Sterlite Industries (India) Limited ("SIIL" or the "Company")
today announced its audited consolidated results for the fourth
quarter (Q4) and full year ended 31 March 2013 (FY 2013).
Q4 and FY 2013 Highlights
Operations
● Strong full year production growth and
cost performance across businesses
● Record full year production of Zinc-Lead
mined metal and integrated silver at Zinc India
Exploration
● Significant addition to R&R at Zinc
India and Copper Australia
Financial
● Record EBITDA for the quarter and the
year :
○ Q4 up 23% at Rs. 3,323 crore
○ FY2013 up 2% at Rs. 10,574 crore
● Record attributable PAT for the quarter
and the year :
○ Q4 attributable PAT up 51% at Rs. 1,925
crore and EPS at Rs. 5.7 per share
○ FY2013 attributable PAT up 26% at Rs.
6,060 crore and EPS at Rs. 18 per share
● Total interim dividend of Rs. 2.30 per
share for FY2013
● Contribution of Rs. 6,200 crore to the
Exchequer during the year in terms of taxes, duties and
royalties
Mr. Anil Agarwal, Chairman: "We
achieved a strong operating and financial performance in FY2013.
With production growth across our portfolio of world class assets,
we recorded a net profit of Rs 6,060 crore in FY2013 and the Board
has declared total interim dividend of Rs. 2.30 per share for
FY2013."
Consolidated Financial
Performance
Q4 Q3 Full
year Particulars (In Rs. crore, except as stated)
FY2013 FY2012 % change YoY
FY2013 FY2013 FY2012 % change
YoY Net Sales/Income from operations 12,609 10,757 17 10,692
44,922 40,967 10 EBITDA 3,323 2,691 23 2,375 10,574 10,362 2
Interest expense 276 250 10 227 922 852 8 Forex (loss)/gain 78 184
(58) (63) 17 (305) 106 Profit before Depreciation and Taxes 3,907
3,408 15 2,896 13,017 12,174 7 Depreciation 453 503 (10) 538 2,032
1,830 11 Profit before Exceptional items 3,454 2,905 19 2,358
10,985 10,344 6 Exceptional Items 118 432 (73) - 118 473 (75) Taxes
418 487 (14) 356 1,618 2,111 (23) Profit After Taxes 2,918 1,987 47
2,003 9,249 7,761 19 Minority Interest 787 550 43 585 2,529 2,161
17 Share in Profit/(Loss) of Associate (206) (160) (29) (226) (660)
(772) 15 Attributable PAT after exceptional item 1,925 1,277 51
1,191 6,060 4,828 26 Basic Earnings per Share (Rs./share) 5.7 3.8
51 3.5 18.0 14.4 26 Underlying Earnings per Share* (Rs./share) 5.5
4.1 34 3.7 17.9 16.7 7 Exchange rate (Rs./$) – Average 54.2 50.3 8
54.1 54.5 47.9 14 Exchange rate (Rs./$) – Closing 54.4
51.2 6 54.8 54.4 51.2 6
*Before forex and exceptional items
Revenues for Q4 and FY2013 were Rs. 12,609 crore and Rs. 44,922
crore, an increase of 17% and 10% respectively. The increase in
revenue was driven by higher volumes and depreciation of the Indian
Rupee, which more than offset lower metal prices. During Q4 and
full year, the company delivered higher refined silver, lead,
Copper, Aluminium and Power and higher mined metal production at
Zinc India.
EBITDA in FY2013 was up 2% at Rs. 10,574 crore and in Q4 was up
23% higher at Rs. 3,323 crore, on account of higher production,
higher metal premiums and lower costs which more than offset lower
metal prices during the year.
Interest cost in Q4 and FY2013 was higher as compared to the
corresponding prior periods due to capitalisation of new
plants.
Depreciation in Q4 was lower due to one-off depreciation
reversal at Zinc India. Depreciation cost for FY2013 was higher on
account of capitalization of new plants at Zinc India and Sterlite
Energy Limited (SEL).
During the year there was gain on account of foreign exchange
movement as compared to the previous year, largely on account of
foreign exchange hedge contract towards investments made in
overseas subsidiaries, as designated contracts, resulting into
transfer of foreign exchange movement to reserves, in accordance
with AS 30.
