margin (excluding custom smelting) continuing to remain strong at 46%. Margins were lower primarily due to Oil�& Gas given the weaker crude oil prices. Better price in Zinc and Aluminium were offset by higher costs due to lower volumes (per mine plan) in Zinc-India and higher coal/input costs in aluminium.

The revenue growth of 8% does not translate into EBITDA growth of same proportion, given due to the lower volumes in higher margin businesses like zinc-India, Oil�& Gas marginally offset by higher volumes/revenue in custom refining business. Also, the increase in royalty rates from 1�September 2014 impacted cost at Zinc India.

Depreciation and Amortisation

Depreciation and amortisation is marginally lower than Q2 FY2014. Depreciation has increased in Q2 by Rs. 136 crore compared with Rs. 1,534 crore in Q2 FY2014, most of the increase is due to higher depreciation charge in Cairn India on account of change in depreciation method from Straight Line Method (SLM) to Unit of Production (UOP) on tangible assets in line with Indian Company�s Act requirement. There was lower amortisation of goodwill by Rs. 185 crore due to lesser production in Zinc International�& Cairn India and no production from Australian mines.

The Companies Act 2013 in Schedule II specifies the useful life of assets. It mentions depreciation rates for plant and machinery used in manufacture of non ferrous metals and power plants. The rates for plant and machinery are lower at 2.38% as compared to the existing rate used of 5.28%. The company would review with a technical evaluation and assess the revised useful lives of assets and charge depreciation accordingly w.e.f. 1�April 2014.

Other Income

In Q2, other income at Rs. 686 crore increased by Rs. 227 crore compared to Q2 FY2014. Sequentially it is lower, mainly due to the timing of maturity of investments in Fixed Maturity Plans (FMPs) at Zinc India and Cairn India in Q1 FY2015.

Non-Operational Forex Loss/Gain

Rupee depreciated marginally and closed at Rs.61.61 during the current quarter. There is marginal difference in Forex gain as compared to Q2 FY2014. However, this has resulted in higher forex gain in Cairn India as compared to Q1 FY2015 on dollar denominated investments and advances/debtors.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 3 of 17
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

Exceptional Items

In Q2, there were exceptional items of Rs. 90 crores, of which Rs. 45 crore relates to expenditure written off pursuant to the Supreme Court judgement in September 2014 cancelling 214 coal block allocations made since 1993 which included all our three coal blocks. The balance amount of Rs. 45 crore is expenditure towards Voluntary retirement Scheme (VRS) at Balco.

Tax

Tax charge in the current quarter is Rs. 560 crore (tax rate 14.7% excluding exceptional items) compared with Rs. 501 crore (tax rate 12.6%) in Q2 FY2014. The increase in the effective tax rate is due to higher deferred tax liability on exploration/development spending at Cairn India.

Profit after Tax

Attributable PAT before exceptional items for Q2 FY2015 was 15% higher at Rs. 1,658 crore as compared to Rs. 1,436 crore in Q2 FY2014. The minority interest in Q2 is lower at 49% compared to 59% in Q2 FY2014, in line with our expectation due to improved performance of Aluminium and Copper at Sesa Sterlite Standalone.

Borrowings and Investments

Gross debt at Sesa Sterlite reduced by ~Rs.500 crore at Rs. 79,526 crore as at 30�September 2014 which was at Rs. 80,028 crore as at 30�June 2014. This comprises long term loans of Rs. 65,440 crore and short term working capital loans of Rs. 14,086 crore. Out of total loan of Rs. 79,526 crore, Rs. 40,186 crore loan is in Sesa Sterlite standalone and balance Rs. 39,341 crore in the other subsidiaries. The loan in INR currency is Rs. 33,325 crore and balance Rs. 46,202 crore is in US dollar.

FCCB of US$717 million is maturing on 31�October 2014. The repayment of the same has been tied up through a combination of internal cash and borrowings.

The intercompany facility of US$1.25 billion from Cairn India Limited to a wholly owned overseas subsidiary of the company has been utilised to pay US$ 800�million principal and balance amount for accrued interest of the intercompany debt extended from Vedanta Resources Plc.

Out of the company�s cash, cash equivalents and liquid investments of Rs. 47,107 crore, Rs. 32,727 crore was invested in debt mutual funds, Rs. 7,538 crore in bonds, and Rs. 6,842 crore in bank deposits. Net debt remained constant at Rs. 32,419 crore.

The company continues to follow a conservative investment policy and invests in high quality debt instruments with the mutual funds, bonds and fixed deposits with banks. The Company has its long-term rating at AA+/Stable from CRISIL.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 4 of 17
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

Dividend

The Board has recommended an interim dividend of Rs. 1.75�per share. The interim dividend outgo will be Rs.519 crore. The record date for dividend payment is 5^th�November, 2014.

Oil and Gas Business

�

��

�

��

�

Particulars

��

FY2015

�

��

FY2014

�

��

%
change
YoY

�

FY2015

�

��

FY2015

�

��

FY2014

�

��

%
change
YoY

�

OIL AND GAS (boepd)

��

�

��

Average Daily Total Gross Operated Production (boepd) � including internal gas consumption

��

�

204,128

��

�

221,190

��

�

%)�

�

226,597

��

�

215,301

��

�

220,884

��

�

%)�

Average Daily Gross Operated Production (boepd)

��

�

194,508

��

�

213,299

��

�

%)�

�

217,869

��

�

206,125

��

�

212,873

��

�

%)�

Rajasthan

��

�

163,262

��

�

175,478

��

�

%)�

�

183,164

��

�

173,158

��

�

174,503

��

�

%)�

Ravva

��

�

20,596

��

�

29,151

��

�

(29

%)�

�

23,940

��

�

22,259

��

�

28,704

��

�

(22

%)�

Cambay

��

�

10,651

��

�

8,671

��

�

%�

�

10,765

��

�

10,708

��

�

9,666

��

�

%�

Average Daily Working Interest Production (boepd)

��

�

123,178

��

�

132,862

��

�

%)�

�

137,907

��

�

130,502

��

�

132,477

��

�

%)�

Rajasthan

��

�

114,283

��

�

122,835

��

�

%)�

�

128,215

��

�

121,211

��

�

122,152

��

�

%)�

Ravva

��

�

4,634

��

�

6,559

��

�

(29

%)�

�

5,386

��

�

5,008

��

�

6,458

��

�

(22

%)�

Cambay

��

�

4,260

��

�

3,468

��

�

%�

�

4,306

��

�

4,283

��

�

3,866

��

�

%�

Total Oil and Gas Production (million boe)

��

�

��

Oil�& Gas- Gross

��

�

17.89

��

�

19.62

��

�

%)�

�

19.83

��

�

37.72

��

�

38.96

��

�

%)�

Oil�& Gas-Working Interest

��

�

11.33

��

�

12.22

��

�

%)�

�

12.55

��

�

23.88

��

�

24.24

��

�

%)�

Financials (In Rs. crore, except as stated)

��

�

��

Revenue

��

�

3,982

��

�

4,650

��

�

(14

%)�

�

4,483

��

�

8,465

��

�

8,713

��

�

%)�

EBITDA

��

�

2,701

��

�

3,619

��

�

(25

%)�

�

3,120

��

�

5,821

��

�

6,668

��

�

(13

%)�

Average Price Realisation - Oil�& Gas ($/boe)

��

�

91.3

��

�

95.2

��

�

%)�

�

97.0

��

�

94.3

��

�

94.3

��

�

��

Brent Price ($/bbl)

��

�

102

��

�

110

��

�

%)�

�

110

��

�

106

��

�

106

��

�

��

�

*	Includes internal gas consumption

In Q2 FY2015, average gross operated production and working interest production were 9% and 7% lower year on year (yoy) at 194,508 boepd and 123,178 boepd, respectively. At Rajasthan, we successfully completed the planned shutdown announced in Q1, for routine operational and statutory maintenance activity at the Mangala Processing Terminal, which resulted in lower production of 163,262 boepd, with Development Area (DA)-1 and DA-2 producing gross averages of 134,539 boepd and 28,723 boepd respectively. Excluding the shutdown period,�Q2�production was�comparable to Q1 and production levels�are back�to normal now. We also utilized this opportunity to tie-in new facility enhancements related to development projects.

At Ravva, gas sales have been suspended since 4�July 2014 on account of one of the customers undertaking a major unplanned maintenance activity within their Andhra Pradesh pipeline network. Hence, production at Ravva was lower at 20,596 boepd during the quarter despite a positive oil contribution from the 4D infill well campaign. The gas sales have recommenced on 15�October 2014.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 5 of 17
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

At Cambay, production increased by 23% yoy at 10,651 boepd during Q2 on account of successful well intervention measures undertaken in the previous quarter.

Average gross production for H1 FY2015 was 206,125 barrels of oil equivalent per day (boepd), 3% primarily due to the reasons stated above.

EBITDA in Q2 at Rs 2,701 crore was lower than Q2 FY2014 due to lower volumes, lower oil prices with a higher profit petroleum tranche at the Rajasthan block in addition to one off maintenance expenses due to shutdown and higher exploration expenses. The operating expense in Rajasthan continues to be at single digit at US$ 6.3/bbl for Q2 FY2015. Sequential EBITDA is driven by the volumes and softer brent in the current quarter.

Development and Exploration Projects

Rajasthan Exploration: 3 discoveries were made in Q2, taking the total to 11 new discoveries since resumption of exploration in March 2013 and a total of 36 discoveries so far. Cairn India has established 1.4 bn boe (barrel of oil equivalent) of hydrocarbons in-place to date, tested and announced, an additional 0.6 bn boe discovered but yet to be tested, much ahead of the 3 year drill-out target of 3 bn boe. Through the remainder of the financial year exploration and appraisal activity continues to be focused upon appraisal of the Raag Deep Gas Field and key oil discoveries at Raageshwari and Guda, DP, NL and V&V, flow testing the backlog of exploration discoveries made to date and drilling high impact exploration prospects aimed at adding significant resources. In addition focus will be on horizontal well drilling to accelerate early production.

EOR Project:�The project for first injection of polymer at Mangala continues to be on schedule. The Mangala ASP pilot has been successful and expected to be concluded by Q4. Further the FDP for full field EOR at Bhagyam is being reviewed by our JV partner.

MPT De-bottlenecking: Two phase plan is in place for MPT �de-bottlenecking� and proceeding per plan.�Phase I of handling 800,000 barrels liquid per day was commissioned ahead of schedule in Q2 FY2015. We plan to increase the capacity to 1�million barrels per day in the next phase.

