sterlite, 1q fy 2014
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7/27/2019 Sterlite, 1Q FY 2014
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Please refer to important disclosures at the end of this report 1
Quarterly highlights (Consolidated)Particulars (` cr) 1QFY14 1QFY13 % chg (yoy) 4QFY13 % chg (qoq)Net sales 8,190 10,591 (22.7) 12,609 (35.0)EBITDA 2,173 2,308 (5.9) 3,307 (34.3)
% margin 26.5 21.8 473bp 26.2 30bp
Adjusted PAT 1,164 1,419 (18.0) 1,964 (40.8)Source: Company, Angel Research
Sterlite Industries (Sterlite) reported lower-than-expected 1QFY2014 results. Both,
the top-line as well as net profit were lower than our expectations, mainly due to
lower-than-expected performance from the Copper segment.We recommend Buy
rating on the stock.Top-line declines due to Copper segment: The companys net sales declined22.7% yoy to `8,190cr (below our estimate of `8,372cr). The decline in net sales
was mainly in the Copper segment due to temporary shutdown of the Tuticorin
copper smelter in this quarter. However, the same was partially offset by higher
revenues from the Power segment due to higher power sales from the Jharsuguda
power plant. Copper segment revenues declined 52.3% yoy to `2,446cr
Copper and Aluminium segments reported EBIT loss: On the operating front,Sterlites EBITDA declined 5.9% yoy to `2,173cr and the EBITDA margin stood at
26.5% (below our estimate of 28.6%) mainly due to a loss of `51cr and `26cr in
the Copper and Aluminium segment respectively.
Higher interest costs and taxes dent PAT: The companys interest costs increasedby 49.6% yoy to `362cr due to non-capitalization of interest on the Jharsuguda
plant and the tax rate was also higher at 16.8% compared to 14.7% in
1QFY2013; hence the adjusted net profit decreased by 18.0% yoy to `1,164cr,
which was below our estimate of `1,198cr.
Outlook and valuation: We expect Sterlite to benefit from the expansion ofZinc-Lead smelting capacity during FY2014-15 although its Aluminium segments
profitability is expected to remain under pressure. Considering the ongoing process
of group restructuring by the promoter, Vedanta Resources, the valuation of Sterlite
will mirror the valuation of the consolidated company - Sesa Sterlite.We recommend
a Buy rating on the stock.Key financials (Consolidated)Y/E March ( ` cr) FY2012 FY2013 FY2014E FY2015ENet sales 41,179 45,162 44,493 45,599% chg 35.3 9.7 (1.5) 2.5
Net profit 4,828 6,060 5,661 6,463% chg (4.3) 25.5 (6.6) 14.2
FDEPS (`) 15.5 18.3 16.8 19.2OPM (%) 24.0 23.2 22.4 23.9
P/E(x) 5.0 4.2 4.6 4.0
P/BV(x) 0.6 0.5 0.5 0.4
RoE(%) 11.0 12.5 10.5 10.9RoCE(%) 11.3 10.2 8.1 8.2
EV/Sales (x) 0.5 0.5 0.4 0.4
EV/EBITDA (x) 2.2 2.0 1.9 1.5
Source: Company, Angel Research: Note: CMP as of July 26, 2013
BUYCMP `77
Target Price `97
Investment Period 12 months
Stock Info
Sector
Net Debt (`cr) 1,410
Bloomberg Code
Shareholding Pattern (%)
Promoters 53.3
MF / Banks / Indian Fls 9.1
FII / NRIs / OCBs 27.9
Indian Public / Others 9.7
Abs. (%) 3m 1yr 3yr
Sensex 1.8 17.2 9.6
STLT (15.2) (23.7) (56.0)
52 Week High / Low 123/74
Base Metals
Market Cap (` cr) 25,743
Beta 1.5
Avg. Daily Volume 506,027
Face Value (`) 1
BSE Sensex 19,748
Nifty 5,886
Reuters Code STRL.BO
STLT@IN
Bhavesh ChauhanTel: 022- 39357600 Ext: 6821
bhaveshu.chauhan@angelbroking.com
Vinay RachhTel: 022- 39357600 Ext: 6841
Vinay.rachh@angelbroking.com
Sterlite IndustriesPerformance Highlights