During Q4 and FY2013, Attributable PAT and Basic EPS were
significantly higher by 51% and 26% respectively, over the
corresponding prior periods on account of higher EBITDA, higher
investment income, lower foreign exchange losses and lower tax
rate.
Merger of Sterlite and Sesa Goa Limited
and Vedanta Group Consolidation
The proposed Vedanta Group Consolidation and Simplification
has received the approval of the High Court of Bombay at Goa on 3
April 2013. The hearings at the High Court of Madras have been
completed and the order is awaited.
Dividend
The Board has declared a second interim dividend of Rs 1.20
per share. The total interim dividend for FY2013 is Rs 2.30 per
share and no final dividend is proposed to be declared. The total
dividend outgo will be Rs. 773 crore as against Rs. 686 crore
during the previous year.
Zinc - India Business
Q4 Q3 Full Year
Production (in’000 tonnes, or as stated)
FY2013
FY2012 % change YoY FY2013
FY2013 FY2012 % change YoY Mined
metal content 260 223 16 233 870 830 5
Refined Zinc – Total
182 190 (4) 171 677 759
(11) Refined Zinc – Integrated 181 189 (4) 168 660 752 (12)
Refined Lead - Total 1 35 37 (6)
32 125 99 26 Refined Lead – Integrated
32 31 2 22 107 89 20
Silver - Total (in tonnes) 2
117 88 33 117 408 242
69 Silver - Integrated (in tonnes) 100 83 20 62 322 237 36
Financials (In Rs. crore, except as stated)
Revenue 3,820 3,062 25 3,117
12,324 11,132 11 EBITDA 2,098 1,617 30 1,484 6,339 5,976 6 PAT
2,174 1,418 53 1,629 6,842 5,506 24 Zinc CoP without Royalty
(Rs./MT) 44,901 41,693 8 44,900 45,461 40,003 14 Zinc CoP without
Royalty ($/MT) 829 828 - 829 835 834 - Zinc CoP with Royalty ($/MT)
998 995 - 993 998 1,010 (1) Zinc LME Price ($/MT) 2,033 2,025 -
1,947 1,948 2,098 (7) Lead LME Price ($/MT) 2,301 2,093 10 2,199
2,113 2,269 (7) Silver LBMA Price ($/oz) 30.1 32.6
(8) 33 30.5 35.3 (14) 1.
Includes captive consumption of 1,777 tonnes in Q4 FY2013 vs. 2,156
tonnes in Q4 FY2012, and 6,500 tonnes in FY2013 vs. 6,625 tonnes in
FY2012. 2. Includes captive consumption of 9 tonnes in Q4 FY2013
vs.11 tonnes in Q4 FY2012 and 34 tonnes in FY2013 vs. 35 tonnes in
FY2012.
Mined metal production was a record 260,000 tonnes in Q4, 16%
higher than the corresponding prior period, and in line with the
annual mine plan. Full year production was 870,000 tonnes, 5%
higher than the previous year.
The integrated production of refined zinc was 181,000 tonnes in
Q4, 8% higher than Q3. Full year production was 660,000 tonnes, in
line with the annual plan. Sales of zinc metal-in-concentrate (MIC)
were 61,000 tonnes, due to surplus concentrate in Q4. Integrated
production of refined lead was 32,000 tonnes in Q4 and 107,000
tonnes for the full year, up 2% and 20% respectively.
Saleable integrated production of silver was a record 91 tonnes
in Q4 and 288 tonnes for the full year, up 26% and 43%,
respectively, driven by the continued ramp-up of the SK mine and
the Dariba lead smelter.
EBITDA for Q4 was higher by 30% mainly due to higher integrated
silver sales, zinc concentrate sale of 61,000 tonnes and higher
sales realisation due to rupee depreciation.
EBITDA for FY2013 was higher by 6% on account of higher sales
realisation and volume which was partially offset by lower prices
and higher cost of production
Zinc India achieved record net profits of Rs. 6,842 crore in FY
2013, up 24%, benefiting from higher sales and other income,
partially offset by higher operating costs. Net profit for the
quarter was up 53%to Rs. 2,174 crore driven by higher sales.