Salaya Bhogat Pipeline: Commissioning of gas pipeline is in final stages of completion with the terminal readiness expected in Q3 FY2015. Adding sea routes for crude evacuation will give access to significant additional refining capacity in India

Barmer Hill (BH) and Satellite fields: Cairn India is on track with Barmer Hill project with 4 wells drilled, fracced and put under long term production testing. We also drilled 2 Horizontal wells and undertook a total of 20 fracc jobs during the period. The results so far have been in line with expectations and encouraging for tight oil development in the block.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 6 of 17
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

During this quarter, two additional satellite fields i.e. NI and Guda have been brought online as planned. NI initial well performance has indicated further upside potential and additional wells are planned for the current financial year to capture this potential. In the upcoming quarter, additional wells from NI / Guda as well as new fields NE, Tukaram are expected to be brought into production.

Raageshwari Deep Gas�: It is planned to�double gas production from the current ~12 mmscfd, by the end of this fiscal year. FDP for further ramp up to 100 mmscfd has been approved by�the Operating Committee (OC) and�submitted to the Management Committee (MC). The tendering process has commenced for building a new terminal,�30� gas pipeline�and�for availing rig and frac services.

Zinc India

�

��

�

��

�

Particulars (in�000 tonnes, or as stated)

��

FY2015

�

��

FY2014

�

��

%�change
YoY

�

FY2015

�

��

FY2015

�

��

FY2014

�

��

%�change
YoY

�

Mined metal content

��

�

213

��

�

222

��

�

%)�

�

163

��

�

376

��

�

459

��

�

(18

%)�

Refined Zinc � Total

��

�

181

��

�

196

��

�

%)�

�

141

��

�

321

��

�

370

��

�

(13

%)�

Refined Zinc � Integrated

��

�

174

��

�

195

��

�

(11

%)�

�

139

��

�

312

��

�

368

��

�

(15

%)�

Refined Zinc � Custom

��

�

��

�

��

�

��

�

��

�

��

�

��

�

��

Refined Lead � Total ¹

��

�

��

�

��

�

��

�

��

�

��

�

��

�

��

Refined Lead � Integrated

��

�

��

�

��

�

(12

%)�

�

��

�

��

�

��

�

(16

%)�

Refined Lead � Custom

��

�

��

�

��

�

��

�

��

�

��

�

��

�

��

Saleable Silver � Total (in tonnes) ²

��

�

��

�

��

�

(11

%)�

�

��

�

162

��

�

186

��

�

(13

%)�

Saleable Silver � Integrated (in tonnes)

��

�

��

�

��

�

(19

%)�

�

��

�

123

��

�

160

��

�

(23

%)�

Saleable Silver � Custom (in tonnes)

��

�

��

�

��

�

��

�

��

�

��

�

��

�

��

Financials (In Rs. crore, except as stated)

��

�

��

Revenue

��

�

3,682

��

�

3,460

��

�

%�

�

2,904

��

�

6,586

��

�

6,334

��

�

%�

EBITDA

��

�

1,933

��

�

1,844

��

�

%�

�

1,296

��

�

3,229

��

�

3,284

��

�

%)�

Zinc CoP without Royalty (Rs./MT)

��

�

55,200

��

�

50,500

��

�

%�

�

60,100

��

�

57,300

��

�

48,600

��

�

%�

Zinc CoP without Royalty ($/MT)

��

�

910

��

�

816

��

�

%�

�

1,005

��

�

952

��

�

822

��

�

%�

Zinc CoP with Royalty ($/MT)

��

�

1,116

��

�

975

��

�

%�

�

1,178

��

�

1,144

��

�

981

��

�

%�

Zinc LME Price ($/MT)

��

�

2,311

��

�

1,859

��

�

%�

�

2,074

��

�

2,196

��

�

1,850

��

�

%�

Lead LME Price ($/MT)

��

�

2,181

��

�

2,102

��

�

%�

�

2,096

��

�

2,140

��

�

2,076

��

�

%�

Silver LBMA Price ($/oz)

��

�

19.8

��

�

21.4

��

�

%)�

�

19.6

��

�

19.7

��

�

22.2

��

�

(11

%)�

�

1.	Excludes captive consumption of 1,762 tonnes in Q2 FY2015 and 3,451 tonnes in H1 FY2015 vs 1,700 tonnes in Q2 FY2014 and 3,344 tonnes in H1 FY2014.

2.	Excludes captive consumption of 9.1 tonnes in Q2 FY2015 and 17.8 tonnes in H1 FY2015 vs.9.0 tonnes in Q2 FY2014 and 17.8 tonnes in H1 FY2014.

Mined metal production in Q2 FY2015 was up 30% sequentially at 212,575 tonnes, as compared with 163,131 tonnes in the previous quarter and down 4% from 221,646 tonnes a year ago. For six month period, mined metal production was 375,706 tonnes as compared to 459,471 tonnes in H1 FY2014. This is in line with our mine plan at Rampura Agucha of lower mined metal production in the first half of the year as we excavated more waste than ore and exposed the ore body by September; this will contribute higher volumes in the second half of the year.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 7 of 17
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

Integrated production of refined zinc, lead and silver were up sequentially by 25%, 18% and 21% respectively but were down on year on year basis due to planned lower MIC production in H1 and smelter shutdowns.

The zinc metal cost of production before royalty during the quarter was Rs. 55,200�per tonne ($910), which is higher by 9% (12% in USD terms) from a year ago, though it improved significantly from Q1. The increase is attributed to lower production volumes, smelter shutdown costs, increased one time and ongoing employee expense on account of long-term wage agreement, higher coal/power costs and higher mine development expenses, partly offset by higher credits and rupee appreciation.

The royalty rates have been increased wef 1�September 2014 for Zinc from 8.4% to 10% and for Lead from 12.7% to 14.5%.

The long term wage agreement will result in an increase of $16 per MT on zinc cost of production on a recurring basis, which is already factored in the above mentioned COP.

EBITDA was up 5% to Rs. 1,933 crore in Q2 FY2015 compared to Q2 FY2014, primarily due to higher LME prices despite lower volumes and the recent increase in royalty rates.

Expansion Projects

All expansion projects are advancing well although the progress of Rampura Agucha underground was slower than expectation in H1. Underground mine development rates at Rampura Agucha are expected to improve during H2 due to enhancement in productivity and resources. To mitigate the risk of delay in expansion projects, mine design and planning for further deepening of the pit at Rampura Agucha is under progress, which will extend the life of the open pit. The preparatory work for pit deepening is likely to be initiated in the last quarter.

Shaft sinking at Sindesar Khurd is ahead of schedule and has reached a depth of 950m while Rampura Agucha main shaft has reached a depth of 430m. Paste fill plants at these locations were completed and capitalised during the quarter.

During the quarter, environmental clearance was received for enhancement of production capacity of Kayad mine from 0.35 MTPA to 1.0 MTPA.

Outlook

We reiterate our guidance of marginal growth in mined metal and silver production in FY2015. Integrated zinc-lead metal production is expected to witness a strong growth in H2 over H1, in line with mined metal production growth.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 8 of 17
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

Zinc International

�

��

�

��

�

Particulars (in�000 tonnes, or as stated)

��

FY2015

�

��

FY2014

�

��

%�change
YoY

�

FY2015

�

��

FY2015

�

��

FY2014

�

��

%�change
YoY

�

Zinc International

��

�

��

�

106

��

�

(26

%)�

�

��

�

163

��

�

196

��

�

(17

%)�

Refined Zinc � Skorpion

��

�

��

�

��

�

(22

%)�

�

��

�

��

�

��

�

(13

%)�

Mined metal content- BMM and Lisheen

��

�

��

�

��

�

(27

%)�

�

��

�

103

��

�

127

��

�

(19

%)�

Financials (In Rs. crore, except as stated)

��

�

��

Revenue

��

�

986

��

�

1,147

��

�

(14

%)�

�

866

��

�

1,852

��

�

2,085

��

�

(11

%)�

EBITDA

��

�

329

��

�

393

��

�

(16

%)�

�

232

��

�

562

��

�

691

��

�

(19

%)�

CoP � ($/MT)

��

�

1,376

��

�

1,059

��

�

%�

�

1,272

��

�

1,331

��

�

1,122

��

�

%�

Zinc LME Price ($/MT)

��

�

2,311

��

�

1,859

��

�

%�

�

2,074

��

�

2,196

��

�

1,850

��

�

%�

Lead LME Price ($/MT)

��

�

2,181

��

�

2,102

��

�

%�

�

2,096

��

�

2,140

��

�

2,076

��

�

%�

Refined zinc metal production at Skorpion was lower than the corresponding prior quarter due to unplanned maintenance activities at the mill. Zinc-lead mined metal production was lower mainly at Lisheen due to lower grades as per mine plan sequencing.

CoP increased to USD 1,376�per tonne as compared to USD 1,059�per tonne due to reduced volumes.

EBITDA at Rs. 329 crore was 16% lower than the corresponding quarter due to lower volumes and shifting of sale of a metal parcel at Skorpion to Q3, affecting the EBITDA by Rs. 68 crore which is to be viewed as timing issue. Higher zinc prices though helped partially offset the adverse impact.

Projects

The project at Gamsberg is under final stages of review after completion of detailed feasibility study and the work on feasibility study for the Skorpion refinery is underway.

Outlook

We expect the FY2015 production at approximately 345 ktpa.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 9 of 17
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

Iron Ore

�

��

�

��

�

Particulars (in million dry metric tonnes, or as stated)

��

FY2015

�

��

FY2014

�

%�change
YoY

�

FY2015

�

��

FY2015

�

��

FY2014

�

%�change
YoY

�

IRON ORE

��

�

��

�

Sales

��

�

0.6

��

�

��

�

��

�

0.5

��

�

1.1

��

�

��

�

��

Goa

��

�

��

�

��

�

��

�

��

�

��

�

��

�

��

Karnataka

��

�

0.6

��

�

��

�

��

�

0.5

��

�

1.1

��

�

��

�

��

Production of Saleable Ore

��

�

0.3

��

�

��

�

��

�

��

�

0.3

��

�

��

�

��

Goa

��

�

��

�

��

�

��

�

��

�

��

�

��

�

��

Karnataka

��

�

0.3

��

�

��

�

��

�

��

�

0.3

��

�

��

�

��

Production (�000 tonnes)

��

�

��

�

Pig Iron

��

�

154

��

�

129

��

�

%�

�

146

��

�

300

��

�

238

��

�

%�

Financials (In Rs. crore, except as stated)

��

�

��

�

Revenue

��

�

604

��

�

459

��

�

%�

�

477

��

�

1,081

��

�

822

��

�

%�

EBITDA

��

�

��

�

(78

)�

�

��

�

��

�

144

��

�

(125

)�

�

��

At Goa, the State Cabinet has approved a new policy for grant of mining leases in October. The policy states that the leases will be categorized and renewed and will not be auctioned. Earlier, the High Court of Bombay at Goa had directed the State Government to renew mining leases for the mines that have paid the stamp duty, and we are working with the state government to resume mining in Q4 FY2015.

