Pb Zn Ag Pb Zn Al kWh Cu
Zn Pb
Diversification
Cu
Scale
Expertise
Sustainability Sterlite Industries (India) Limited Annual Report 2011-12
Contents
overview
p8
Chairman’s Message
Highlights for FY 2011-12
2
Sterlite at a Glance
4
A Diversified Portfolio
6
Consolidated Performance
7
Chairman’s Message
8
Business Model
10
Strategic Framework
12
Company Overview
14
p12
Strategic Framework
Growth
Long Term Value
Management Discussion and Analysis
Sustainability
Business Review
24
Copper
30
Zinc, Lead & Silver
34
Aluminium
38
Power
41
Financial Highlights - Consolidated
43
Financial Performance
44
Risk and Uncertainties
48
Board of Directors
54
Sustainability
p22
Responsible Stewardship
59
Building Strong Relationships
66
Adding and Sharing Value
68
Management Discussion and Analysis
statutory Directors’ Report
72
Corporate Governance Report
82
financials p56
Sustainability
Standalone
108
Consolidated
156
Notice
203
Our Vision To be a world class diversified natural resources company providing superior returns to our shareholders.
Our Values Diversified We produce aluminium, copper, zinc, lead, silver and power from our operations around the world.
Scale We have an extensive mining and production infrastructure matched by substantial reserves and resources.
Expertise We focus on building high quality, low cost assets on a sustainable basis.
Entrepreneurship
Sustainability
We foster an entrepreneurial spirit throughout our businesses and value the ability to foresee business opportunities early in the cycle and act on them swiftly. Whether it be developing organic growth projects, making strategic acquisitions or creating entrepreneurs from within, we ensure an entrepreneurial spirit at the heart of our workplace.
We practice sustainability within the framework of well defined governance structures and policies and with the demonstrated commitment of our management and employees.
Trust
Excellence
The trust that our stakeholders place in us is key to our success. We recognise that we must responsibly deliver on the promises we make to earn that trust. We constantly strive to meet stakeholder expectations of us and deliver ahead of expectations.
Sustainability Our sustainability model comprises three pillars - Responsible Stewardship, Building Strong Relationships, Adding and Sharing value.
Growth We continue to deliver industry leading growth and generate significant value for our shareholders. Moreover, our organic growth pipeline is strong and we are confident that we will continue to deliver significant growth for shareholders in the future. We have pursued growth across all our businesses and into new areas, always on the basis that value must be delivered.
Achieving excellence in all that we do is our way of life. We consistently deliver projects ahead of time at industry-leading costs of construction and within benchmark costs. We are constantly focused on achieving a top decile cost of production in each of our businesses. To achieve this, we follow a culture of best practice benchmarking.
6
A Diversified Portfolio
COPPER
ALUMINIUM
We have an custom copper smelting operations in India and our Australian mines produce copper for our Indian smelting operations.
Our integrated aluminium business is well-located in the bauxite and coal reserve rich region of India encompassing mines, smelters and associated captive power plants.
Key Strengths
Key Strengths
> One of the world’s lowest cost copper smelter in Tuticorin, India
> 245 ktpa smelter now operational in Korba, India
> Copper rod production facilities in India
> Captive bauxite mines in Chhattisgarh, India
Key Statistics
Key Statistics
> Current Capacity: India 400 ktpa
> Current Capacity: Aluminium smelting: 245 ktpa; Captive power: 5400 MW
> No of employees: 1,221
Revenue
7
ZINC-LEAD / SILVER
We are expanding our independent power plants (IPP) rapidly, with new plants at Jharsuguda and Talwandi Sabo India coming on stream alongside growth in our wind energy capacity.
We are the world’s largest integrated zinc producers with operations in India, Namibia, South Africa and Ireland. We operate the world’s largest zinc mine, the Rampura Agucha Mine in India, and are one of the leading global silver producers.