The Zinc metal cost, without royalty for FY 2013 was higher by
14% in INR and flat in USD term at Rs. 45,500 per MT ($835),
compared with the previous year. The cost during the quarter was
Rs. 44,900 per MT ($829), 8% higher in INR and flat in USD terms
from a year ago. The increase was due to higher strip ratio at
Rampura Agucha and lower acid credits, partially offset by lower
power costs.
During the year, Zinc India announced its next phase of growth
plan, which will increase its mined metal production capacity to
1.2 mtpa. Rampura Agucha underground mine and Kayad mine will start
commercial production in FY 2014.
In FY 2013, there was a gross addition of 24.6 million tonnes to
reserves and resources, prior to a depletion of 8.6 million tonnes.
Total reserves and resources at 31 March 2013 were 348.3 million
tonnes containing 35.1 million tonnes of zinc-lead metal and 910
million ounces of silver. Zinc India's mine life continues to be
25+ years.
Mined metal production in FY 2014 is projected to increase by
15% to approximately 1.0 mtpa. Integrated saleable Silver
production is projected to be approximately 360 tonnes in FY
2014.
Zinc - International Business
Q4 Q3 Full Year
Production (in’000 tonnes, or as stated)
FY2013
FY2012 % change YoY FY2013
FY2013 FY2012 % change YoY
Refined Zinc – Skorpion 36 36 2 36 145 145 - Mined metal content-
BMM and Lisheen 65 71 (8) 68 280 299 (6) Total 102 106 (4) 104 426
444 (4)
Financials (In Rs. crore, except as stated)
Revenue1 1,130 1,007 12
1,065 4,331 4,258 2 EBITDA 434 371 17 439 1,603 1,737 (8) PAT 267
174 53 226 894 1,034 (14) CoP – ($/MT) 1,181 1,158 2 1,095 1,113
1,165 (4) Zinc LME Price ($/MT) 2,033 2,025 - 1,947 1,948 2,098 (7)
Lead LME Price ($/MT) 2,301 2,093 10
2,199 2,113 2,269 (7)
1. Includes intercompany sales
to Zinc India of Rs. 153 crore in FY 2012.
Total production of refined zinc and mined zinc-lead
metal-in-concentrate (MIC) was 102,000 tonnes in Q4 which included
65,000 tonnes of Zinc and Lead MIC at Lisheen and BMM and 36,000
tonnes of refined Zinc at Skorpion.
For the full year, total production of Zinc and Lead MIC and
Zinc refined metal was 426,000 tonnes in line with our mine plan,
which comprised 280,000 tonnes of Zinc and Lead MIC at Lisheen and
BMM, and 145,000 tonnes of refined Zinc at Skorpion.
EBITDA for Q4 was up 17% reflecting improved realisations and
translation exchange gain. For FY2013, EBITDA was Rs. 1,603 crore,
lower than the corresponding previous year on account of lower
volume and LME prices, partially offset by lower costs.
In FY2014, production at Zinc–International is expected to be
390,000 - 400,000 tonnes.
Copper – India / Australia
Business
Q4 Q3 Full
Year Production (in’000 tonnes, or as stated)
FY2013 FY2012 % change YoY
FY2013 FY2013 FY2012 % change
YoY Copper - Mined metal content 7 5 28 6 26 23 15 Copper -
Cathodes 86 80 7 92 353 326 8 Tuticorin power sales(million units)
35 - - 7 42 - -
Financials (In Rs. crore, except as stated)
Revenue 5,860
5,097 15 5,164 21,742 20,166 8 EBITDA 375 334 12 234 1,217 1,529
(20) Foreign Exchange gain/(loss) 14 64 (77) (92) (136) (170) 20
Exceptional items (100) (423) - (100) (423) PAT 322
106 203 147 1,040 1,123 (7) Tc/Rc (US¢/lb) 14.8 15.3 (3) 12.4 12.8
14.5 (12) Net CoP – cathode (US¢/lb) 10.7 4.1 - 10.8 8.7 0.0 -
Copper LME Price ($/MT) 7,931 8,310 (5)
7,909 7,853 8,475 (7)
Copper cathode production was 86,000 tonnes in Q4, 7% higher
than the corresponding prior period, and 8% higher at 353,000
tonnes in FY2013. Mined metal production at Australia was 28%
higher at 7,000 tonnes in Q4 and 15% higher at 26,000 tonnes for
the full year.