At Karnataka, we had resumed production in December 2013 and since then we have produced 1.8 mt and sold 1.08 mt through e-auctions till 30�September 2014, of which 0.3mt production and 0.6mt sales were in Q2 FY2015. The mine is not producing or selling ore since August 2014 and is awaiting forest clearance and mining lease renewal, which is expected to be received in Q3. Overall, we expect to produce at our provisional annual capacity of 2.29�million tonnes during the year.

Production of pig iron was 19% higher as compared to corresponding prior quarter as production ramped up. EBITDA at Rs. 96 crore was primarily on account of strong volume growth and better realisation of the pig iron business. The cost of production of pig iron also reduced as compared to Q2 FY2014.

At Liberia, a part of our team has been temporarily moved out of the country and we continue to monitor the Ebola epidemic. The local Government is focused on containing the situation and our Liberian team is working with the Government on infrastructure solutions for an early phase mining operation.

EBITDA was positive at Rs. 96 crore due to inventory sale as well as higher contribution from the pig iron business.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 10 of 17
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

Copper India/Australia

�

��

�

��

�

Particulars (in�000 tonnes, or as stated)

��

FY2015

�

��

FY2014

�

��

%�change
YoY

�

FY2015

�

��

FY2015

�

��

FY2014

�

��

%�change
YoY

�

Copper - Mined metal content

��

�

��

�

��

�

��

�

��

�

��

�

��

�

��

Copper - Cathodes

��

�

100

��

�

��

�

%�

�

��

�

166

��

�

��

�

%�

Tuticorin Power Plant Sales (MU)

��

�

183

��

�

158

��

�

%�

�

136

��

�

319

��

�

295

��

�

%�

Financials (In Rs. crore, except as stated)

��

�

��

Revenue

��

�

6,286

��

�

4,812

��

�

%�

�

4,855

��

�

11,141

��

�

7,277

��

�

%�

EBITDA

��

�

466

��

�

421

��

�

%�

�

��

�

556

��

�

428

��

�

%�

Net CoP � cathode (US�/lb)

��

�

3.1

��

�

8.4

��

�

(64

%)�

�

8.9

��

�

4.8

��

�

13.5

��

�

(64

%)�

Tc/Rc (US�/lb)

��

�

20.8

��

�

14.7

��

�

%�

�

18.8

��

�

20.0

��

�

14.6

��

�

%�

Copper LME Price ($/MT)

��

�

6,994

��

�

7,073

��

�

%)�

�

6,787

��

�

6,894

��

�

7,110

��

�

%)�

Copper cathode production was 22% higher than Q2 FY2014 with the Tuticorin smelter delivering record production since its planned shutdown in Q1. In Q2, the business delivered strong operational efficiency.

The 160MW power plant at Tuticorin continued to operate efficiently at a Plant Load Factor (PLF) of 94% in Q2 and 82% in H1.

As previously announced, our Australian mine was put on care and maintenance in July 2014. We continue to progress satisfactorily on reviewing the technical and economic feasibility of a program for additional exploration to enable re-opening after FY 2016. Drilling at D-Panel and other areas is currently underway.

EBITDA is higher than Q2 FY2014 by Rs. 45 crore due to improved volumes, better Tc/Rcs and healthier by product credits. Sequentially the impact of lower volumes and onetime expenses due to the 23 day planned maintenance at Tuticorin plant in Q1 shows up in comparison to the current quarter. During Q2, Tc/Rc, acid prices and premiums were strong.

Outlook

The Tuticorin smelter is expected to produce at over 90% capacity utilization going forward.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 11 of 17
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

Aluminium

�

��

�

��

�

Particulars (in�000 tonnes, or as stated)

��

FY2015

�

��

FY2014

�

��

%�change
YoY

�

FY2015

�

��

FY2015

�

��

FY2014

�

��

%�change
YoY

�

Alumina � Lanjigarh

��

�

226

��

�

116

��

�

%�

�

233

��

�

460

��

�

116

��

�

��

Total Aluminum Production

��

�

222

��

�

200

��

�

%�

�

203

��

�

424

��

�

395

��

�

%�

Jharsuguda-I

��

�

138

��

�

137

��

�

%�

�

132

��

�

270

��

�

271

��

�

��

245kt Korba-I

��

�

��

�

��

�

%�

�

��

�

125

��

�

124

��

�

%�

325kt Korba- II¹

��

�

��

�

��

�

��

�

��

�

��

�

��

�

��

Financials (In Rs. crore, except as stated)

��

�

��

Revenue

��

�

3,459

��

�

2,799

��

�

%�

�

2,917

��

�

6,376

��

�

5,162

��

�

%�

EBITDA � BALCO

��

�

��

�

��

�

(39

)%�

�

��

�

146

��

�

117

��

�

%�

EBITDA � Vedanta Aluminium Division

��

�

524

��

�

375

��

�

%�

�

441

��

�

967

��

�

635

��

�

%�

Alumina CoP � Lanjigarh ($/MT)

��

�

366

��

�

329

��

�

%�

�

365

��

�

366

��

�

329

��

�

%�

Alumina CoP � Lanjigarh (Rs./MT)

��

�

22,200

��

�

20,500

��

�

%�

�

21,800

��

�

22000

��

�

20,500

��

�

%�

Aluminium CoP -(Rs./MT)

��

�

1,12,300

��

�

1,02,900

��

�

%�

�

1,02,000

��

�

1,06,900

��

�

1,00,600

��

�

%�

Aluminium CoP -($/MT)

��

�

1,853

��

�

1,651

��

�

%�

�

1,699

��

�

1,776

��

�

1,702

��

�

%�

Aluminium CoP- Jharsuguda (Rs/MT)

��

�

1,05,500

��

�

99,700

��

�

%�

�

97,800

��

�

1,01,600

��

�

96,800

��

�

%�

Aluminium CoP - Jharsuguda($/MT)

��

�

1,740

��

�

1,602

��

�

%�

�

1,636

��

�

1,688

��

�

1,637

��

�

%�

Aluminum CoP - BALCO (Rs/MT)

��

�

1,26,500

��

�

1,09,800

��

�

%�

�

1,09,600

��

�

1,18,200

��

�

1,09,000

��

�

%�

Aluminium CoP - BALCO ($/MT)

��

�

2,089

��

�

1,755

��

�

%�

�

1,834

��

�

1,964

��

�

1,844

��

�

%�

Aluminum LME Price ($/MT)

��

�

1,987

��

�

1,781

��

�

%�

�

1,798

��

�

1,896

��

�

1,807

��

�

%�

�

1.	Trial run production of 13 kt in Q2 FY2015 and 11kt in Q1 FY2015 from Korba II 325 kt smelter

The Lanjigarh alumina refinery continues to operate at above 90% of its rated capacity and produced 226,000 tonnes in Q2. The numbers for the corresponding prior period are not comparable as the plant restarted in July last year and ramped up thereafter. CoP at Lanjigarh is impacted by the mix of bauxite, with increased reliance on imported bauxite reflecting in higher CoP compared to H1 FY2014.

In Q2, production at the 500kt Jharsuguda-I & 245kt Korba-I smelters remained stable and above rated capacities despite incidences of grid failures. The continued challenges of coal availability in the country due to lower volumes of e-auction coal, rail logistics constraints and increased reliance on imports continue to adversely impact costs. Due to low coal availability, we also resorted to some temporary power purchases at Korba-I during the quarter. Availability of domestic coal is expected to be higher in the next two quarters, as compared to Q2. However, the environment for coal availability is expected to continue to be challenging.

The 84 pots at the 325kt Korba-II smelter ramped up and were capitalized from beginning of September. During the quarter, it produced 19,000 tonnes, of which 13,000 tonnes were under trial runs. We will further ramp up the smelter to full capacity subsequent to the commissioning of the 1,200 MW power plant, for which we are awaiting the final regulatory approvals.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 12 of 17
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

Hot Metal cost at Jharsuguda I was 6% higher at Rs. 105,500�per tonnes (US$1,740) as compared to Rs. 99,700 (US$1,602) per tonne last year primarily on account of higher alumina and coal costs.

Hot Metal cost at Korba I was up 15% at Rs. 126,500�per tonne (US$2,089) compared to Rs. 109,800�per tonne (US$1,755) earlier, primarily on account of further tapering of linkage coal and higher alumina costs.

EBITDA for the quarter was higher at Rs. 581 crore yoy as well as sequentially, mainly due to higher LME prices (up 12%) and premiums of ~$475 per tonne (ingot ~$383). BALCO�s profitability was impacted by the higher coal costs and temporary power purchases as mentioned above.

We have also commenced the start up of the first phase of 50 pots of the 1.25 mtpa Jharsuguda II pot-lines, using surplus power from the 1,215 MW power plant.

In September 2014, the Supreme Court of India passed a judgment cancelling 214 coal block allocations since 1993, which included our coal block at BALCO. This block was at advanced stages of approvals but had not commenced mining. The company awaits further government action to deal with this matter. Rs. 45 crore expenditure towards the coal block has been written off and is reflected under �exceptional items�.

Projects:

Lanjigarh Refinery Expansion Project (1mtpa to 6mtpa): The Public Hearing was successfully conducted at Lanjigarh in July 2014. The Ministry of Environment and Forest�s Expert Advisory Committee meeting has been conducted during the quarter. The Environmental Clearance is expected in H2 FY2015, following which expansion will be undertaken in a phased manner.

Laterite Mines: The Government of Odisha has granted Prospecting Licenses (PLs) for three Laterite deposits. We will apply for Mining Lease (ML) and take Environmental Clearance following exploration.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 13 of 17
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

Outlook

Production at Korba-II will ramp up beyond 84 pots consequent to the commencement of the 1200MW power plant and regularization of coal supply chain. The Jharsuguda-II smelter will ramp up to 50 pots with existing captive power. The 500kt Jharsuguda-I & 245kt Korba-I smelter will produce at existing capacity.

Coal: We are taking a number of steps to meet our coal requirements. We have replaced a large part of our purchases of e-auction coal with imported coal, where global seaborne prices have reduced substantially. We have increased our proportion of imported coal from less than 10% to 25-35%. We are concurrently pursuing with the government to get our coal linkage restored in view of deallocation of our coal block.

