SESA GOA LIMITED
NSE Symbol SESAGOA
Unaudited Consolidated Results for the
Third Quarter and Nine Months Ended 31 December 2010
Operational Performance –
− Record iron ore production for any nine month period at 14.84 million tonnes
Financial Performance –
− Revenues up 19% at ` 2,250 crores
− PBDT up 18% at ` 1,346 crores
The results indicate robust health of SESA GOA
Strong balance sheet with cash and cash equivalents of Rs. 8,229 crores
Awards received during the quarter
− Excellent Water Efficient Unit by CII–Godrej Green Business Centre, Hyderabad
− Excellence Award for Afforestation for Sanquelim Group of Mines and Overall Performance Award for Codli Mines by IBM
− Amongst the “Top Ten Leaders” for CDLI (Carbon Disclosure Leadership Index) in the CDP 2010, India 200 Report.
Unaudited Consolidated Financial Summary:
(in ` crore, except as stated) Quarter ended 31 December | Nine months ended 31 December | |||||
2010 | 2009 | Change | 2010 | 2009 | Change | |
Net Sales/Income from operations | 2,250 | 1,889 | 19% | 5,581 | 3,439 | 62% |
Cash Profit (PBDT) | 1,346 | 1,143 | 18% | 3,379 | 1,910 | 77% |
Net Profit (PAT) | 1,068 | 830 | 29% | 2,761 | 1,424 | 94% |
Earnings Per Share (Rs.)* Basic Diluted | 12.41 12.18 | 10.21 9.46 | 22% 29% | 32.07 32.06 | 17.48 16.47 | 83% 95% |
Sales | ||||||
Iron Ore (million tonnes) | 5.381 | 6.792 | (21%) | 12.842 | 13.146 | (2%) |
Pig Iron („000 tonnes) | 63 | 71 | (12%) | 201 | 209 | (4%) |
The improvement in Net profits for the quarter and for the 9 months ended December 2010 are good.
Operating Performance :
Saleable iron ore production during Q3 and the nine month period was 5.29 million tonnes and 14.84 million tonnes, a decrease of 5% and an increase of 9% respectively as compared to the corresponding prior periods.
During Q3 and nine months period, iron ore sales decreased by 21% and 2% at 5.38 million tonnes and 12.84 million tonnes respectively as compared to the corresponding prior periods.
The decline in production and sales volume was primarily due to extended monsoons and restricted road transport timings in Goa, temporary state-wide export ban imposed by the Karnataka State Government in July 2010 and continued logistics constraints in Orissa.
During Q3, Pig iron production declined by 5% at 68,403 tonnes and sales volumes decreased by 12% at 63,146 tonnes compared with the corresponding prior periods, primarily due to lower demand from foundry and construction industries.
Sales and production volumes of Pig Iron in the nine month period was at 201,429 tonnes and 208,828 tonnes a decrease of 4% and 1% respectively over the corresponding period of the previous year.
Financial Performance
Cash Profit (PBDT) for Q3 and nine months period were Rs. 1,346 crores and Rs. 3,379 crores, an increase of 18% and 77% respectively compared with the corresponding prior period. The positive impact of increased iron ore prices was partly offset by lower sales volumes, higher logistics costs and higher export duty.
Liquidity and Investment
As at 31st December 2010, the Company had cash and cash equivalents of Rs. 8,229 crores (excluding inter corporate deposit of Rs.1,000 crores), consisting Rs. 7,250 crores in debt mutual funds and Rs. 979 crores in fixed deposits and cash with banks. The Company follows a conservative investment policy and invests in high quality debt instruments.
Closure of Third Party Mining Operation in Orissa
Third party mining contract for Thakurani Mine in Barbil, Orissa expired on 30 November 2010. The Company started operating the Thakurani mine in 1999 under a 10 year contract, which expired in June 2009. Since then, the company has been operating the mine on short term renewals. The Company did not renew the mining contract in Orissa because of unviable commercial terms on a long-term basis and consequently, the Company has ceased its mining operations at the Thakurani mine with effect from 1 December 2010.
Update on Temporary Export Ban by Karnataka State Government:
On 20 January 2011, the Hon‟ble Supreme Court has observed that the ban was a temporary measure for a period of six months which will expire by end of this month and has also asked the Karnataka State Government to either notify new rules, 2010 (prevention of illegal mining, transportation and storage of minerals) since the ban cannot be for indefinite period. The court has also observed that in case there is going to be further delay, the State Government may have to make some alternate arrangements for regulating, supervising and monitoring the export in a manner which will serve the interest of the State.
ANNOUNCEMENTS
TO THE NSE
15-02-2011 Sesa Goa Limited has informed the Exchange that Hon'ble Supreme Court of India has, vide Order dated February 07, 2011, upheld the Order of Single Judge of High Court of Bombay at Goa dated December 18, 2008 approving the Scheme of Amalgamation of Sesa Industries Limited with Sesa Goa Limited with appointed date of April 01, 2005. The Company have received certified copy of the Order of Supreme Court of India and necessary formalities giving effect to merger are being complied with.
24-01-2011 Sesa Goa Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 248599 lacs for quarter ending on 31-DEC-2010 against Rs. 204378 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 106529 lacs for the quarter ending on 31-DEC-2010 against Rs. 82751 lacs for the quarter ending on 31-DEC-2009.
24-01-2011 Sesa Goa Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 184853 lacs for quarter ending on 31-DEC-2010 against Rs. 153007 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 84392 lacs for the quarter ending on 31-DEC-2010 against Rs. 60771 lacs for the quarter ending on 31-DEC-2009.
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