EBITDA for Q4 was 12% higher at Rs. 375 crore compared with the
corresponding prior quarter on account of higher sales volume and
power sales from 80MW captive power plant which partially offset
higher CoP. Net CoP during Q4 was higher on account of lower
by-product credits partially offset by lower power cost from 80 MW
captive power plants. Sulphuric Acid realisation was 87% lower at
Rs. 287 per tonne impacting CoP by 6.5 c/lb during the quarter and
57% lower at Rs. 1805 per tonne impacting the CoP by 6.0 c/lb
during the year.
EBITDA for the year was 20% lower at Rs. 1,217 crore, on account
of lower TcRcs and higher net CoP. Net CoP was higher primarily on
account of lower by-product credits and higher power and petroleum
costs partially offset by improved margin on account of
depreciation of the Indian Rupee.
The first 80MW unit of the 160MW captive power plant at
Tuticorin has been stabilised during the quarter and is now
operating at capacity, with plant load factor (PLF) of 81% during
the quarter. Surplus power generated by this plant beyond the
captive consumption requirements were sold, and commercial power
sales were 35 million units in Q4 and 42 million units for the full
year. The second 80MW unit is expected to be synchronized in Q1
FY2014.
Australian Copper Mine has added 5.4 million tonnes to their
R&R, prior to depletion of 2.5 million tonnes. With a total
R&R of 8.9 million tonnes of copper ore as on 31 March 2013,
the mine life has been extended to around 4 years.
Tuticorin Copper Smelter Update
Following a few public complaints of emission, Tamil Nadu
Pollution Control Board (TNPCB) ordered closure of the Tuticorin
Copper Smelter on March 29, 2013. The Company's appeal against the
TNPCB order has been admitted by National Green Tribunal (NGT). An
expert committee constituted by NGT has submitted its report and
the matter is now being heard by NGT.
Separately, on 2 April 2013, the Honourable Supreme Court has
upheld our appeal filed in 2010 against the Madras High Court order
for smelter closure and ordered us to deposit Rs. 100 crore with
the District Collector, Tuticorin, which will be used to improve
the environment, including soil and water, in the vicinity of the
plant. Over the two year court process, regulatory bodies had
inspected and confirmed that the plant meets the required
standards. Some recommendations for improvements had been proposed
by them, all of which had been implemented.
Aluminium Business - BALCO
Q4 Q3 Full
Year Production (in’000 tonnes, or as stated)
FY2013 FY2012 % change YoY
FY2013 FY2013 FY2012 % change
YoY Aluminium 62 62 - 62 247 246 1%
Financials (In Rs. crore, except
as stated) Revenue
954 868 10 832 3,426 3,112 10 EBITDA 85 101 (16) 64 301 406 (26)
PAT 20 52 (62) (8) 37 163 (77) CoP ($/MT) 1,930 1,918 1 1,995 1,951
1,997 (2) CoP (Rs./MT) 104,532 96,857 8 108,000 106,236 95,747 11
Aluminum LME Price ($/MT) 2,003 2,177 (8)
1,997 1,974 2,313 (15)
The Korba-II aluminium smelter continues to operate at its rated
capacity. The aluminium production was 62,000 tonnes for the
quarter and 247,000 tonnes for the full year. The plant continues
to convert most of its metal into value added products.
EBITDA for Q4 was 16% lower at Rs. 85 crore due to higher CoP,
partially offset by higher sales realisation due to depreciation of
the Indian Rupee and higher metal premiums.
EBITDA for FY2013 was 26% lower at Rs. 301 crore due to higher
CoP and lower metal prices, partially offset by higher sales
realisation due to depreciation of the Indian Rupee and higher
metal premiums.
Aluminium premiums were higher during the year and the quarter,
reflecting the demand-supply gap of primary metal in the physical
market. Net Sales Realisation over LME was approximately $480 per
tonne during FY2013, $180 per tonne higher compared to FY2012.
PAT in Q4 and FY2013 was lower due to lower EBITDA and other
income.
At the 325ktpa Korba-III aluminium smelter, mechanical and
electrical completion and pre-commissioning of the rectifier,
potline and related utilities for 84 pots out of the total 336 pots
have been completed. Further work is in progress and we plan to tap
first metal in Q2 FY2014. The smelter plans to initially draw power
from the existing 810MW power plants at BALCO. BALCO 1,200MW
captive power plant is awaiting final stage regulatory
approvals.