1QFY2014 Result Update | Base Metals
July 27, 2013
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Exhibit 1:1QFY2014 Performance (Consolidated)
Y/E March (` cr) 1QFY14 1QFY13 % chg yoy 4QFY13 % chg qoq FY2013 FY2012 % chg yoyNet Sales 8,190 10,591 (22.7) 12,609 (35.0) 44,922 40,967 9.7- Consumption of Raw Material 2,369 5,040 (53.0) 5,772 (59.0) 20,883 18,832 10.9
(% of Net Sales) 28.9 47.6 45.8 46.5 46.0
- Power& Fuel 1,221 1,115 9.5 1,081 13.0 4,420 4,040 9.4
(% of Net Sales) 14.9 10.5 8.6 9.8 9.9
- Staff Costs 482 450 7.0 503 (4.3) 1,880 1,612 16.6
(% of Net Sales) 5.9 4.3 4.0 4.2 3.9
- Other expenses 2,004 1,735 15.5 2,010 (0.3) 7,454 6,819 9.3
(% of Net Sales) 24.5 16.4 15.9 16.6 16.6
Total Expenditure 6,077 8,340 (27.1) 9,367 (35.1) 34,637 31,304 10.6(% of Net Sales) 74.2 78.7 74.3 77.1 76.4
Other operating Income 59 57 3.6 65 (8.4) 240 212 13.4
EBITDA 2,173 2,308 (5.9) 3,307 (34.3) 10,469 9,863 6.1EBITDA margin (%) 26.5 21.8 26.2 23.3 24.1
Interest 362 242 49.6 276 31.2 922 852 8.2
Depreciation 526 518 1.4 453 15.9 2,032 1,830 11.0
Other Income 1,066 948 12.4 798 33.6 3,453 3,163 9.2
Exceptional Items (230) (217) (40) (101) (473) (78.7)
Profit before Tax 2,122 2,279 (6.9) 3,454 (38.6) 10,867 9,872 10.1(% of Net Sales) 25.9 21.5 27.4 24.2 24.1
Tax 357 334 6.8 418 (14.7) 1,618 2,111 (23.3)
(% of PBT) 16.8 14.7 12.1 14.9 21.4
Minority Interest 571 577 (1.0) 787.2 2,529 2,161 17.0
Share of profit/(loss) in associate (260) (167) (206.4) (660) (772) (14.6)
Reported PAT 934 1,202 (22.3) 1,925 (51.5) 6,060 4,828 25.5Net income margin (%) 11.4 11.3 15.3 13.5 11.8
FDEPS 0.0 3.6 (100.0) 5.7 (100.0) 18.3 15.5 18.2Adj. net profit 1,164 1,419 (18.0) 1,964 (40.8) 6,146 5,200 18.2
Source: Company, Angel Research
Exhibit 2:1QFY2014 Actual vs Angel estimates
(` cr) Actual Estimates Variation (%)Net sales 8,190 8,372 (2.2)
EBITDA 2,173 2,394 (9.3)
EBITDA margin (%) 26.5 28.6 (207)bp
Adj. net profit 1,164 1,198 (2.9)
Source: Company, Angel Research
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1QFY2014 result highlightsSterlite reported lower-than-expected 1QFY2014 results. Both, the top-line as well
as net profit were lower than our expectations mainly due to a lower-than-expected
performance from the Copper segment. The companys net sales declined 22.7%
yoy to `8,190cr (below our estimate of `8,372cr). The decline in net sales was
mainly in the Copper segment due to temporary shutdown of the Tuticorin
copper smelter in this quarter. However, the same was partially offset by
higher revenues from the Power segment due to higher power sales from the
Jharsuguda power plant. Copper segment revenues declined 52.3% yoy to
`2,446cr. On the operating front, Sterlites EBITDA declined 5.9% yoy to
`2,173cr while the EBITDA margin stood at 26.5% (below our estimate of
28.6%) mainly due to EBIT loss of `51cr and `26cr in the Copper and
Aluminium segments respectively. Hence, the adjusted net profit decreased by
18.0% yoy to`
1,164cr, which was below our estimate of`
1,198cr.Segmental performanceCopper segment reports loss due to plant shutdownDuring 1QFY2014, copper cathode production at the Tuticorin smelter declined by
82.0% yoy to 16k tonne due to temporary closure of the smelter following an order
of TNPCB over the alleged gas leaks. Metal mined from the Australian mines also
decreased by 13.0% yoy to 6k tonne. Copper segment revenues declined by
52.3% yoy to `2,446cr during the quarter.
