of production of processed raw sugar would be Rs 22.50 per kg. With this processed sugar, total sugar production will be about 6.3 lakh tonnes in SS 2009-10 - more than 40% over the year.
Current sugar realisation is in the range Rs 25 per kg and prices are likely to remain firm in the coming quarters with an upward bias owing to deficit in India. Due to huge import demand from India and lower sugar production in all major sugar producing countries, except Brazil, where production would be marginally higher, international prices are also expected to remain firm.
Balrampur Chini Mills sold 2.03 lakh tonnes of sugar in Q3 ofFY 2009 (1.411akh tonnes in Q3 of FY 2008) and had sugar inventory of2.28lakh tonnes valued at Rs 19.26 per kg end June 2009. It plans to sell about 1.5 lakh tonnes of sugar in Q4 September 2009 of FY 2009 and expects to have 0.781akh tonnes of sugar end September 2009. The company had molasses inventory of 4.6 lakh quintals and alcohol inventory of 1.35 crore liters valued at Rs 15.5 per liter end June 2009. Power production is expected to be about 50 crore units (49.49 crore units in SS 2008-09) and realisation is likely to increase to at least Rs 4 per unit in SS 2009-10. The company has bid for ethanol supply contracts and expects the contract price to be Rs 26-Rs 27 per liter.
Sterlite Industries
Expansion mode
Expects to complete the Asarco acquisition by August 2009
Sterlite /ndustries held a cor!frrence calion 29 July 2009 post announcing its results .fOr the quarter ended June 2009. Executive f/ice Chairman Navin Agrawal with other senior management members addressed the call and discussed the business developments and fUture plans if the company. Highlights ifthe concall:
Consolidated revenue of Sterlite Industries dipped 21 % to Rs 4579 crore in the June 2009 quarter (Q I ) of fiscal ended March 20 I 0 (FY 20 I 0) over the June 2008 quarter. The operating profit margin declined 22.3% from 32.1% in QI ofFY 2009. The net attributable consolidated group profit was 42% lower at Rs 672.66 crore. Gross consolidated debt was Rs 8200 crore and consolidated cash and equivalent Rs 18536 crore.
Sterlite Industries sold surplus power in the commercial power market following the closure of its aluminium smelter at its BharatAluminum Company's (Balco) plant
I in Korba, Chhattisgarh. It has no plans for restarting the Balco plant I in near future and will continue to sell surplus power. The company is considering to revive its 1,980MW captive power plant in Punjab. However, it will take at least 30-334 months to start the first unit.
For Asarco, a copper mining, smelting and refining company in the United States, Sterlite Industries has revised the bid to US$ 1.87 billion from US$ 1.7 billion earlier. It expects the takeover to be completed by late August 2009 as the company has support from creditors, management and unions. After the Asarco acquisition, the group (Vedanta) will have 1.05million-tonne copper smelting capacity amounting to 7%-8% of the world's total refmed copper production, making it the third largest player global. Sterlite Industries is persuading the Indian government to sell its stake in Balco and Hindustan Zinc to the company. It is optimistic about this considering the divestment plans of the government.
The unit cost of production of aluminium at Balco increased to US$ 1290 per tonne in Q I ofFY 20 10 as against US$ 1177 per tonne in the March 2009 quarter. This is, however, lower than the average cost ofUS$ 1385 per tonne in Q4 March 2009 of FY 2009. The cost increased due to the appreciation in the rupee against the dollar and shutdown of Balco's plant I. However, it expects that once the bauxite supply from the Niyamgiri mine in Orissa starts, which is expected by December 2009, the cost of providing aluminium will reduce to sub-US$ 900 per tonne, with less than US$ 600-650-per-tonne smelting cost and US$ 250-per-tonne alumina cost. Then the company will be among the lowest
cost producers in the world.
Construction of the new 3,25,000-tonne aluminium smelter and the 1,200-MW captive power plant at Balco are progressing well and are on schedule for the first metal tapping from October 20 I O. The second phase comprising 2,50,000 tonnes of Vedanta Aluminium's 5,00,000-tonne aluminium smelter in Orissa is in the process of commissioning. It will be completed by end FY 2010. The construction of the new 1,25,000-tonne Jharsuguda II aluminium smelter project in Orissa is progressing well, with more than 50% of civil works completed. Overall, the project is on schedule for phased commissioning from March 20 I O.
Construction on the new three milliontonne Lanjigarh alumina refinery expansion project in Orissa is in full swing. It is on schedule for completion by mid 2011. Work on the 6,00,000-tonne de-bottlenecking project at the Lanjigarh alumina refinery is also progressing on schedule for completion by March 20 I O. Construction at the 2, I O,OOO-tonne zinc smelter and the I,OO,OOO-tonne lead smelter at Rajpura Dariba in Rajasthan is progressing. They are on schedule for completion by mid 20 I O.
Sterlite Energy achieved financial closure of its 2,400-MW power generation project at Jharsuguda in Orissa. The project is on schedule for commissioning its first unit in Q3 December 2009 of FY 20 I O. The other three units will be commissioned after a quarter. The company has part fuel linkage for the first unit and expects to get fuel linkage by then for the other as well.