Key Strengths
Key Strengths
> One of the largest IPP in the private sector in India
> One of the world’s largest undeveloped zinc deposits in Gamsberg, South Africa
(%)
49
6
11
27
> No of employees: 3,978
Power
> Significant ‘green energy’ capacity
segment contribution 2011-12
Copper
HZL
BALCO
Power
ZI
EBITDA
(%) 13
4
7
17
> Silver-rich ore from Sindesar Khurd mine in India 59
Key Statistics
Key Statistics
> Current Capacity: Independent coal-based power: 2,070 MW; Wind power: 274 MW
> Current Capacity: Zinc-Lead: 1.5 mtpa; Silver: 518 MT
> No of employees: 266
> No of employees: 8,060
Sterlite Industries (India) Limited Annual Report 2011-12
Copper
HZL
BALCO
Power
ZI
7
OVERVIEW
PERFORMANCE
SUSTAINABILITY
STATUTORY
FINANCIALS
Consolidated Performance
Revenue
EBITDA
(` in Crore)
41,179
2011-12
10,169
2011-12
30,429
2010-11
8,050
2010-11
24,682
2009-10
8,031
2009-10
21,448
2008-09
6,858
2008-09
25,047
2007-08
9,434
2007-08
Cash Profit (PBDT)
Attributable Profit
(` in Crore)
12,174
2011-12
4,828
2011-12
10,221
2010-11
5,043
2010-11
7,689
2009-10
3,744
2009-10
6,461
2008-09
3,540
2008-09
9,116
2007-08
4,399
2007-08
Gross Fixed Assets
Net Worth
(` in Crore)
52,259
2011-12
46,056
2011-12
43,339
2010-11
41,435
2010-11
29,263
2009-10
37,012
2009-10
22,365
2008-09
25,613
2008-09
17,025
2007-08
22,303
2007-08
Sterlite Industries (India) Limited  Annual Report 2011-12
(` in Crore)
(` in Crore)
(` in Crore)
www.sterlite-industries.com
12
Strategic Framework
Strategy
Our strategic objectives are to deliver growth and long-term value by exploring our portfolio of natural resources on a sustainable basis.
Growth
long term value
sustainability
Organic growth
Optimise returns
We focus on extending our existing resources and growing our assets organically, investing in projects that expand our capacity and increase our production volumes.
We aim to optimise our costs through a culture of continuous improvement and maintain our position as a low cost producer in all our businesses.
Responsible stewardship
Selective and value accretive M&A
Reserves and resources
We target large proven, assets with the potential for growth and/or cost improvement. These could include new geographies and commodities as long as the opportunity meets our primary criteria.
We aim to ensure the long-term future of the Group, by growing our Reserves and Resources (R&R) at a faster rate than we deplete them through our mining activities, through exploration and selective acquisition.
We are committed to providing a safe, secure and healthy workplace for all employees, to optimising our resource consumption and minimising our environmental footprint
Growth
Building strong relationships We aim to create policies and processes that will contribute to the wellbeing and development of our employees and deliver sustainable benefits to the local communities where we operate.
long term value
Group structure We continue to rationalise our group structure and increase direct ownership of our underlying businesses to drive synergies from integrating the group and building long-term value.
Sterlite Industries (India) Limited  Annual Report 2011-12
Adding and sharing value We aim to forge strong partnerships by engaging with our key stakeholders including employees, governments, NGO, suppliers, customers, investors and our local communities.
sustainability
13
OVERVIEW
PERFORMANCE
SUSTAINABILITY
STATUTORY
FINANCIALS
Delivering on our Strategy
what we said we would do
how we performed
future priorities
> Deliver significant total volume growth
> Achieved record production of refined zinc, lead and power
> Focus on future drivers of growth: Gamsberg, Zinc-India
> Integrate Zinc International assets
> Zinc-India delivered 242 MT silver
> Seek further organic growth opportunities
> ` 7,439 Crore invested enhanced pipeline of growth options > Zinc- International successfully integrated
> Grow reserves and resources by exploration
> Significant additions to reserves of zinc
> Add reserves and resources in Zinc.
> Re-invest strong free cash flow and maintain strong balance sheet
> Free cash flow maintained at ` 8,400 Crore
> Reduce gearing through strong free cash flow after capital expenditure
> Focus on cost optimisation
> Develop a comprehensive sustainability model
> Low cost base maintained > Merger with Sesa Goa Ltd.