Having obtained the Stage-II Forest Clearance for the 211mt coal
block at BALCO, the process for diversion of forest land has been
initiated by the State Government, and we are in the process of
signing the mining lease agreement. We expect to commence mining in
end Q2 FY2014.
Aluminium Business – Vedanta Aluminium
Limited (Associate Company)
Q4 Q3 Full
Year Production (in’000 tonnes, or as stated)
FY2013 FY2012 % change YoY
FY2013 FY2013 FY2012 % change
YoY Alumina – Lanjigarh - 240 (100%) 104 527 928 (43%) Aluminum
– Jharsuguda 133 115 16% 135 527 430 23%
Financials (in Rs. crore
except as stated)
Revenue 1,709 1,663 3 1,713 7,037 5,834 21 EBITDA 261 222 18 248
971 563 73 Forex gain/(loss) (205) (80) 157 (295) (311) (624) (50)
PAT (700) (542) (29) (766) (2,237) (2,618) 15 SIIL Share (29.5%)
(206) (160) 29 (226) (660) (772) 15 Aluminium CoP ($/MT) 1,799
1,930 (7) 1,928 1,869 2,188 (15) Aluminium CoP (Rs./MT) 97,496
97,574 - 104,400 101,779 104,892 (3) Aluminium LME Price ($/MT)
2,003 2,177 (8) 1,997 1,974
2,313 (15)
Aluminium production was 16% higher at 133,000 tonnes in Q4, and
23% higher at 527,000 tonnes in full year, as compared with the
corresponding prior periods. The Jharsuguda-I smelter operated
above the rated capacity, with significant improvement in specific
power consumption, throughput and other operational parameters.
EBITDA was 18% higher at Rs. 261 crore for Q4 and 72% higher at
Rs. 971 crore for FY2013 on account of higher volumes, higher metal
premium and better cost performance, partially offset by lower
aluminium LME prices. EBITDA margin also improved due to higher
conversion of primary metal into value added products. During
FY2013, 41% of primary metal was converted to value added products
compared to 38% last year.
Aluminium premiums were higher during the year and the quarter,
reflecting the demand-supply gap of primary metal in the physical
market. Net Sales Realisation over LME was approximately $320 per
tonne during FY2013, $160 per tonne higher compared to FY2012.
Aluminium CoP was lower due to improved operating performance,
decrease in input prices of coal, partially offset by increased
carbon and alumina cost.
Alumina production at Lanjigarh remains temporarily suspended
since 5 December 2012, due to inadequate availability of bauxite.
We remain engaged with the Orissa state authorities for allocation
of bauxite as per our existing MoU with the Orissa state
government. A ministerial level committee is looking into the issue
of bauxite supply and is expected to submit its report shortly.
The Ministry of Environment and Forests (MOEF) had earlier
rejected issuance of final stage forest clearance for Niyamgiri
Mining project of Orissa Mining Corporation (OMC) which is one of
the sources of supply of bauxite to the alumina refinery of VAL.
With respect to the writ petition filed by OMC challenging the
aforesaid action of MOEF, the Hon'ble Supreme Court vide its order
dated April 18, 2013 has directed the State Government of Odisha to
place unresolved issues and claims of the local communities under
the Forest Right Act and rules before the Gram Sabha. The Gram
Sabha would consider these claims and communicate the same to MOEF
through the State Government of Orissa within three months. On
conclusion of the proceedings of the Gram Sabha, the MOEF shall
take a final decision for grant of stage II forest clearance for
the Niyamgiri mining project of OMC within two months.
We continue to evaluate the start-up date of the smelter for
1.25 mtpa Jharsuguda-II Aluminium smelter.