Power

�

��

�

��

�

Particulars (in million units)

��

FY2015

�

��

FY2014

�

��

%�change
YoY

�

FY2015

�

��

FY2015

�

��

FY2014

�

��

%�change
YoY

�

Total Power Sales

��

�

2,028

��

�

1,910

��

�

%�

�

2,599

��

�

4,627

��

�

5,087

��

�

%)�

Jharsuguda 2400 MW

��

�

1,653

��

�

1,494

��

�

%�

�

2,154

��

�

3,807

��

�

4,098

��

�

%)�

MALCO

��

�

204

��

�

221

��

�

%)�

�

229

��

�

433

��

�

445

��

�

%)�

HZL Wind Power

��

�

170

��

�

151

��

�

%�

�

146

��

�

316

��

�

313

��

�

%�

BALCO 270MW Power

��

�

��

�

��

�

(98

%)�

�

��

�

��

�

231

��

�

(69

%)�

Financials (in Rs. crore except as stated)

��

�

��

Revenue

��

�

789

��

�

793

��

�

%)�

�

872

��

�

1,661

��

�

2,066

��

�

(20

%)�

EBITDA

��

�

259

��

�

286

��

�

%)�

�

338

��

�

597

��

�

727

��

�

(18

%)�

Average Cost of Generation(Rs./unit)

��

�

2.27

��

�

2.35

��

�

%)�

�

1.92

��

�

2.09

��

�

2.30

��

�

%)�

Average Realization (Rs./unit)

��

�

3.53

��

�

3.77

��

�

%)�

�

3.21

��

�

3.35

��

�

3.69

��

�

%)�

Jharsuguda Cost of Generation (Rs./unit)

��

�

2.28

��

�

2.32

��

�

%)�

�

1.75

��

�

1.98

��

�

2.25

��

�

(12

%)�

Jharsuguda Average Realization (Rs./unit)

��

�

3.24

��

�

3.47

��

�

%)�

�

2.90

��

�

3.05

��

�

3.46

��

�

(12

%)�

The Jharsuguda 2,400MW power plant operated at a PLF of 38% in Q2, which was higher than Q2 FY2014 but lower than Q1 FY2015, largely due to operational issues with one of the four 600MW units, which has now been rectified. Power from the BALCO 270MW power plant was primarily used to ramp up 84 pots of the 325kt Korba-II smelter. MALCO operated at 85% PLF � lower than Q1 due to lower off take by Tamil Nadu Electricity Board given the higher seasonal availability of wind power in the state.

The first 660MW unit of the Talwandi Sabo power plant is currently under commissioning and its reliability run is expected to take place in Q3. During the quarter, unprecedented rainfall resulted in breach of an irrigation canal nearby and flooding of the plant premises, and we are implementing a durable solution to mitigate future incidences.

EBITDA in Q2 was 9% lower at Rs. 259 crore primarily due to lower realisation from the open access sales. Sequentially, EBITDA was lower due to one-time gain in Q1 of Rs 63 crore and higher coal costs, partially offset by the positive effect of better realisations from sales on the exchange.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 14 of 17
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

Ports Business

In Q2 the company achieved 1.7 mn tonnes volume at the Vizag port as compared to 0.9 mn tonnes a year ago. EBITDA from the port business was Rs.14 crore. Compared to Q2 FY2014 it was higher by Rs.11 crore reflecting the increased volumes, but softening rates reflecting higher competition. The volumes continue to be impacted by shortage of railway rakes. After the effect of hurricane �Hudhud�, the operations are normalising, while critical equipment is undamaged.

Corporate

The Equity Share Buyback program of Cairn India commenced on 23�January 2014 and closed on 22�July 2014. Cairn India bought back 1.92% of its share capital during the period for a total consideration of Rs. 1,225.45 crores.

Update on Asarco

The company received the necessary approval from Reserve Bank of�India�for remittance of�US$82.75 million�to Asarco LLC in order to satisfy the Judgment of the US Bankruptcy Court. Subsequently, pursuant to a settlement agreement entered on�Oct 17, 2014�between the parties, the Company has paid the approved amount to Asarco LLC and the parties�have settled all their claims against each other in this matter. Accordingly,�all pending appeals have been withdrawn by the parties, all enforcement actions have been terminated by Asarco LLC and the Turnover Order has been vacated by the US Bankruptcy Court. The Company had already recognized the Judgment amount of�US$82.75 million�as expense in FY2012.

With the aforesaid settlement, the matter pertaining to payment of dividend to eligible ADR holders has been resolved.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 15 of 17
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

Annexure

Debt and Cash

(in Rs. Crore)

�

Company

��

30�September 2014

�

30�June 2014

�

��

Debt

�

��

Cash�&�LI

�

��

Net Debt

�

Debt

�

��

Cash�&�LI

�

��

Net Debt

�

Sesa Sterlite Standalone

��

�

40,187

��

�

3,143

��

�

37,044

��

�

39,883

��

�

2,489

��

�

37,394

��

Zinc India

��

�

��

�

25,412

��

�

(25,412

)�

�

��

�

24,611

��

�

(24,611

)�

Zinc International

��

�

��

�

1,169

��

�

(1,169

)�

�

��

�

965

��

�

(965

)�

Cairn India

��

�

��

�

16,164

��

�

(16,164

)�

�

351

��

�

19,381

��

�

(19,030

)�

BALCO

��

�

5,309

��

�

��

�

5,281

��

�

5,079

��

�

��

�

5,048

��

Talwandi Sabo

��

�

5,840

��

�

��

�

5,831

��

�

5,303

��

�

��

�

5,288

��

Cairn acquisition SPV ¹

��

�

26,979

��

�

1,021

��

�

25,958

��

�

28,370

��

�

��

�

28,370

��

Others ²

��

�

1,211

��

�

161

��

�

1,050

��

�

1,042

��

�

172

��

�

870

��

Sesa Sterlite Consolidated

��

�

79,526

��

�

47,107

��

�

32,419

��

�

80,028

��

�

47,664

��

�

32,364

��

�

1.	As on 30�September 2014, debt at Cairn acquisition SPV comprises Rs.10,474 crore of bank debt and Rs.16,505 crore of inter-company debt from Vedanta Resources Plc. The accrued interest of Rs. 107 crore on the inter-company debt as on 30�September 2014

2.	Others include MALCO Energy, CMT, VGCB, Sesa Resources, Fujairah Gold, and Sesa Sterlite investment companies.

Debt Maturity Profile

(in Rs. Crore)

�

Particulars ¹

��

FY�2015

�

��

FY�2016

�

��

FY�2017

�

��

FY�2018

�

��

FY�2019

�

��

FY�2019
& Later

�

��

Total

�

Sesa Sterlite Standalone

��

�

5,184

��

�

2,690

��

�

3,187

��

�

4,928

��

�

6,539

��

�

5,161

��

�

27,689

��

Sesa Sterlite Subsidiaries

��

�

5,409

��

�

2,601

��

�

3,046

��

�

2,982

��

�

4,074

��

�

3,136

��

�

21,248

��

�

��

�

��

�

��

�

��

�

��

�

��

�

Total

��

�

10,593

��

�

5,291

��

�

6,233

��

�

7,911

��

�

10,612

��

�

8,297

��

�

48,937

��

�

��

�

��

�

��

�

��

�

��

�

��

�

�	Maturity profile excludes working capital facilities of Rs.14,086 crore.

Debt numbers in the tables above are at book value

Note: Figures in previous periods have been regrouped or restated, wherever necessary to make them comparable to current period.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 16 of 17
CIN: L13209GA1965PLC000044	��


	��	Unaudited Consolidated Results for the Second Quarter Ended 30 September 2014

�

For further information, please contact:

�


Communications � Roma Balwani President � Group Communications, Sustainability�& CSR	��	Tel: +91 22 6646 1000 [email protected]

Investor Relations � Ashwin Bajaj Director � Investor Relations � Sheetal Khanduja Associate General Manager � Investor Relations	��	Tel: +91 22 6646 1531 [email protected]

About Sesa Sterlite Limited

Sesa Sterlite Limited (SSLT) is one of the world�s largest diversified natural resources companies, whose business primarily involves exploring and processing minerals and oil�& gas. SSLT produces oil�& gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka. Sustainability is at the core of SSLT�s strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities.

SSLT is a subsidiary of Vedanta Resources Plc, a London-listed company. SSLT is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.

Disclaimer

This press release contains �forward-looking statements� � that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as �expects,� �anticipates,� �intends,� �plans,� �believes,� �seeks,� �should� or �will.� Forward�looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

�


Registered Office: SesaGhor, 20 EDC Complex, Patto, Panaji (Goa) - 403 001	��	Page 17 of 17
CIN: L13209GA1965PLC000044	��

Exhibit 99.2

SESA STERLITE LIMITED (Formerly known as Sesa Goa Limited)

CIN no. L13209GA1965PLC000044

Regd. Office: Sesa Ghor, 20 EDC Complex, Patto, Panaji, Goa-403001

STATEMENT OF UNAUDITED STANDALONE RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER�30, 2014

�


PART I	��	(Rs in Crore except as stated)

�

��

�

��

Quarter ended

�

Half year ended

�

Year�ended

�

S.
No.

��

Particulars

��

30.09.2014
(Unaudited)

�

30.06.2014
(Unaudited)

�

30.09.2013
(Unaudited)

�

30.09.2014
(Unaudited)

�

30.09.2013
(Unaudited)

�

31.03.2014
(Audited)

�

��

Income from operations

��

�

��

a) Net sales / income from operations (net of excise duty)

��

�

8,693.50

��

�

7,068.04

��

�

10,903.16

��

�

15,761.54

��

�

11,265.11

��

�

28,377.60

��

b) Other operating income

��

�

41.75

��

�

36.62

��

�

59.36

��

�

78.37

��

�

63.63

��

�

158.93

��

�

��

Total income from operations (net)

��

�

8,735.25

��

�

7,104.66

��

�

10,962.52

��

�

15,839.91

��

�

11,328.74

��

�

28,536.53

��

�

��

Expenses

��

�

��

a) Cost of materials consumed

��

�

5,198.03

��

�

4,024.47

��

�

6,289.82

��

�

9,222.50

��

�

6,385.00

��

�

17,945.59

��

b) Purchases of stock-in-trade

��

�

254.12

��

�

339.49

��

�

596.15

��

�

593.61

��

�

596.15

��

�

819.25

��

c) Changes in inventories of finished goods, work-in-progress and stock in trade

��

�

(36.20

)�

�

(53.42

)�

�

(583.52

)�

�

(89.62

)�

�

(538.65

)�

�

(556.86

)�

��

d) Employee benefits expense

��

�

166.58

��

�

148.37

��

�

242.35

��

�

314.95

��

�

283.07

��

�

559.08

��

e) Depreciation and amortisation expense

��

�

402.42

��

�

399.45

��

�

668.88

��

�

801.87

��

�

699.39

��

�

1,504.79

��

f) Power and fuel charges

��

�

1,224.69

��

�

1,089.03

��

�

2,348.53

��

�

2,313.72

��

�

2,498.79

��

�

4,673.67

��

g) Exchange loss (net)

��

�

41.28

��

�

18.43

��

�

720.23

��

�

59.71

��

�

819.38

��

�

527.97

��

h) Other expenses

��

�

586.19

��

�

651.85

��

�

856.99

��

�

1,238.04

��

�

917.66

��

�

2,255.91

��

�

��

Total expenses

��

�

7,837.11

��

�

6,617.67

��

�

11,139.43

��

�

14,454.78

��

�

11,660.79

��

�

27,729.40

��

�

��

Profit / (loss) from operations before other income, finance costs and exceptional items