> Sustainability Framework developed and now being rollout across the Group
> Continue to focus on health and safety improvement targeting zero fatalities
> LTIFR reduce by 39% during the past five years
> Manage our plants more efficiently to reduce our environmental footprint
> Significant progress made in reducing carbon emissions, water and energy consumption
> Extend our outreach to help the communities where we operate
> Green energy: operating 274 MW wind power and generating 31 MW from waste heat
> Complete roll-out of Sustainability framework > Continue to deliver educational, healthcare and community programmes to 1.6 million people > Continue to improve health and safety standards
> ` 57.58 Crore invested in community programme reaching 1.6 million people
Sterlite Industries (India) Limited  Annual Report 2011-12
www.sterlite-industries.com
34
Performance - Zinc, Lead & Silver
Performance of Zinc and Lead FY 2011-12
FY 2010-11
% Change
Average LME Zinc cash settlement prices (US$ per tonne)
2098
2185
(4)
Average LME Lead cash settlement prices (US$ per tonne)
2269
2244
1
Revenue (` Crore)
15,390
10,839
42
EBITDA (` Crore)
7,746
6,057
28
50
56
EBITDA Margin (%)
Market Overview
Zinc: Strong demand created by growth from emerging economies more than offset weaker demand from developed economies, leading to global zinc demand growth of 4% in 2011 reaching 12.5 mt. Growth focussed on near term demand is at a similar level of 4-5% on the back of strong demand from emerging economies. It is predicted that shortly the net surplus position may turn into a net deficit position. Closure of several mines at the end of their mine life may significantly impact the supply/demand equation. It is predicted that this could happen in 2014-15. Zinc India operations continues to demonstrate healthy growth in zinc consumption largely driven by consumption in galvanizing/ construction sector/ infrastructure sector. The near term demand growth focus in India remains at a robust level of 6-7% per annum with the potential to reach much higher levels considering India’s quite low per capita consumption of zinc.
Sterlite Industries (India) Limited  Annual Report 2011-12
Lead: Driven by demand essentially arising from emerging economies, global lead consumption in 2011 increased by 4% to around 9.8 mt whereas the total refined lead supply for the calendar year 2011 was 9.9 mt, a modest surplus. We expect strong growth in lead consumption to continue as demand for automation, power back-up and the other applications are expected to be strong, particularly in the emerging economies. The market is expected to be in balance in 2012. In FY 2011-12, the lead consumption in India registered a growth of 11%, essentially driven by strong growth in automation sector.
Silver: India is the 4th largest consumption centre for silver. In 2012, the demand for silver globally is expected to increase by 4%, driven by growth in consumption in fabrication, industrial applications, coins and as an investment asset. It is estimated that demand for silver in India will grow by 3-4% in FY 2011-12
35
OVERVIEW
PERFORMANCE
SUSTAINABILITY
STATUTORY
FINANCIALS
Zinc India operations continues to demonstrate healthy growth in zinc consumption largely driven by consumption in galvanizing/construction sector/ infrastructure sector. Skorpian Zinc Mines, Namibia
Sterlite Industries (India) Limited  Annual Report 2011-12
www.sterlite-industries.com
68
Adding and Sharing Value The third pillar in our sustainability model is Adding and Sharing Value - working to enhance the value we can bring to each of our stakeholder groups. The value we create does not only manifest itself through capital but also through the nonfinancial benefits that are derived from our presence. In pursuing this, we are particularly informed by international targets and standards of development including, but not restricted to, the Millennium Development Goals. In addition, our activities have implications on public policy areas such as education and healthcare and a commitment to developing livelihoods.
While the above philosophies act as guidelines, we also look at imbibing various benchmarking practices for more progressive HR agendas.
People
We have a robust performance management system which encourages high performance. It helps us measure, reward and improve performance and synergize employee KRAs and goals with the overall company’s objectives.
People are the key asset and our growth and success is attributable to them. Our human resource strategy is designed to recruit, develop and retain the talented workforce – our workforce now stands at over 13,500 direct employees and more than 37,000 contractor employees. Our Philosophy - Approach > ensuring meritocracy > eliminating all forms of discrimination on the basis of age, caste, sex or religion > complying to all applicable laws and regulations within our areas of operation ; > meeting all our responsibilities & HR obligations as a direct and indirect employer and respecting the human rights of all of our employees; > Creating an atmosphere where performance is recognized and rewarded in fair and transparent manner. > engaging with employees to encourage feedback and address concerns > Generating local employment and providing support and resources for long term skill building
Sterlite Industries (India) Limited Annual Report 2011-12
We induct fresh talent through our campus program from premier colleges, universities and provide opportunities for growth and development. We have a mentorship program, under which the mentor provide guidance and support to the mentees. Individuals are given opportunities to grow and manage their careers through development programmes and trainings which help in developing and honing their talent.