Copper Tc/Rcs increased by 12.0% yoy to USc13.9/lb. The Copper segmentreported a PAT loss of `190cr in 1QFY2014, mainly due to higher fixed expenses
at the Tuticorin plant and lower production.
Exhibit 3:Copper segment reports an EBIT loss of`51cr
Source: Company, Angel Research
Aluminium segment reports an EBIT loss of`26cr
During the quarter, Balcos Aluminium production was flat at 61kt and its revenue
decreased by 5.0% yoy to `745cr mainly on account of lower sales volume and fall
in metal prices. However this impact was partially offset by the depreciation of the
Indian Rupee. The cost of production of Aluminium at Balco increased by 5.0% yoy
158
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298291
309326
273
201
277
160
334
(51)
(3.0)
(2.0)
(1.0)
0.0
1.02.0
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(100)
(50)
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2QFY11
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to `1,08,233/tonne on account of further tapering off of coal linkage as per the
Coal Block policy and higher operating cost of captive power plant due to
maintenance shutdown of one of the units of 540MW. As a result, the Aluminium
segment reported an EBIT loss of`
26cr in 1QFY2014 compared to a positive EBITof `4cr in 1QFY2013.
Sterlites associate, Vedanta Aluminium reported a loss of `881cr in 1QFY2014
(Sterlites share of loss `260cr) compared to a loss of `565cr in 1QFY2013. The
higher loss in 1QFY2014 was primarily on account of higher interest cost. Interest
cost was higher due to cessation of interest capitalization pertaining to the
Jharsuguda-II smelter on account of delay in its commissioning.
Exhibit 4:Aluminium segments reported EBIT loss of`26cr
Source: Company, Angel Research
Zinc-Lead segments EBIT improves by 5.7% yoy
The Zinc-Lead segments sales increased by 4.4% yoy to `3,812cr, mainly due to
increased sales volumes of zinc and silver. Refined zinc production volumes grew
by 10.0% yoy to 173kt while refined silver production volumes grew 31.0% yoy to
96kt.
The cost of production for Zinc (excluding royalty) stood at US$836/tonne in
1QFY2014 compared to US$844/tonne in 1QFY2013. Overall, the EBIT of the
Zinc-Lead segment (including international Zinc business) increased by 5.7% yoy to
`1,481cr.
126119
195
159
21
(23)23
4
43
929
(26)
(5.0)
0.0
5.0
10.0
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25.0
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(50)
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2QFY11
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EBIT (LHS) EBIT margins (RHS)
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Exhibit 5:Zinc segments EBIT stood at `1,481cr
Source: Company, Angel Research
2,185
1,813
1,650 1,4861,705
1,402 1,512 1,634
2,306
1,481
0.0
10.0
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30.0
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500
1,000
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(`cr)
EBIT (LHS) EBIT margins (RHS)
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Investment rationale
Zinc-Lead expansion to aid growth: Sterlites subsidiary, Hindustan Zinc (HZL) hascommenced work at its underground Kayar mine, which has 11mn tonne of high-
grade reserves (10-12% zinc content). The company expects to increase its capacity
from 1.0mn tonne to 1.2mn tonne. Moreover, given the cash-rich balance sheet,
HZL is actively exploring greenfield projects through prospecting licenses and
mining lease projects across different states.
Ban on Sesa Goas mines in Goa remains a concern: During 2QFY2013, the Goagovernment had imposed a ban on iron ore mining in Goa until further review.
Later, the Ministry of Environment and Forest Clearances (MOEF) also suspended
environment clearances to all functional mining leases in Goa. Sesa Goa operated
several mines in the region with an annual production of 12mn tonne. While we
believe the ban could be temporary, there are chances of iron ore production cap
by the government/MOEF which could affect Sesas production going forward. This
is likely to be a key overhang on the stock in our view.
Outlook and Valuation
We expect Sterlite to benefit from the expansion of Zinc-Lead smelting capacity
during FY2014-15. While we expect the Aluminium segments profitability to
remain under pressure, the current stock price factors these concerns.
Considering the ongoing process of group restructuring by the promoter, Vedanta
Resources, the valuation of Sterlite will mirror the valuation of the consolidated
company - Sesa Sterlite. We value Sterlite at `97, based on the SOTP methodologyand recommend Accumulate rating on the stock.