��

�

898.14

��

�

486.99

��

�

(176.91

)�

�

1,385.13

��

�

(332.05

)�

�

807.13

��

�

��

Other income

��

�

1,024.50

��

�

668.58

��

�

923.44

��

�

1,693.08

��

�

928.50

��

�

1,817.06

��

�

��

Profit / (loss) from ordinary activities before finance costs and exceptional items

��

�

1,922.64

��

�

1,155.57

��

�

746.53

��

�

3,078.21

��

�

596.45

��

�

2,624.19

��

�

��

Finance costs

��

�

996.42

��

�

985.33

��

�

1,504.55

��

�

1,981.75

��

�

1,652.39

��

�

3,564.96

��

�

��

Profit / (loss) from ordinary activities after finance costs but before exceptional items

��

�

926.22

��

�

170.24

��

�

(758.02

)�

�

1,096.46

��

�

(1,055.94

)�

�

(940.77

)�

��

�

��

Exceptional items (Refer note 6)

��

�

2.43

��

�

��

�

��

�

2.43

��

�

��

�

130.88

��

�

��

Profit / (loss) from ordinary activities before tax

��

�

923.79

��

�

170.24

��

�

(758.02

)�

�

1,094.03

��

�

(1,055.94

)�

�

(1,071.65

)�

��

�

��

Tax expense/(credit) (including deferred tax and net of MAT credit entitlement)

��

�

��

��

�

��

�

(1,495.65

)�

�

��

��

�

(1,601.65

)�

�

(2,147.74

)�

��

�

��

Net profit from ordinary activities after tax

��

�

923.79

��

�

170.24

��

�

737.63

��

�

1,094.03

��

�

545.71

��

�

1,076.09

��

�

��

Extraordinary items (net of tax expense)

��

�

��

��

�

��

�

��

�

��

��

�

��

�

��

�

��

Net profit for the period / year

��

�

923.79

��

�

170.24

��

�

737.63

��

�

1,094.03

��

�

545.71

��

�

1,076.09

��

�

��

Paid-up equity share capital (face value of Re 1 each)

��

�

296.50

��

�

296.50

��

�

296.50

��

�

296.50

��

�

296.50

��

�

296.50

��

Reserves excluding revaluation reserves as per balance sheet of previous accounting year

��

�

33,382.32

��

Earnings per share (Rs) (not annualised)*

��

�

��

-Basic

��

�

3.12

*�

�

0.57

*�

�

2.52

*�

�

3.69

*�

�

1.88

*�

�

3.67

��

-Diluted

��

�

3.12

*�

�

0.57

*�

�

2.52

*�

�

3.69

*�

�

1.88

*�

�

3.67

��

�

��

a) Debt to equity ratio

��

�

0.54

��

�

0.55

��

�

0.53

��

b) Debt service coverage ratio

��

�

0.31

��

�

0.16

��

�

0.21

��

c) Interest service coverage ratio

��

�

1.73

��

�

0.28

��

�

0.61

��

PART II - Select Information

�

Quarter ended

�

Half year ended

�

Year�ended

�

S.
No.

��

Particulars

�

30.09.2014

�

30.06.2014

�

30.09.2013

�

30.09.2014

�

30.09.2013

�

31.03.2014

�

��

PARTICULARS OF SHAREHOLDING

�

��

Public Shareholding (excluding shares against which ADRs are issued)

�

��

- Number of Shares

�

985,156,187

��

�

1,034,843,184

��

�

1,057,078,042

��

�

985,156,187

��

�

1,057,078,042

��

�

1,086,220,062

��

- Percentage of Shareholding

�

33.23

%�

�

34.91

%�

�

35.65

%�

�

33.23

%�

�

35.65

%�

�

36.64

%�

��

Promoters and Promoter Group Shareholding (Excluding shares against which ADRs are issued) $

�

(a)

��

Pledged/Encumbered

�

��

- Number of Shares

�

��

��

�

��

�

��

�

��

�

��

�

��

- Percentage of shares

�

��

��

�

��

�

��

�

��

�

��

�

��

(as a % of the total shareholding of promoter and promoter group)

�

��

�

��

- Percentage of shares

�

��

��

�

��

�

��

�

��

�

��

�

��

(as a % of the total share capital of the Company)

�

��

�

(b)

��

Non-encumbered

�

��

- Number of Shares

�

1,754,075,500

��

�

1,691,651,651

��

�

1,629,343,945

��

�

1,754,075,500

��

�

1,629,343,945

��

�

1,629,343,945

��

- Percentage of shares

�

100.00

%�

�

100.00

%�

�

100.00

%�

�

100.00

%�

�

100.00

%�

�

100.00

%�

��

(as a % of the total shareholding of promoter and promoter group)

�

��

- Percentage of shares

�

59.17

%�

�

57.06

%�

�

54.96

%�

�

59.17

%�

�

54.96

%�

�

54.96

%�

��

(as a % of the total share capital of the Company)

�

$	The Promoter and Promoter group in addition to the equity shareholding also hold 3.35% of the equity capital in the form of ADR represented by 99,292,708 equity shares as on September�30, 2014.

The balance ADR of 4.68�% represented by 126,165,044 equity shares are held by CITI Bank as custodian.

Allotment in respect of 315,432 equity shares to the shareholders of erstwhile Sterlite Industries (India) Limited have been kept in abeyance.

�


�	��	Particulars	��	Quarter�ended 30.09.2014		�
B	��	INVESTOR COMPLAINTS	��

	��	Pending at the beginning of the quarter	��	�	��	��

	��	Received during the quarter	��	�	15	��

	��	Disposed of during the quarter	��	�	15	��

	��	Remaining unresolved at the end of the quarter	��	�	��	��

�

��

�

(Rs in Crore)

��

�

��

�

��

Quarter ended

�

Half year ended

�

Year
ended

�

S.
No.

��

Segment Information

��

30.09.2014
(Unaudited)

�

30.06.2014
(Unaudited)

�

30.09.2013
(Unaudited)

�

30.09.2014
(Unaudited)

�

30.09.2013
(Unaudited)

�

31.03.2014
(Audited)

�

��

Segment Revenue

��

�

��

Copper

��

�

5,234.01

��

�

3,827.13

��

�

5,265.52

��

�

9,061.14

��

�

5,265.52

��

�

16,460.70

��

Iron Ore

��

�

110.27

��

�

82.56

��

�

2.94

��

�

192.83

��

�

13.52

��

�

25.29

��

Aluminium

��

�

2,298.65

��

�

2,118.75

��

�

3,580.02

��

�

4,417.40

��

�

3,580.02

��

�

7,546.97

��

Power

��

�

577.02

��

�

658.06

��

�

1,600.26

��

�

1,235.08

��

�

1,600.26

��

�

2,735.20

��

Others

��

�

629.88

��

�

539.71

��

�

605.28

��

�

1,169.59

��

�

1,058.49

��

�

2,178.25

��

�

��

Total

��

�

8,849.83

��

�

7,226.21

��

�

11,054.02

��

�

16,076.04

��

�

11,517.81

��

�

28,946.41

��

�

Less:

��

Inter Segment Revenue

��

�

156.33

��

�

158.17

��

�

150.86

��

�

314.50

��

�

252.70

��

�

568.81

��

�

��

Net Sales/Income from Operations

��

�

8,693.50

��

�

7,068.04

��

�

10,903.16

��

�

15,761.54

��

�

11,265.11

��

�

28,377.60

��

�

��

Segment Results

��

�

��

(Profit / (loss) before tax and interest)

��

�

��

Copper

��

�

503.47

��

�

107.36

��

�

217.92

��

�

610.83

��

�

217.92

��

�

873.18

��

Iron Ore

��

�

(3.90

)�

�

(23.58

)�

�

(86.27

)�

�

(27.48

)�

�

(153.08

)�

�

(324.17

)�

��

Aluminium

��

�

306.68

��

�

225.56

��

�

131.12

��

�

532.24

��

�

131.12

��

�

503.87

��

Power

��

�

66.73

��

�

145.32

��

�

285.26

��

�

212.05

��

�

285.26

��

�

250.29

��

Others

��

�

88.56

��

�

55.61

��

�

(0.98

)�

�

144.17

��

�

5.21

��

�

48.83

��

�

��

Total

��

�

961.54

��

�

510.27

��

�

547.05

��

�

1,471.81

��

�

486.43

��

�

1,352.00

��

�

Less:

��

Finance costs

��

�

996.42

��

�

985.33

��

�

1,504.55

��

�

1,981.75

��

�

1,652.39

��

�

3,564.96

��

Add:

��

Other unallocable income net off expenses

��

�

961.10

��

�

645.30

��

�

199.48

��

�

1,606.40

��

�

110.02

��

�

1,272.19

��

Less:

��

Exceptional items (Refer note 6)

��

�

2.43

��

�

��

�

��

�

2.43

��

�

��

�

130.88

��

�

��

Profit / (loss) before tax

��

�

923.79

��

�

170.24

��

�

(758.02

)�

�

1,094.03

��

�

(1,055.94

)�

�

(1,071.65

)�

��

�

��

Capital Employed

��

�

��

(Segment assets less Segment liabilities)

��

�

��

Copper

��

�

5,075.70

��

�

5,013.71

��

�

6,110.94

��

�

5,075.70

��

�

6,110.94

��

�

4,751.79

��

Iron Ore

��

�

1,673.51

��

�

1,678.82

��

�

1,512.99

��

�

1,673.51

��

�

1,512.99

��

�

1,634.42

��

Aluminium

��

�

28,999.56

��

�

28,867.83

��

�

29,469.56

��

�

28,999.56

��

�

29,469.56

��

�

28,816.92

��

Power

��

�

7,523.60

��

�

7,358.08

��

�

7,308.60

��

�

7,523.60

��

�

7,308.60

��

�

7,384.42

��

Others

��

�

1,082.87

��

�

1,095.08

��

�

1,123.05

��

�

1,082.87

��

�

1,123.05

��

�

1,177.02

��

Unallocated

��

�

(9,753.02

)�

�

(10,314.15

)�

�

(11,513.96

)�

�

(9,753.02

)�

�

(11,513.96

)�

�

(10,085.75

)�

��

�

��

Total

��

�

34,602.22

��

�

33,699.37

��

�

34,011.18

��

�

34,602.22

��

�

34,011.18

��

�

33,678.82

��

�

The main business segments are (a)�Copper which consist manufacturing of copper cathode, continuous cast copper rod, anode slime including from purchased concentrate and manufacturing of precious metal from anode slime, sulphuric acid, phosphoric acid (b)�Iron ore (c)�Aluminium which consist of manufacturing of alumina and various aluminium products (d)�Power which consists of power excluding captive power but including power facilities predominantly engaged in generation and sale of commercial power and (e)�Other business segment which comprise of pig iron and metallurgical coke. The assets and liabilities that cannot be allocated between the segments are shown as unallocated corporate assets and liabilities respectively.