We provide opportunities for growth to our top talent. We have a structured program ACTUP which helps in identification of ‘Star of Business’ and provides them an accelerated growth. The assessments are performed using the Sterlite competency model which encompasses core attributes, behaviours and leadership styles. Competency Model The Sterlite Competency is based on Five Core Traits - Business Acumen, Stretches and Drive to Achieve, Manages External Environment, Thinks and Acts Strategically and Develops People and is a Team Player. At the core of the above Five Traits, lies the Five Core Attributes Humility, Cultural Fit, Commitment to Sterlite and Integrity. Quality of Life Sterlite has significantly invested in acquiring, modernising and expanding manufacturing assets
located in geographically dispersed industrial locations. These manufacturing locations have full-fledged lively townships with modern amenities including schools, hospitals, and recreational centres and working facilities built around the core manufacturing or mining units. We not only believe in providing a contemporary life style and amenities for our employees and their families but also the community at large. An event management team is formed with cross functional members at operating locations which organizes socio – cultural activities, ensuring that our locations are the most preferred. Health & Well - being Various programmes are driven across our group by our human resource and occupational health & safety departments on educating employees, their families and community members on potential high risk serious diseases. Identification of such programs is based on the local community needs. WHO health surveys & employee health indices. Equal opportunities and labour rights Sterlite is an equal opportunity employer and has zero tolerance for practices involving discrimination or violation of any labour right. Our Code of Conduct policy mandatesProtection of human and labour rights, Prohibition of any kind of child labour and Prohibition of any kind of forced labour. All our employees are educated on Code of Conduct policy and are directed for compliance. Through our whistle blower policy and mechanism described in it – all our stakeholders can voice their concerns.
Our Host Governments Our engagement with our host
69
OVERVIEW
PERFORMANCE
SUSTAINABILITY
STATUTORY
FINANCIALS
Governments is multifaceted and incorporates all aspects of our business, from resource licensing rounds, contributions to debates around the mining and resources industry and development planning. In India, where the majority of Sterlite’s operations are based, we met 80% of India’s Zinc consumption and approximately 40% of its Aluminium, Copper and Lead requirements. During the past year, we contributed ` 5,500 Crore through direct and indirect taxes, royalties and other payments. During the year, the Group made political donations in India of ` 5 Crore either through trust or directly.
Our local Communities Working with our local communities is an integral part of our sustainability strategy - before, during and subsequent to our operations we closely consult with them. We plan and implement community development initiatives prioritizing local needs and ensuring long term sustainable benefits - for example in India we worked to support 546 villages through our various programmes. Our ability to add value and work collaboratively is an important element of our license to operate and long-term success. It is core to our vision to both enhance the quality of life and the socio-economic well-being of those communities in and around our operations and to contribute to developing empowered and sustainable societies. We are committed to the aspirations of the Millennium Development Goals and they inform our areas of social investment, where we worked with more than 3 million people:
Health & Nutrition Sterlite recognizes the importance of health in socio-economic
Sterlite Industries (India) Limited Annual Report 2011-12
Global Exposure Initiatives 2011-12 Hindustan Zinc has always strived for excellence in its operations of its mines and smelters. Through its Global Exposure Initiative programme, HZL enables its employees to visit best practice mines and smelters across the globe – since its commencement to till date over 400 employees have visited leading mines and smelters around the world. One group of employees visited the lead smelter operated by Yunnan Tin Company Ltd (YTCL), at Geiju in China with an objective to learn, share and implement best practices. The team selected included a cross section of employees including unit Heads and Plant Operators. The plant was selected because HZL operates a lead smelter based on the same technology as YTCL’s plant. During the visit, the HZL team and the YTCL team shared their experience and best practices in areas including operations, maintenance, safety, health and environment. As with all site visits, on return the team shared their experience and what they learned with the broader workforce through presentations and discussions. As a result of the experience, the team proposed a list of improvement projects which lead to measurable improvements in both the operation and productivity of the plant – including one project with potential savings of more than ` 3 Crore per annum.
