Mumbai, April 26: Sterlite Industries has posted a 46 per cent rise in net profit for the quarter ended March 31, 2008 at Rs 306.45 crore compared with Rs 209.18 crore in the corresponding previous quarter.

Total income during the quarter rose to Rs 3,617.35 crore from Rs 3,073.10 crore in the year-ago period.

“The company recorded the highest ever annual production of aluminum, zinc and copper and the costs were low across all segments, despite a challenging environment,” said Kuldip Kaura, managing director and CEO of Sterlite Industries.

The company posted a net profit of Rs 951.63 crore for the year ended March 31, 2008 against Rs 784.03 crore a year ago. Sterlite has proposed a final dividend of 200 per cent or Rs 4 per equity share.

“Strong volumes and low operating costs contributed about Rs 1,400 crore to EBITDA, but it was offset by low zinc prices on the London Metal Exchange and the appreciating rupee. The erosion because of the rising rupee was Rs 1,700 crore,” added Kaura.

The company expects metal prices to remain firm and has earmarked a capital expenditure of Rs 3,600 crore for the current fiscal.

On a consolidated basis, the group posted a net profit after tax of Rs 1,318.4 crore for the quarter compared with Rs 1,143.22 crore in the corresponding quarter last year.

IDBI bottomline

IDBI today said it was much better placed than other banks in credit derivative deals and that the mark-to-market losses of its corporate clients are in the region of Rs 135 crore.

Chairman and managing director Yogesh Agarwal said the bank offered these derivatives to only 41 clients. Among them, a significant number were big corporate houses. “We do not believe any corporate house will renege on its commitment,” Agarwal said.

The bank has reported a net profit of Rs 245 crore for the fourth quarter ended March 31, 2008 compared with Rs 213 crore during the same quarter last year. Total revenue increased to Rs 2,628.20 crore from Rs 2,185.35 crore in the year-ago period.