STATEMENT OF ASSETS AND LIABILITIES					�	(Rs in Crore)

�


�	��	Particulars	��	As�at�30.09.2014 (Unaudited)		�	��	As�at�31.03.2014 (Audited)		�
A	��	EQUITY AND LIABILITIES	��				��

1	��	Shareholders� Funds	��				��

	��	a) Share capital	��	�	296.50	��	��	�	296.50	��
	��	b) Reserves and surplus	��	�	34,305.72	��	��	�	33,382.32	��
	��		��	�	�	�	��	�	�	�
	��	Sub total - Shareholders� funds	��	�	34,602.22	��	��	�	33,678.82	��
	��		��	�	�	�	��	�	�	�

2	��	Non-current liabilities	��				��
	��	(a) Long-term borrowings	��	�	20,573.26	��	��	�	20,534.22	��
	��	(b) Other Long term liabilities	��	�	287.45	��	��	�	393.33	��
	��	(c) Long-term provisions	��	�	1.81	��	��	�	2.26	��
	��		��	�	�	�	��	�	�	�
	��	Sub total - Non-current liabilities	��	�	20,862.52	��	��	�	20,929.81	��
	��		��	�	�	�	��	�	�	�
3	��	Current liabilities	��				��
	��	(a) Short-term borrowings	��	�	12,818.37	��	��	�	13,234.09	��
	��	(b) Trade payables	��	�	3,426.71	��	��	�	2,413.30	��
	��	(c) Other current liabilities	��	�	13,349.30	��	��	�	12,417.39	��
	��	(d) Short-term provisions	��	�	283.82	��	��	�	816.27	��
	��		��	�	�	�	��	�	�	�
	��	Sub total - Current liabilities	��	�	29,878.20	��	��	�	28,881.05	��
	��		��	�	�	�	��	�	�	�

	��	TOTAL - EQUITY AND LIABILITIES	��	�	85,342.94	��	��	�	83,489.68	��
	��		��	�	�	�	��	�	�	�

B	��	ASSETS	��				��

1	��	Non-current assets	��				��
	��	(a) Fixed assets	��	�	39,376.34	��	��	�	39,911.36	��
	��	(b) Non-current investments	��	�	22,788.35	��	��	�	22,419.11	��
	��	(c) Long-term loans and advances	��	�	9,794.58	��	��	�	9,905.52	��
	��	(d) Other non-current assets	��	�	62.45	��	��	�	104.40	��
	��		��	�	�	�	��	�	�	�
	��	Sub total - Non-current assets	��	�	72,021.72	��	��	�	72,340.39	��
	��		��	�	�	�	��	�	�	�

2	��	Current assets	��				��
	��	(a) Current investments	��	�	515.02	��	��	�	348.08	��
	��	(b) Inventories	��	�	6,536.94	��	��	�	5,678.70	��
	��	(c) Trade receivables	��	�	1,704.39	��	��	�	1,303.65	��
	��	(d) Cash and bank balances	��	�	2,628.27	��	��	�	2,110.36	��
	��	(e) Short-term loans and advances	��	�	1,554.21	��	��	�	1,283.44	��
	��	(f) Other current assets	��	�	382.39	��	��	�	425.06	��
	��		��	�	�	�	��	�	�	�
	��	Sub total - Current assets	��	�	13,321.22	��	��	�	11,149.29	��
	��		��	�	�	�	��	�	�	�

	��	TOTAL - ASSETS	��	�	85,342.94	��	��	�	83,489.68	��
	��		��	�	�	�	��	�	�	�

Notes:-

�

1	The above results for the quarter and half year ended September�30, 2014 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on October�29, 2014. The statutory auditors of the Company have carried out a limited review of these results.

�

2	The Board declared an interim dividend @ 175% i.e. Rs 1.75�per equity share of Re 1/- each. The record date for the payment of interim dividend is November�5, 2014.

�

The Scheme of Amalgamation and Arrangement amongst Sterlite Energy Limited (�SEL�), Sterlite Industries (India) Limited (�Sterlite�), Vedanta Aluminium Limited (�VAL�), Ekaterina Limited (�Ekaterina�), Madras Aluminium Company Limited (�Malco�) and the Company (the �Scheme�) had been sanctioned by the Honorable High Court of Madras and the Honorable High Court of Judicature of Bombay at Goa. The Scheme had been given effect to in the quarter ended September�30, 2013. Consequent to the effectiveness of the Scheme as above, the results for the quarter ended September�30, 2014 and the figures in respect of earnings per share, are not comparable with previous corresponding period presented.

Subsequent to, the effectiveness of the Scheme, the Commissioner of income tax, Goa and the Ministry of Corporate Affairs have challenged the orders of the High Court of Judicature of Bombay at Goa by way of a Special Leave Petition before the Supreme Court. Further, a creditor and a shareholder have challenged the order of the High Court of Madras. The said petitions are pending admission/hearing.

�

(a)�The Honorable Supreme Court vide its judgement dated April�21, 2014 lifted the ban on iron ore mining in the State of Goa, subject to certain conditions. In pursuance of the said judgement, the State Government of Goa has announced a policy on iron ore mining including procedures for mining lease and renewal.

(b) Based on a Writ petition filed by the Company and others, the Goa Bench of the Honorable High Court of Bombay vide its order dated August�13, 2014 directed the State Government to execute lease deeds in favour of lease holders who have already paid stamp duty and in cases where stamp duty has not been paid, to decide on renewal applications expeditiously within a period of three months from the date of receipt of copy of the order. In view of the above developments, the Company expects to restart mining activities shortly.

�

5	With regard to the alumina refinery expansion project at Lanjigarh, the Company�s fresh application for environmental clearance is under process, post the completion of public hearing held on July�30, 2014. In the meantime the expansion project continues to be on hold.

�

6	Exceptional items for the quarter and half year ended September�30, 2014 include Rs. 2.43 Crore towards provision recognised in respect of investment in coal block allotted to the Company, due to cancellation of coal blocks by the Supreme Court of India.

�

7	Previous Period / Year figures have been regrouped / rearranged wherever necessary to conform to current period presentation.

�

8	Formulae for computation of ratios are as follows:

�


Debt equity ratio = Debt /(debt + paid up equity capital + reserves and surplus)

Debt service coverage ratio	�	=	��	Earnings before interest and tax /(interest expense + principal payments during the period for long term loans)

Interest�service�coverage�ratio	�	=	��	Earnings before interest and tax / interest expense

�


	�	By Order of the Board

Place: ��Mumbai	�	Thomas Albanese
Dated :October 29, 2014	�	Chief Executive Officer & Whole Time Director

SESA STERLITE LIMITED (Formerly known as Sesa Goa Limited)

CIN no. L13209GA1965PLC000044

Regd. Office: Sesa Ghor, 20 EDC Complex, Patto, Panaji, Goa-403001

STATEMENT OF UNAUDITED CONSOLIDATED RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014

�


PART I					��	(Rs.�in�Crore�except�as�stated)

�

��

�

��

Quarter ended

�

Half year ended

�

Year
ended

�

S.
No.

��

Particulars

��

30.09.2014
(Unaudited)

�

30.06.2014
(Unaudited)

�

30.09.2013
(Unaudited)

�

30.09.2014
(Unaudited)

�

30.09.2013
(Unaudited)

�

31.03.2014

(Audited)

�

��

Income from operations

��

�

��

a) Net sales / income from operations (net of excise duty)

��

�

19,448.14

��

�

17,055.50

��

�

25,170.66

��

�

36,503.64

��

�

25,534.32

��

�

65,733.28

��

b) Other operating income

��

�

101.24

��

�

81.16

��

�

185.94

��

�

182.40

��

�

200.69

��

�

419.13

��

�

��

Total income from operations (net)

��

�

19,549.38

��

�

17,136.66

��

�

25,356.60

��

�

36,686.04

��

�

25,735.01

��

�

66,152.41

��

�

��

Expenses

��

�

��

a) Cost of materials consumed

��

�

6,644.92

��

�

5,416.27

��

�

8,687.90

��

�

12,061.19

��

�

8,782.74

��

�

23,134.53

��

b) Purchases of stock-in-trade

��

�

186.04

��

�

177.85

��

�

513.08

��

�

363.89

��

�

513.08

��

�

736.17

��

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

��

�

(184.75

)�

�

(126.27

)�

�

(783.30

)�

�

(311.02

)�

�

(738.43

)�

�

(772.02

)�

��

d) Employee benefits expense

��

�

728.79

��

�

651.80

��

�

1,202.87

��

�

1,380.59

��

�

1,255.45

��

�

2,702.32

��

e) Depletion, depreciation and amortisation expense (including Goodwill on consolidation)

��

�

2,003.28

��

�

2,064.42

��

�

2,845.86

��

�

4,067.70

��

�

2,884.95

��

�

6,882.32

��

f) Power and fuel charges

��

�

2,110.60

��

�

1,808.93

��

�

3,540.70

��

�

3,919.53

��

�

3,686.03

��

�

7,315.88

��

g) Exchange loss (net)

��

�

��

��

�

��

�

687.65

��

�

��

��

�

786.89

��

�

735.09

��

h) Other expenses

��

�

3,736.91

��

�

3,606.20

��

�

5,047.37

��

�

7,343.11

��

�

5,130.98

��

�

12,675.88

��

�

��

Total expenses

��

�

15,225.79

��

�

13,599.20

��

�

21,742.13

��

�

28,824.99

��

�

22,301.69

��

�

53,410.17

��

�

��

Profit from operations before other income, finance costs and exceptional items

��

�

4,323.59

��

�

3,537.46

��

�

3,614.47

��

�

7,861.05

��

�

3,433.32

��

�

12,742.24

��

�

��

a) Other income

��

�

686.11

��

�

1,210.40

��

�

914.12

��

�

1,896.51

��

�

919.91

��

�

2,073.47

��

�

��

b) Exchange gain (net)

��

�

259.97

��

�

141.41

��

�

��

�

401.38

��

�

��

�

��

�

��

Profit from ordinary activities before finance costs and exceptional items

��

�

5,269.67

��

�

4,889.27

��

�

4,528.59

��

�

10,158.94

��

�

4,353.23

��

�

14,815.71

��

�

��

Finance costs

��

�

1,471.60

��

�

1,537.11

��

�

1,879.80

��

�

3,008.71

��

�

2,027.88

��

�

5,094.41

��

�

��

Profit from ordinary activities after finance costs but before exceptional items

��

�

3,798.07

��

�

3,352.16

��

�

2,648.79

��

�

7,150.23

��

�

2,325.35

��

�

9,721.30

��

�

��

Exceptional items (Refer note 6 & 7)

��

�

90.23

��

�

1,627.39

��

�

61.67

��

�

1,717.62

��

�

61.67

��

�

228.77

��

�

��

Profit from ordinary activities before tax

��

�

3,707.84

��

�

1,724.77

��

�

2,587.12

��

�

5,432.61

��

�

2,263.68

��

�

9,492.53

��

�

��

Tax expense/(credit) (including deferred tax and net of MAT credit entitlement)