Current sugar realisation is in the range Rs 25 per kg and prices are likely to remain firm in the coming quarters with an upward bias owing to deficit in India. Due to huge import demand from India and lower sugar production in all major sugar producing countries, except Brazil, where production would be marginally higher, international prices are also expected to remain firm.
Balrampur Chini Mills sold 2.03 lakh tonnes of sugar in Q3 ofFY 2009 (1.411akh tonnes in Q3 of FY 2008) and had sugar inventory of2.28lakh tonnes valued at Rs 19.26 per kg end June 2009. It plans to sell about 1.5 lakh tonnes of sugar in Q4 September 2009 of FY 2009 and expects to have 0.781akh tonnes of sugar end September 2009. The company had molasses inventory of 4.6 lakh quintals and alcohol inventory of 1.35 crore liters valued at Rs 15.5 per liter end June 2009. Power production is expected to be about 50 crore units (49.49 crore units in SS 2008-09) and realisation is likely to increase to at least Rs 4 per unit in SS 2009-10. The company has bid for ethanol supply contracts and expects the contract price to be Rs 26-Rs 27 per liter.
Sterlite Industries
Expansion mode
Expects to complete the Asarco acquisition by August 2009
Sterlite /ndustries held a cor!frrence calion 29 July 2009 post announcing its results .fOr the quarter ended June 2009. Executive f/ice Chairman Navin Agrawal with other senior management members addressed the call and discussed the business developments and fUture plans if the company. Highlights ifthe concall:
Consolidated revenue of Sterlite Industries dipped 21 % to Rs 4579 crore in the June 2009 quarter (Q I ) of fiscal ended March 20 I 0 (FY 20 I 0) over the June 2008 quarter. The operating profit margin declined 22.3% from 32.1% in QI ofFY 2009. The net attributable consolidated group profit was 42% lower at Rs 672.66 crore. Gross consolidated debt was Rs 8200 crore and consolidated cash and equivalent Rs 18536 crore.
Sterlite Industries sold surplus power in the commercial power market following the closure of its aluminium smelter at its BharatAluminum Company's (Balco) plant
I in Korba, Chhattisgarh. It has no plans for restarting the Balco plant I in near future and will continue to sell surplus power. The company is considering to revive its 1,980MW captive power plant in Punjab. However, it will take at least 30-334 months to start the first unit.
For Asarco, a copper mining, smelting and refining company in the United States, Sterlite Industries has revised the bid to US$ 1.87 billion from US$ 1.7 billion earlier. It expects the takeover to be completed by late August 2009 as the company has support from creditors, management and unions. After the Asarco acquisition, the group (Vedanta) will have 1.05million-tonne copper smelting capacity amounting to 7%-8% of the world's total refmed copper production, making it the third largest player global. Sterlite Industries is persuading the Indian government to sell its stake in Balco and Hindustan Zinc to the company. It is optimistic about this considering the divestment plans of the government.
The unit cost of production of aluminium at Balco increased to US$ 1290 per tonne in Q I ofFY 20 10 as against US$ 1177 per tonne in the March 2009 quarter. This is, however, lower than the average cost ofUS$ 1385 per tonne in Q4 March 2009 of FY 2009. The cost increased due to the appreciation in the rupee against the dollar and shutdown of Balco's plant I. However, it expects that once the bauxite supply from the Niyamgiri mine in Orissa starts, which is expected by December 2009, the cost of providing aluminium will reduce to sub-US$ 900 per tonne, with less than US$ 600-650-per-tonne smelting cost and US$ 250-per-tonne alumina cost. Then the company will be among the lowest
cost producers in the world.
Construction of the new 3,25,000-tonne aluminium smelter and the 1,200-MW captive power plant at Balco are progressing well and are on schedule for the first metal tapping from October 20 I O. The second phase comprising 2,50,000 tonnes of Vedanta Aluminium's 5,00,000-tonne aluminium smelter in Orissa is in the process of commissioning. It will be completed by end FY 2010. The construction of the new 1,25,000-tonne Jharsuguda II aluminium smelter project in Orissa is progressing well, with more than 50% of civil works completed. Overall, the project is on schedule for phased commissioning from March 20 I O.
Construction on the new three milliontonne Lanjigarh alumina refinery expansion project in Orissa is in full swing. It is on schedule for completion by mid 2011. Work on the 6,00,000-tonne de-bottlenecking project at the Lanjigarh alumina refinery is also progressing on schedule for completion by March 20 I O. Construction at the 2, I O,OOO-tonne zinc smelter and the I,OO,OOO-tonne lead smelter at Rajpura Dariba in Rajasthan is progressing. They are on schedule for completion by mid 20 I O.
Sterlite Energy achieved financial closure of its 2,400-MW power generation project at Jharsuguda in Orissa. The project is on schedule for commissioning its first unit in Q3 December 2009 of FY 20 I O. The other three units will be commissioned after a quarter. The company has part fuel linkage for the first unit and expects to get fuel linkage by then for the other as well.
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