Abdul Waheed Head - Roaster& Utility Plants, Rajpura Dariba Smelting Complex Hindustan Zinc Limited The Global Exposure Initiative to visit world class facilities for sharing best practice enabled me to widen my experience by visiting Hudson Bay Zinc, Xstrata Zinc (Canada), Nyrstar Zinc Budel (Netherland) Zinc Plant in Russia and Uzbekistan. I aspire to grow to the level of Unit Head over the next five years. The excellent work culture inspires me
www.sterlite-industries.com
72
Directors’ Report
Dear Shareholders, The Directors of your Company are pleased to present the 37th Annual Report, with the statement of the audited accounts for the financial year ended on March 31, 2012. Financial Performance Summary The financial performance of the Company, for the year ended March 31, 2012 is summarized bellow ` in Crore Year ended March 31, 2012
Year ended March 31, 2011
18,092.06
15,307.14
Earnings before Interest, Tax, Depreciation and Amortisation
3,191.08
2,343.80
Less: Interest Gross Profit Less: Depreciation and Amortisation Exceptional items Profit Before Tax Taxation Net profit for the year Add: Balance brought forward from previous year Amount available for appropriation Appropriation General Reserve Interim Dividend Debenture Redemption Reserve Proposed dividend on Equity shares(incl Dividend distribution tax) Balance carry forward to next year
597.46 2,593.62 162.46 423.32 2,007.84 350.36 1,657.48 3,089.48
317.02 2,026.78 152.65 1,874.13 454.42 1,419.71 2,590.98
4,746.96
4,010.69
400.00 336.12 1.50 350.15
500.00 (8.50) 429.71
3659.19
3,089.48
Particulars Revenue
Financial performance During the year under review, the Turnover of your Company increased by 18.19% from ` 15,307.14 Crore to ` 18,092.06 Crore. The increase in turnover by 18.19% was primarily due to the increase in the average Copper LME prices from US$ 8,138/MT to US$ 8,457 /MT and higher sales volume. TC / RC (Treatment Charges and Refining Charges) realization in the financial year 2012 was 14.5 US Cents / lb, as compared to 11.9 US Cents / lb in the previous year due to improved market conditions and higher benchmark long term TC/RCs. Sterlite Industries (India) Limited  Annual Report 2011-12
73
OVERVIEW
PERFORMANCE
SUSTAINABILITY
STATUTORY
FINANCIALS
The earnings before interest, tax depreciation and amortization for the same period increased b\ from ` , Crore to ` , Crore and the 1et 3roÀt increased b\ from ` Crore to ` Crore in the current \ear OPERATIONAL PERFORMANCE The \ear under revieZ Zitnessed increased production, improved TC 5Cs, copper recover\ and sulphuric acid realization The gains Zere partiall\ set off b\ higher inputs costs and loZer product premiums 3roduction Zas higher than the previous \ear due to planned bi annual maintenance shutdoZn taNen in the \ear The operational performance Zas as folloZs 0T
Product
18.19% Increase in Turnover from ` Crore to ` Crore
Copper Cathodes Copper Rods 6ulphuric $cid Phosphoric Acid
2011-12
2010-11
Variance
3,25,877 1,61,421 10,26,471 1,53,243
3,03,991 1,87,892 9,68,760 1,54,232
, ,
,
During the year under review, your Company maintained its leadership position in domestic copper with record sales of , , 0T Production of cathodes was , , 0T in the Ă&#x20AC;nancial year , higher by over Ă&#x20AC;nancial year mainly due to the planned bi annual shutdown taNen in )< <our Company also exported , , 0T of copper, including exports of , 0T of copper rods PROJECTS The )our /aNhs Tonnes Per Annum /TPA Copper 6melter (xpansion ProMect at Tuticorin is awaiting regulatory clearance from the 6tate Pollution Control %oard The Company has already received the environmental clearance from 0inistry of (nvironment )orest in The construction of the 0: x 0: Captive Power Plant CPP at Tuticorin is in the Ă&#x20AC;nal stages of completion The CPP is now scheduled for commissioning in end of 4 of )< and second unit by end of 4 of )< TRANSFER TO GENERAL RESERVES 2ut of the total proĂ&#x20AC;t of ` , Crore for the Ă&#x20AC;nancial year , an amount of ` Crore is proposed to be transferred to the *eneral Reserve The above transfer to general reserves is in compliance to the Companies Transfer of ProĂ&#x20AC;ts to Reserves Rules,
1,97,434 MT sales of domestic copper
DIVIDEND The %oard of Directors of your Company at its meeting held on 2ctober , approved payment of Interim Dividend @ ` per share i e on , , , equity shares of ` each The Record Date determined for payment of dividend was 1ovember , and the dividend was paid on 1ovember , The %oard of Directors have further recommended a Ă&#x20AC;nal dividend of ` per shares ie on equity share of ` each thereby taNing the total dividend for the year at ` per share The payment of Ă&#x20AC;nal dividend is subMect to the approval of the 6hareholders at the ensuing Annual General 0eeting
Sterlite Industries (India) Limited Annual Report 2011-12
www.sterlite-industries.com
112
BALANCE SHEET As at March 31, 2012 (` in Crore) Particulars I.
