Sesa Sterlite Limited: Cairn India Limited - Second Quarter Financial Results for the Period Ended 30 September, 2013

Thu Oct 24, 2013 10:17am EDT

* Reuters is not responsible for the content in this press release.

Sesa Sterlite Limited: Cairn India Limited - Second Quarter Financial Results for the Period Ended 30 September, 2013

Cairn India Limited, a subsidiary of Sesa Sterlite Limited, announced its Second Quarter Financial Results for the period ended 30 September, 2013. The earnings release is available on Cairn India’s website at:

http://www.cairnindia.com/IR/Pages/QuarterResult.aspx?UIDV=90&&Section=2

Below are the key highlights:

Financial:

  • Revenue* at INR 4,650 crore (US$ 749 million), up 14% QoQ and EBITDA at INR 3,619 crore (US$ 583 million), up 19% QoQ, respectively
  • Profit After Tax at INR 3,385 crore (US$ 545 million), up 8% QoQ, Cash EPS at INR 15.9 per share, up 18% QoQ
  • Cash flow from operations at INR 2,856 crore (US$ 460 million), up 17% QoQ
  • Gross contribution of over US$ 1 billion to the national exchequer in the quarter
  • Cairn India Board declared interim cash dividend of INR 6 per equity share of INR 10 face value

Operations:

  • Current group production at 213,299 boepd, up 0.4% QoQ, on track to meet year-end target of over 225,000 boepd from all producing assets
  • Rajasthan block (RJ) completes four years of oil production, crossing the 180 mmboe from Thar’s oil fields
  • Active exploration, appraisal and development drilling programme continues
    • 4 of the 6 wells drilled in 2013 exploration campaign in the Rajasthan block found hydrocarbons with one discovery that has opened up a new play type
    • A Declaration of potential commerciality for the Raageshwari S-1 discovery in RJ has been submitted
    • Witness three fold productivity increase post successful drilling and fraccing of the first appraisal well in the onshore block (KG-ONN-2003/1) in Krishna-Godavari Basin, significantly improving the commerciality of the Nagayalanka discovery
  • Partner approval / alignment in Rajasthan Block
    • Approval secured for implementation of the world’s largest polymer Enhanced Oil Recovery project in Mangala Field
    • Technical alignment in place for the Field Development Plans of Barmer Hill, NI and NE

About Sesa Sterlite Limited

Sesa Sterlite Limited (“Sesa Sterlite”) is one of the world’s largest diversified natural resource companies. Our business primarily involves exploring, extracting and processing minerals and oil & gas. We produce oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and have a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka. Sesa Sterlite has a strong position in emerging markets with over 80% of its revenues from India, China, East Asia, Africa and the Middle East.

Sustainability is at the core of Sesa Sterlite’s strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities.

Sesa Sterlite is a subsidiary of Vedanta Resources Plc, a FTSE 100 company. Sesa Sterlite 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.

Sesa Sterlite Limited
Ashwin Bajaj, +91 22 6646 1531 (Investors)
Senior Vice President – Investor Relations
sesasterlite.ir@vedanta.co.in