Exhibit 6:SOTP valuation of Sterlite (` cr)
Subsidiary Valuation technique Target multiple (x) Equity value % Stake ValueSterlite Industries EV/EBIDTA 6.0 9,691 100% 9,691
Balco EV/EBIDTA 6.0 2,708 51% 1,381
Vedanta Aluminium EV/EBIDTA 6.0 (4,794) 100% (4,794)
Hindustan Zinc (20% holding company discount) EV/EBIDTA 4.0 58,968 65% 30,616
Sterlite Energy FCFE 1.0 472 100% 472
Tasmania Copper mines P/BV 2.0 2,018 100% 2,018International Zinc EV/EBIDTA 5.0 7,333 100% 7,333
MALCO BV 100% 1,712
Sesa Goa EV/EBIDTA 4.0 595 100% 595
Cairn India (20% holding company discount) DCF 72,847 59% 34,267
Less: Cairn debt (28,797)
Net equity value 54,495Fair value for Sesa Sterlite (`) 162Fair value for Sterlite (`) 97
Source: Angel Research
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Exhibit 7:EPS Angel forecast vs consensus
Year (%) Angel forecast Bloomberg consensus Variation (%)FY2014E 16.8 18.1 (7.0)
FY2015E 19.2 20.1 (4.4)Source: Angel Research
Exhibit 8:EV/EBITDA band
Source: Bloomberg, Angel Research
Exhibit 9:P/E band
Source: Bloomberg, Angel Research
0
20,000
40,000
60,000
80,000
100,000
120,000
Jun-09 Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12 Jul-13
(`cr)
2.0x 4.0x 6.0x 8.0x 10.0x
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Exhibit 10:P/BV band
Source: Bloomberg, Angel Research
Exhibit 11:Recommendation summary
Company CMP TP Reco. Mcap Upside P/E (x) P/BV (x) EV/EBITDA (x) RoE (%) RoCE (%)(`) (`) (` cr) (%) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
Hindalco 94 - Neutral 18,112 - 7.2 6.4 0.5 0.5 6.3 5.6 7.2 7.5 5.4 5.5
Nalco 29 32 Neutral 7,525 - 11.4 11.1 0.6 0.6 3.2 3.2 5.4 5.5 3.4 3.5
Sterlite 77 97 Buy 25,743 26 4.6 4.0 0.5 0.4 1.9 1.5 10.5 10.9 8.1 8.2HZL 103 140 Buy 43,563 35 6.8 6.1 1.2 1.0 2.7 1.7 18.5 17.9 15.2 15.0
Source: Angel Research
Company background
Sterlite is India's largest non-ferrous metals and mining company. The company
produces Zinc, Lead and Silver through its 65%-owned subsidiary, Hindustan Zinc
(HZL) which has a Zinc production capacity of 1.1mn tonne. HZL contributes
~80% to Sterlites consolidated EBITDA. Sterlite also produces Aluminium (capacity
- 0.7mn tonne). It also has world-class Copper smelting and refining operations
(capacity - 0.4mn tonne). In February 2011, Sterlite, through its wholly owned
subsidiary, Sterlite Infra, acquired 100% stake in Namibian Skorpian Mines
(Skorpian) for a cash consideration of US$707mn. Skorpion Mines has reservesand resources of 8.7mn tonne of Zinc and Lead. During January 2012, Vedanta
Resources (Sesa Goas and Sterlites promoters) announced a plan to merge Sesa
Goa with Sterlite. The merger has been approved by the shareholders of both the
companies and is currently awaiting various court approvals.