��

�

560.12

��

�

361.64

��

�

(923.85

)�

�

921.76

��

�

(1,036.14

)�

�

(846.85

)�

��

�

��

Net profit from ordinary activities after tax

��

�

3,147.72

��

�

1,363.13

��

�

3,510.97

��

�

4,510.85

��

�

3,299.82

��

�

10,339.38

��

�

��

Extraordinary items (net of tax expense)

��

�

��

��

�

��

�

��

�

��

��

�

��

�

��

�

��

Net profit for the period / year

��

�

3,147.72

��

�

1,363.13

��

�

3,510.97

��

�

4,510.85

��

�

3,299.82

��

�

10,339.38

��

�

��

Share of profit of associates

��

�

��

��

�

0.27

��

�

456.42

��

�

0.27

��

�

1,081.87

��

�

1,081.93

��

�

��

Minority interest

��

�

1,528.43

��

�

987.84

��

�

1,573.02

��

�

2,516.27

��

�

1,573.02

��

�

5,122.80

��

�

��

Net profit after taxes, minority interest and consolidated share in profit of associates

��

�

1,619.29

��

�

375.56

��

�

2,394.37

��

�

1,994.85

��

�

2,808.67

��

�

6,298.51

��

�

��

Net profit after taxes, minority interest and consolidated share in profit of associates but before exceptional items

��

�

1,658.43

��

�

1,341.23

��

�

2,429.03

��

�

2,999.66

��

�

2,843.24

��

�

6,500.30

��

�

��

Paid-up equity share capital (Face value of Re 1 each)

��

�

296.50

��

�

296.50

��

�

296.50

��

�

296.50

��

�

296.50

��

�

296.50

��

Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year

��

�

72,712.16

��

Earnings per share before exceptional items (Rs) (not annualised)*

��

�

��

-Basic

��

�

5.59

*�

�

4.52

*�

�

8.30

*�

�

10.12

*�

�

9.79

*�

�

22.15

��

-Diluted

��

�

5.59

*�

�

4.52

*�

�

8.30

*�

�

10.12

*�

�

9.79

*�

�

22.15

��

Earnings per share after exceptional items (Rs) (not annualised)*

��

�

��

-Basic

��

�

5.46

*�

�

1.27

*�

�

8.19

*�

�

6.73

*�

�

9.67

*�

�

21.46

��

-Diluted

��

�

5.46

*�

�

1.27

*�

�

8.19

*�

�

6.73

*�

�

9.67

*�

�

21.46

��

PART II - Select Information

�

��

�

Quarter ended

�

Half year ended

�

Year ended

�

S.
No.

��

Particulars

�

30.09.2014

�

30.06.2014

�

30.09.2013

�

30.09.2014

�

30.09.2013

�

31.03.2014

�

��

PARTICULARS OF SHAREHOLDING

�

��

Public Shareholding (excluding shares against which ADRs are issued)

�

��

- Number of Shares

�

985,156,187

��

�

1,034,843,184

��

�

1,057,078,042

��

�

985,156,187

��

�

1,057,078,042

��

�

1,086,220,062

��

- Percentage of Shareholding

�

33.23

%�

�

34.91

%�

�

35.65

%�

�

33.23

%�

�

35.65

%�

�

36.64

%�

��

Promoters and Promoter Group Shareholding (Excluding shares against which ADRs are issued) $

�

(a)

��

Pledged/Encumbered

�

��

- Number of Shares

�

��

��

�

��

�

��

�

��

��

�

��

�

��

- Percentage of shares

�

��

��

�

��

�

��

�

��

��

�

��

�

��

(as a % of the total shareholding of promoter and promoter group)

�

��

- Percentage of shares

�

��

��

�

��

�

��

�

��

��

�

��

�

��

(as a % of the total share capital of the Company)

�

(b)

��

Non-encumbered

�

��

- Number of Shares

�

1,754,075,500

��

�

1,691,651,651

��

�

1,629,343,945

��

�

1,754,075,500

��

�

1,629,343,945

��

�

1,629,343,945

��

- Percentage of shares

�

100.00

%�

�

100.00

%�

�

100.00

%�

�

100.00

%�

�

100.00

%�

�

100.00

%�

��

(as a % of the total shareholding of promoter and promoter group)

�

��

- Percentage of shares

�

59.17

%�

�

57.06

%�

�

54.96

%�

�

59.17

%�

�

54.96

%�

�

54.96

%�

��

(as a % of the total share capital of the Company)

�

$	The Promoter and Promoter group in addition to the equity shareholding also hold 3.35% of the equity capital in the form of ADR represented by 99,292,708 equity shares as on September�30, 2014.

The balance ADR of 4.68�% represented by 126,165,044 equity shares are held by CITI Bank as custodian.

Allotment in respect of 315,432 equity shares to the shareholders of erstwhile Sterlite Industries (India) Limited have been kept in abeyance.

�


�	��	Particulars	��	Quarter�ended 30.09.2014		�
B	��	INVESTOR COMPLAINTS	��

	��	Pending at the beginning of the quarter	��	�	��	��

	��	Received during the quarter	��	�	15	��

	��	Disposed of during the quarter	��	�	15	��

	��	Remaining unresolved at the end of the quarter	��	�	��	��

(Rs in Crore)

�

��

�

��

Quarter ended

�

Half year ended

�

Year
ended

�

No.

��

Segment Information

��

30.09.2014
(Unaudited)

�

30.06.2014
(Unaudited)

�

30.09.2013
(Unaudited)

�

30.09.2014
(Unaudited)

�

30.09.2013
(Unaudited)

�

31.03.2014
(Audited)

�

��

Segment Revenue

��

�

��

Oil & Gas

��

�

3,981.90

��

�

4,482.73

��

�

1,854.88

��

�

8,464.63

��

�

1,854.88

��

�

11,903.73

��

Zinc, Lead and Silver

��

�

��

(i) Zinc & Lead - India

��

�

3,368.76

��

�

2,586.15

��

�

5,538.49

��

�

5,954.91

��

�

5,538.49

��

�

11,778.26

��

(ii) Silver - India

��

�

312.95

��

�

317.69

��

�

795.95

��

�

630.64

��

�

795.95

��

�

1,502.79

��

(iii) Zinc - International

��

�

987.04

��

�

865.09

��

�

2,084.90

��

�

1,852.13

��

�

2,084.90

��

�

4,014.85

��

�

��

Total

��

�

4,668.75

��

�

3,768.93

��

�

8,419.34

��

�

8,437.68

��

�

8,419.34

��

�

17,295.90

��

Iron Ore

��

�

112.92

��

�

85.30

��

�

4.53

��

�

198.22

��

�

13.42

��

�

30.89

��

Copper

��

�

6,284.39

��

�

4,853.22

��

�

7,276.88

��

�

11,137.61

��

�

7,276.88

��

�

20,593.70

��

Aluminium

��

�

3,210.53

��

�

2,650.99

��

�

5,162.47

��

�

5,861.52

��

�

5,162.47

��

�

10,778.79

��

Power

��

�

931.48

��

�

982.88

��

�

2,171.99

��

�

1,914.36

��

�

2,171.99

��

�

3,795.09

��

Others

��

�

680.28

��

�

590.64

��

�

641.97

��

�

1,270.92

��

�

1,105.96

��

�

2,306.01

��

�

��

Total

��

�

19,870.25

��

�

17,414.69

��

�

25,532.06

��

�

37,284.94

��

�

26,004.94

��

�

66,704.11

��

�

Less:

��

Inter Segment Revenue

��

�

422.11

��

�

359.19

��

�

361.40

��

�

781.30

��

�

470.62

��

�

970.83

��

�

��

Net sales/income from operations

��

�

19,448.14

��

�

17,055.50

��

�

25,170.66

��

�

36,503.64

��

�

25,534.32

��

�

65,733.28

��

�

��

Segment Results

��

�

��

(Profit / (loss) before tax and interest)

��

�

��

Oil & Gas

��

�

1,611.29

��

�

1,971.71

��

�

1,066.54

��

�

3,583.00

��

�

1,066.54

��

�

6,164.77

��

Zinc, Lead and Silver

��

�

��

(i) Zinc & Lead - India

��

�

1,522.44

��

�

940.02

��

�

2,389.27

��

�

2,462.46

��

�

2,389.27

��

�

5,009.15

��

(ii) Silver - India

��

�

235.24

��

�

185.92

��

�

583.40

��

�

421.16

��

�

583.40

��

�

1,131.81

��

(iii) Zinc - International

��

�

138.10

��

�

31.85

��

�

112.99

��

�

169.95

��

�

112.99

��

�

330.28

��

�

��

Total

��

�

1,895.78

��

�

1,157.79

��

�

3,085.66

��

�

3,053.57

��

�

3,085.66

��

�

6,471.24

��

Iron Ore

��

�

(31.56

)�

�

(53.21

)�

�

(122.71

)�

�

(84.77

)�

�

(218.01

)�

�

(456.04

)�

��

Copper

��

�

396.91

��

�

21.71

��

�

208.93

��

�

418.62

��

�

208.93

��

�

764.95

��

Aluminium

��

�

299.63

��

�

254.09

��

�

207.20

��

�

553.72

��

�

207.20

��

�

606.08

��

Power

��

�

111.64

��

�

189.28

��

�

426.95

��

�

300.92

��

�

426.95

��

�

430.52

��

Others

��

�

96.00

��

�

65.25

��

�

(4.89

)�

�

161.25

��

�

4.17

��

�

48.83

��

�

��

Total

��

�

4,379.69

��

�

3,606.62

��

�

4,867.68

��

�

7,986.31

��

�

4,781.44

��

�

14,030.35

��

�

Less:

��

Finance costs

��

�

1,471.60

��

�

1,537.11

��

�

1,879.80

��

�

3,008.71

��

�

2,027.88

��

�

5,094.41

��

Add:

��

Other unallocable income net off expenses

��

�

889.98

��

�

1,282.65

��

�

(339.09

)�

�

2,172.63

��

�

(428.21

)�

�

785.36

��

�

��

Profit before tax and exceptional items

��

�

3,798.07

��

�

3,352.16

��

�

2,648.79

��

�

7,150.23

��

�

2,325.35

��

�

9,721.30

��

�

Less:

��

Exceptional items (Refer note 6 & 7)

��

�

90.23

��

�

1,627.39

��

�

61.67

��

�

1,717.62

��

�

61.67

��

�

228.77

��

�

��

Profit before tax

��

�

3,707.84

��

�

1,724.77

��

�

2,587.12

��

�

5,432.61

��

�

2,263.68

��

�

9,492.53

��

�

��

Capital Employed

��

�

��

(Segment assets less Segment liabilities)