Status of
Investment in Vedanta Aluminium Limited as at 31
March 2013
Investment in VAL (Rs. crore)
Sterlite
Vedanta External Total
Equity 563 1,391 -
1,954 Preference Shares 3,000 - -
3,000 Quasi Equity / Debt 8,573 545 17,765
26,883
Total Funding 12,136 1,936 17,765
31,837 Corporate
Guarantees 6,810 23,243 -
30,053
Power Business
Q4 Q3 Full
Year Particulars (in million units)
FY2013
FY2012 % change YoY FY2013
FY2013 FY2012 % change YoY
Total Power Sales 2,433 2,166 12% 1,915 9,282 7,578 22% SEL
2400 MW Jharsuguda1 2,073 1,674 24% 1,578 7,530 5,638 34% Balco
270MW Power Sales 282 412 (32%) 275 1241 1605 (23%) HZL Wind Power
78 80 (2%) 62 511 336 52%
Financials (in Rs. crore except as stated)
Revenue 2 847 723
17 520 3,114 2,504 24 EBITDA 330 267 24 155 1,115 714 56 PAT 110 54
104 (28) 278 149 87 Average Power CoP (Rs./unit) 1.81 2.16 (16)
2.29 2.06 2.40 (14) Average Power Realization (Rs./unit) 3.16 3.39
(7) 3.35 3.34 3.39 (1) SEL CoP (Rs./unit) 1.76 2.28 (23) 2.22 2.08
2.62 (20) SEL realization (Rs./unit) 3.09 3.43
(10) 3.31 3.33 3.42 (3) 1.
Includes production under trial run of Nil million units in Q4
FY2013 vs. 209 million units in Q4 FY2012 and 456 million units in
Q3 FY2013, and 795 million units in FY2013 vs. 926 million units in
FY2012.
Power sales were 12% higher at 2,433 million units in Q4 and 22%
higher at 9,282 million units for the full year, compared with the
corresponding prior periods. The increase was primarily due to
higher power generation and sales from three units of the
Jharsuguda 2,400MW power plant. The trial runs at fourth unit of
Jharsuguda 2,400MW power plant were completed and subsequently the
plant was capitalised on 31 March 2013.
The plant load factor (PLF) of three operating units in Q4 was
58%, compared to 31% in Q3. The increase in PLF was driven by the
commissioning of the new shared 1,000MW Raipur-Wardha transmission
line in January 2013, and partial easing of the evacuation
restrictions. Overall the station delivered an effective PLF of 44%
considering all four units. We expect 50-60% PLF for all four units
in the near future with further easing of evacuation
restrictions.
Power sales at BALCO 270MW were lower in Q4 and full year due to
evacuation constraints.
Q4 EBITDA was up 24% at Rs. 330 crore and FY2013 EBITDA was up
56% at Rs. 1,115 crore on account of higher sales volume and lower
generation cost, partially offset by lower sales realisation.
During Q4, the cost of generation at SEL was lower at Rs. 1.76
per unit on account of fall in e-auction coal prices and higher
usage of linkage coal.
Work at the Talwandi Sabo power project is progressing well and
the first unit is expected to be synchronized in Q2 FY2014.
Port Projects
In October 2010, we had been awarded a 30-year concession to
upgrade the coal berth at Vishakhapatnam Port to 10.18mtpa (Coal
Berth mechanization project) and operate it. This is being
implemented at a total project cost of $150mn through Vizag General
Cargo Berth Private Limited (VGCB), a 74:26 joint venture between
SIIL and Leighton Welspun Contractors Private Ltd. VGCB has
commenced operations in Q4 FY2013 within the contractual timeline
and budgeted project cost.
Cash, Cash Equivalents and Liquid
Investment
As at 31 March 2013, the company has consolidated cash, cash
equivalents and liquid investments of Rs. 24,847 crore, out of
which Rs. 12,790 crore was invested in debt mutual funds, Rs. 2,151
crore in bonds and Rs. 9,906 crore in bank deposits. 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.
Note: Figures in previous periods have been regrouped or
restated, wherever necessary to make them comparable to current
period.
About Sterlite
Industries
Sterlite Industries (India) Limited is India's largest
diversified metals and mining company. The company produces
aluminium, copper, zinc, lead, silver, and commercial energy.
Sterlite Industries has a portfolio of world class assets in India,
Australia, Namibia, South Africa and Ireland. Sterlite Industries
is listed on the Bombay Stock Exchange and National Stock Exchange
in India and the New York Stock Exchange in the United States. For
more information, please visit www.sterlite-industries.com
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.
Regd. Office: SIPCOT Industrial Complex, Madurai Bypass
Road, TV Puram P.O., Tuticorin-628002, Tamil Nadu
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