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Profit & Loss Statement (Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015ETotal operating income 24,682 30,429 41,179 45,162 44,493 45,599% chg 16.7 23.3 35.3 9.7 (1.5) 2.5Total Expenditure 18,207 22,379 31,316 34,693 34,539 34,688
Net Raw Materials 12,139 14,370 18,844 20,940 21,446 21,979
Other Mfg costs 5,214 6,877 10,859 11,873 11,225 10,794
Personnel 854 1,132 1,612 1,880 1,869 1,915
EBITDA 6,475 8,050 9,863 10,469 9,954 10,911% chg 37.6 24.3 22.5 6.1 (4.9) 9.6
(% of Net Sales) 26.4 26.5 24.0 23.2 22.4 23.9
Depreciation & Amortization 750 1,030 1,830 2,032 2,431 2,568
EBIT 5,725 7,020 8,034 8,437 7,523 8,343% chg 43.0 22.6 14.4 5.0 (10.8) 10.9
(% of Net Sales) 23.2 23.1 19.5 18.7 16.9 18.3
Interest & other Charges 292 351 852 922 1,298 1,331
Other Income 1,506 2,522 3,163 3,453 3,826 3,876
(% of PBT) 21.7 27.4 30.6 31.5 38.1 35.6
Recurring PBT 6,939 9,191 10,344 10,968 10,051 10,888% chg 20.5 32.4 12.6 6.0 (8.4) 8.3
Extraordinary Inc/(Expense) (297) (57) (473) (101) - -
PBT (reported) 6,642 9,134 9,872 10,867 10,051 10,888Tax 1,233 1,812 2,111 1,618 1,508 1,633
(% of PBT) 18.6 19.8 21.4 14.9 15.0 15.0
PAT (reported) 5,409 7,322 7,761 9,249 8,543 9,255Add: Share of earnings of asso. 59 (285) (772) (660) (490) (386)
Less: Minority interest (MI) 1,724 1,995 2,161 2,529 2,392 2,406
Extraordinary Expense/(Inc.) - - - - - -
PAT after MI (reported) 3,744 5,043 4,828 6,060 5,661 6,463ADJ. PAT 3,986 5,088 5,200 6,146 5,661 6,463% chg 14.1 27.7 2.2 18.2 (7.9) 14.2
(% of Net Sales) 16.1 16.7 12.6 13.6 12.7 14.2
Basic EPS (`) 11.9 15.0 14.4 18.3 16.8 19.2Fully Diluted EPS ( ) 11.9 14.3 15.5 18.3 16.8 19.2% chg (3.8) 20.8 8.0 18.2 (7.9) 14.2
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with
previous year numbers
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Balance Sheet (Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015ESOURCES OF FUNDSEquity Share Capital 168 336 336 336 336 336Reserves& Surplus 36,844 41,099 45,720 50,961 55,960 61,666
Shareholders Funds 37,012 41,435 46,056 51,297 56,296 62,002Share Warrants - - - - - -
Minority Interest 8,410 10,291 12,199 14,728 17,120 19,526
Total Loans 9,260 10,948 14,473 19,473 19,973 20,473
Deferred Tax Liability 1,552 2,179 2,208 2,208 2,208 2,208
Other Long term liabilities - 3,530 5,728 5,728 5,728 5,728
Long term Provisions - 8,299 8,930 8,930 8,930 8,930
Total Liabilities 56,234 66,036 76,401 89,172 97,062 105,675APPLICATION OF FUNDSGross Block 18,179 31,125 37,226 43,726 51,726 59,726
Less: Acc. Depreciation 5,913 9,727 11,755 13,787 16,218 18,786
Net Block 12,266 21,397 25,471 29,939 35,508 40,940Capital Work-in-Progress 11,084 9,919 12,092 10,092 8,092 6,092
Goodwill - - - - - -
Investments 20,304 12,904 17,623 17,623 17,623 17,623
Long term loans and adv. - 33,918 43,442 43,442 43,442 43,442
Other Non Current Assets - 6,051 6,806 7,663 7,663 7,663
Deferred tax assets - 52 - - - -
Current Assets 17,511 26,224 25,272 35,291 39,596 44,794Cash 3,338 9,502 8,539 17,697 22,109 27,130
Loans & Advances 10,499 9,575 9,964 9,964 9,964 9,964
Other 3,674 7,147 6,316 7,178 7,071 7,247
Current liabilities 4,932 8,410 9,082 8,884 8,868 8,884Net Current Assets 12,580 17,814 16,190 26,407 30,729 35,910Mis. Exp. not written off 0.0 0.0 0.0 0.0 0.0 0.0
Total Assets 56,234 66,036 76,401 89,172 97,062 105,675