��

�

��

Oil & Gas

��

�

46,305.31

��

�

46,631.22

��

�

48,676.69

��

�

46,305.31

��

�

48,676.69

��

�

48,269.46

��

Zinc, Lead and Silver

��

�

��

(i) Zinc - India

��

�

11,431.27

��

�

11,295.14

��

�

10,372.97

��

�

11,431.27

��

�

10,372.97

��

�

11,104.03

��

(ii) Zinc - International

��

�

2,474.07

��

�

2,818.24

��

�

3,502.58

��

�

2,474.07

��

�

3,502.58

��

�

2,716.52

��

�

��

Total

��

�

13,905.34

��

�

14,113.38

��

�

13,875.55

��

�

13,905.34

��

�

13,875.55

��

�

13,820.55

��

Iron Ore

��

�

4,925.02

��

�

4,893.37

��

�

4,826.71

��

�

4,925.02

��

�

4,826.71

��

�

4,861.93

��

Copper

��

�

6,578.88

��

�

6,396.58

��

�

8,002.35

��

�

6,578.88

��

�

8,002.35

��

�

6,384.09

��

Aluminium

��

�

40,012.78

��

�

39,918.45

��

�

40,089.21

��

�

40,012.78

��

�

40,089.21

��

�

39,552.34

��

Power

��

�

17,503.11

��

�

17,056.62

��

�

15,607.90

��

�

17,503.11

��

�

15,607.90

��

�

16,478.24

��

Others

��

�

1,770.31

��

�

1,788.16

��

�

1,757.43

��

�

1,770.31

��

�

1,757.43

��

�

1,812.29

��

Unallocated

��

�

(23,758.68

)�

�

(24,047.50

)�

�

(32,403.28

)�

�

(23,758.68

)�

�

(32,403.28

)�

�

(24,372.79

)�

��

�

��

Total

��

�

107,242.07

��

�

106,750.28

��

�

100,432.56

��

�

107,242.07

��

�

100,432.56

��

�

106,806.11

��

�

The main business segments are, (a)�Oil�& Gas which consists of exploration, development and production of oil and gas (b)�Zinc which consists of mining of ore, manufacturing of zinc and lead ingots and silver, both from own mining and purchased concentrate (c)�Iron ore (d)�Copper which consist of mining of copper concentrate, manufacturing of copper cathode, continuous cast copper rod, anode slime from purchased concentrate and manufacturing of precious metal from anode slime, sulphuric acid, phosphoric acid (e)�Aluminium which consist of mining of bauxite and manufacturing of alumina and various aluminium products (f)�Power excluding captive power but including power facilities predominantly engaged in generation and sale of commercial power and (g)�Other business segment which comprise of pig iron, metallurgical coke, port/berth, paper, etc. The assets and liabilities that cannot be allocated between the segments are shown as unallocated corporate assets and liabilities respectively.

Additional intra segment information of revenues and results for the Zinc, Lead and Silver segment have been provided to enhance understanding of segment business.


CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES					��	(Rs. in Crore)

�


�	��	Particulars	��	As�at�30.09.2014 (Unaudited)		�	��	As�at�31.03.2014 (Audited)		�
A	��	EQUITY AND LIABILITIES	��				��

1	��	SHAREHOLDERS� FUNDS	��				��

	��	a) Share Capital	��	�	296.50	��	��	�	296.50	��
	��	b) Reserves & Surplus	��	�	73,168.75	��	��	�	72,712.16	��
	��		��	�	�	�	��	�	�	�
	��	Sub total - Shareholders� funds	��	�	73,465.25	��	��	�	73,008.66	��
	��		��	�	�	�	��	�	�	�

2	��	Minority Interest	��	�	33,776.82	��	��	�	33,797.45	��

3	��	Non-current liabilities	��				��
	��	(a) Long-term borrowings	��	�	50,833.14	��	��	�	54,965.77	��
	��	(b) Deferred tax liabilities (Net)	��	�	2,653.25	��	��	�	2,760.39	��
	��	(c) Other Long term liabilities	��	�	1,362.79	��	��	�	1,399.48	��
	��	(d) Long-term provisions	��	�	4,392.06	��	��	�	4,202.84	��
	��		��	�	�	�	��	�	�	�
	��	Sub total - Non-current liabilities	��	�	59,241.24	��	��	�	63,328.48	��
	��		��	�	�	�	��	�	�	�
4	��	Current liabilities	��				��
	��	(a) Short-term borrowings	��	�	19,372.24	��	��	�	17,394.53	��
	��	(b) Trade payables	��	�	5,388.50	��	��	�	4,134.59	��
	��	(c) Other current liabilities	��	�	21,167.41	��	��	�	21,255.39	��
	��	(d) Short-term provisions	��	�	748.50	��	��	�	1,224.47	��
	��		��	�	�	�	��	�	�	�
	��	Sub total - Current liabilities	��	�	46,676.65	��	��	�	44,008.98	��
	��		��	�	�	�	��	�	�	�

	��	TOTAL - EQUITY AND LIABILITIES	��	�	213,159.96	��	��	�	214,143.57	��
	��		��	�	�	�	��	�	�	�

B	��	ASSETS	��				��
1	��	Non-current assets	��				��
	��	(a) Fixed assets	��	�	91,118.69	��	��	�	91,094.80	��
	��	(b) Goodwill on consolidation	��	�	38,432.88	��	��	�	39,238.32	��
	��	(c) Non-current investments	��	�	203.65	��	��	�	208.63	��
	��	(d) Deferred tax assets (Net)	��	�	25.65	��	��	�	25.21	��
	��	(e) Long-term loans and advances	��	�	14,750.40	��	��	�	13,940.43	��
	��	(f) Other non-current assets	��	�	1,547.65	��	��	�	6,126.26	��
	��		��	�	�	�	��	�	�	�
	��	Sub total - Non-current assets	��	�	146,078.92	��	��	�	150,633.65	��
	��		��	�	�	�	��	�	�	�

2	��	Current assets	��				��
	��	(a) Current investments	��	�	40,265.06	��	��	�	37,700.95	��
	��	(b) Inventories	��	�	9,878.01	��	��	�	9,033.79	��
	��	(c) Trade receivables	��	�	5,192.97	��	��	�	4,653.74	��
	��	(d) Cash and bank balances	��	�	6,140.67	��	��	�	7,684.06	��
	��	(e) Short-term loans and advances	��	�	4,843.86	��	��	�	3,274.18	��
	��	(f) Other current assets	��	�	760.47	��	��	�	1,163.20	��
	��		��	�	�	�	��	�	�	�
	��	Sub total - Current assets	��	�	67,081.04	��	��	�	63,509.92	��
	��		��	�	�	�	��	�	�	�

	��	TOTAL - ASSETS	��	�	213,159.96	��	��	�	214,143.57	��
	��		��	�	�	�	��	�	�	�

Notes:-

�

1	The above results for the quarter and half year ended September�30, 2014 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on October�29, 2014. The statutory auditors of the Company have carried out a limited review of these results.

�

2	The Board declared an interim dividend @ 175% i.e. Rs 1.75�per equity share of Re 1/- each. The record date for the payment of interim dividend is November�5, 2014.

�

5	With regard to the alumina refinery expansion project at Lanjigarh, the Company�s fresh application for environmental clearance is under process, post the completion of public hearing held on July�30, 2014. In the meantime the expansion project continues to be on hold.

�

The Company�s subsidiary, Cairn India Limited has changed the method of depreciation on some of its oil and gas assets from �Straight Line� method to the �Unit of Production� method so as to be in compliance with the requirements of �Guidance Note on Accounting for Oil and Gas Producing Activities (Revised 2013)� issued by the Institute of Chartered Accountants of India. The additional charge due to the same for the period up to March�31, 2014, amounting to Rs. 1,627.39 Crore (net of tax credit of Rs. 500.41 Crore), has been disclosed as an exceptional item. Consequently, the depreciation charge for the current quarter and half year ended September�30, 2014 is higher by Rs. 57.65 Crore and Rs. 153.76 Crore respectively and the profit after tax is lower by Rs. 34.35 Crore and Rs. 94.26 Crore respectively due to the aforementioned change.

�

Exceptional items for the quarter and half year ended September�30, 2014 also include Rs. 45.46 Crore provision recognised in respect of expenditure incurred on three coal blocks allotted to the Company and its subsidiaries, due to cancellation of coal blocks by the Supreme Court of India and Rs. 44.77 Crore incurred on voluntary retirement expenditure at its subsidiary in the aluminium segment.

�

The Board of Directors and the Shareholders of Cairn India Limited, the Company�s subsidiary, had approved a proposal for buy back of its equity shares at a price not exceeding Rs. 335�per equity share for an aggregate amount not exceeding Rs. 5,725.00 Crore. The buy back, which commenced on January�23, 2014, closed on July�22, 2014. During the said period Cairn India Limited bought back and extinguished 36,703,839 equity shares of face value of Rs. 10 each for a total consideration of Rs. 1,225.45 Crore, which accounted for 21.41% of its Maximum buy-back size and 1.92% of its share capital pre buy back program.

�

9	Previous Period / Year figures have been regrouped / rearranged wherever necessary to conform to current period presentation.

�

10	The Company has opted to publish only Consolidated Financial results. Standalone results of the Company are available on Company�s website www.sesasterlite.com. Additional information on standalone basis are as follows:

�

(Rs.�in�Crore)

�

��

Quarter ended

�

Half year ended

�

Year ended

�

Particulars

��

30.09.2014
(Unaudited)

�

��

30.06.2014
(Unaudited)

�

��

30.09.2013
(Unaudited)

�

30.09.2014
(Unaudited)

�

��

30.09.2013
(Unaudited)

�

31.03.2014
(Audited)

�

Net sales / income from operations

��

�

8,693.50

��

�

7,068.04

��

�

10,903.16

��

�

15,761.54

��

�

11,265.11

��

�

28,377.60

��

Exchange loss (net)

��

�

41.28

��

�

18.43

��

�

720.23

��

�

59.71

��

�

819.38

��

�

527.97

��

Profit / (loss) before tax and exceptional items

��

�

926.22

��

�

170.24

��

�

(758.02

)�

�

1,096.46

��

�

(1,055.94

)�

�

(940.77

)�

Exceptional items

��

�

2.43

��

�

��

�

��

�

2.43

��

�

��

�

130.88

��

Profit / (loss) after exceptional items and before tax

��

�

923.79

��

�

170.24

��

�

(758.02

)�

�

1,094.03

��

�

(1,055.94

)�

�

(1,071.65

)�

Profit after exceptional items and tax

��

�

923.79

��

�

170.24

��

�

737.63

��

�

1,094.03

��

�

545.71

��

�

1,076.09

��

�

11	Additional information by way of a press release and proforma numbers (not reviewed by statutory auditors) are available on Company�s website www.sesasterlite.com.

�


	�	By Order of the Board

Place: Mumbai	�	Thomas Albanese
Dated : October�29, 2014	�	Chief Executive Officer & Whole Time Director

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