Notes
As at March 31, 2012
EQUITY AND LIABILITIES 1 Shareholders’ funds Share capital
3
336.12
Reserves and surplus
4
24,401.26
2
3
Non-current liabilities Long-term borrowings Deferred tax liabilities (Net) Current liabilities Short-term borrowings Trade payables Other current liabilities Short-term provisions
7 8 10
TOTAL II. ASSETS Non-current assets 1 Fixed assets (i) Tangible assets (ii) Intangible assets (iii) Capital work-in-progress (iv) Intangible assets under development Non-current investments Long-term loans and advances 2
5 6
Current assets Current investments Inventories Trade receivables Cash and cash equivalents Short-term loans and advances Other current assets TOTAL
As at March 31, 2011
336.12 24,737.38
22,8 2.78 23,228. 0
2,601.74
2,133.65 432.86 2,566.51
6,962.92 34,302.04
3,605.76 2, 30.24 353.20 5 3. 7 7,483.17 33,278.58
9,994.11
1,455.76 11.45 41 .48 0.74 1,887.43 3,142.41 1,08 .13 6,118. 7
24,307.93 34,302.04
3,0 5.44 3,18 .87 7 7. 8 1,8 1.28 18,082.72 102.32 27,15 .61 33,278.58
2,280.98 320.76
3,049.25 2,453.62 878.71 581.34
11
12 13
14 15 16 17 18 1
1,389.32 9.76 801.44 2.27 2,202.79 6,810.85 980.47
1,726.12 2,529.07 519.86 1,975.98 17,447.52 109.38
The accompanying notes are forming part of the Ànancial statements. As per our report of even date
For and on behalf of the Board of Directors
For Chaturvedi & Shah Chartered Accountants
For Deloitte Haskins & Sells Chartered Accountants
Navin Agarwal Executive Vice Chairman
M. S. Mehta Chief Executive OfÀcer
R. Koria Partner
Shyamak R. Tata Partner
D. D. Jalan Whole Time Director & Chief Financial OfÀcer
Rajiv Choubey Company Secretary
Place : Mumbai Dated : April 25, 2012 Sterlite Industries (India) Limited
Annual Report 2011-12
113
OVERVIEW
PERFORMANCE
SUSTAINABILITY
STATUTORY
FINANCIALS
STATEMENT OF PROFIT AND LOSS For the year ended March 31, 2012 (` in Crore) Particulars
Notes
I.
REVENUE FROM OPERATIONS (GROSS) Less: Excise duty Revenue from operations (Net)
II. III. IV.
OTHER INCOME TOTAL REVENUE (I + II) EXPENSES: Cost of materials consumed Purchases of Stock-in-Trade Changes in inventories of Ànished goods, work-in-process and stock-in-trade Employee beneÀts expense Finance costs Depreciation and amortization expense Other expenses Total expenses PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (III-IV) EXCEPTIONAL ITEMS PROFIT BEFORE TAX (III-IV) TAX EXPENSE: Current tax Deferred tax PROFIT FOR THE YEAR (VII-VIII) EARNINGS PER EQUITY SHARE: (1) Basic (2) Diluted
V. VI. VII. VIII
IX. X.
Year ended March 31, 2012
Year ended March 31, 2011
19,051.05 958.99 18,092.06
16,266.74 5 .60 15,307.14
21
2,247.68 20,339.74
1,628. 2 16, 36.06
22 23 24
16,094.40 12.07 (68.97)
13, 5 .50 17.20 (2 6.00)
25 26
92.09 597.46 162.46 1,019.07 17,908.58 2,431.16
88.05 317.02 152.65 823.51 15,061. 3 1,874.13
423.32 2,007.84
1,874.13
449.31 (98.95) 1,657.48
385.37 6 .05 1,41 .71
4.93 4.93
4.22 3.81
20
27
28 2
30
The accompanying notes are forming part of the Ànancial statements. As per our report of even date
For and on behalf of the Board of Directors
For Chaturvedi & Shah Chartered Accountants
For Deloitte Haskins & Sells Chartered Accountants
Navin Agarwal Executive Vice Chairman
M. S. Mehta Chief Executive OfÀcer
R. Koria Partner
Shyamak R. Tata Partner
D. D. Jalan Whole Time Director & Chief Financial OfÀcer
Rajiv Choubey Company Secretary
Place : Mumbai Dated : April 25, 2012
Sterlite Industries (India) Limited Annual Report 2011-12
www.sterlite-industries.com
Sterlite Industries (India) Limited SIPCOT Industries Complex Madurai By Pass Road, TV Puram P.O. Tuticorin - 628002, Tamil Nadu, India Tel. +91 461 424 2591 www.sterlite-industries.com
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