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable withprevious year numbers
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Cash Flow Statement (Consolidated)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EProfit before tax 6,460 9,133 9,872 10,867 10,051 10,888
Depreciation 750 1,030 1,830 2,032 2,431 2,568Change in Working Capital (7,316) (319) 552 (1,059) 90 (160)
Others (1,483) (3,708) (5,464) - - -
Direct taxes paid 1,233 1,735 2,383 1,618 1,508 1,633
Share of loss from Asso. (285) (772) (660) (490) (386)
Cash Flow from Operations (2,822) 7,585 8,400 9,562 10,574 11,278(Inc.)/ Dec. in Fixed Assets (6,898) 5,349 7,396 (4,500) (6,000) (6,000)
(Inc.)/ Dec. in Investments (4,098.3) 7,553 805 - - -
(Inc.)/ Dec. in loans and adv. - - - - - -
Others - (9,696) (1,320) - - -
Cash Flow from Investing (10,996) (7,492) (9,522) (4,500) (6,000) (6,000)Issue of Equity 7,653 - - - - -
Inc./(Dec.) in loans 2,246 2,563 3,046 5,000 500 500
Dividend Paid (Incl. Tax) 449 (502) (1,311) (904) (662) (756)
Others (2,201) (457) (1,073) - - -
Cash Flow from Financing 11,651 1,604 662 4,096 (162) (256)Inc./(Dec.) in Cash (2,167) 1,698 (460) 9,158 4,411 5,022
Opening Cash balances 5,505 214 2,124 8,539 17,697 22,109Closing Cash balances 3,338 9,502 8,539 17,697 22,109 27,130
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with
previous year numbers
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Key Ratios
Y/E March FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EValuation Ratio (x)P/E (on FDEPS) 6.5 5.4 5.0 4.2 4.6 4.0P/CEPS 5.5 4.2 3.7 3.2 3.2 2.9
P/BV 0.7 0.6 0.6 0.5 0.5 0.4
Dividend yield (%) 1.7 2.3 3.1 3.5 2.6 2.9
EV/Sales 0.8 0.7 0.5 0.5 0.4 0.4
EV/EBITDA 3.2 2.6 2.2 2.0 1.9 1.5
EV / Total Assets 0.4 0.3 0.3 0.2 0.2 0.2
Per Share Data (`)EPS (Basic) 11.9 15.0 14.4 18.3 16.8 19.2
EPS (fully diluted) 11.9 14.3 15.5 18.3 16.8 19.2
Cash EPS 14.1 18.2 20.9 24.3 24.1 26.9
DPS 1.3 1.8 2.4 2.7 2.0 2.2
Book Value 110.1 123.3 137.0 152.6 167.5 184.4
Dupont AnalysisEBIT margin 23.2 23.1 19.5 18.7 16.9 18.3
Tax retention ratio (%) 81.4 80.2 78.6 85.1 85.0 85.0
Asset turnover (x) 0.6 0.7 0.7 0.7 0.7 0.6
ROIC (Post-tax) 11.2 12.1 11.3 11.7 9.6 9.8
Cost of Debt (Post Tax) 2.9 2.8 5.3 - - -
Leverage (x) 0.1 0.0 0.1 - - -
Operating ROE 12.2 12.2 11.9 11.7 9.6 9.8
Returns (%)ROCE (Pre-tax) 11.8 11.5 11.3 10.2 8.1 8.2
Angel ROIC (Pre-tax) 16.3 15.9 15.7 14.4 11.7 12.0
ROE 12.7 13.0 11.9 12.6 10.5 10.9
Turnover ratios (x)Asset Turnover (Gross Block) 1.5 1.2 1.2 1.1 0.9 0.8
Inventory / Sales (days) 41 49 43 43 43 43
Receivables (days) 11 13 15 15 15 15
Payables (days) 53 52 39 39 39 39
WC cycle (ex-cash) (days) 83 105 71 66 71 70
Solvency ratios (x)Net debt to equity 0.1 0.0 0.1 (0.0) (0.0) (0.1)
Net debt to EBITDA 0.7 0.1 0.4 (0.1) (0.2) (0.6)
Interest Coverage (EBIT / Int.) 19.6 20.0 9.4 9.1 5.8 6.3
Note: Some of the figures from FY2011 onwards are reclassified; hence some ratios may not be
comparable with previous year ratios
-
7/27/2019 Sterlite, 1Q FY 2014
13/13
Sterlite Industries | 1QFY2014 Result Update
J l 27 2013 13
Disclosure of Interest Statement Sterlite Industries
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors.
Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Research Team Tel: 022 3935 7800 E-mail: research@angelbroking.com Website: www.angelbroking.com
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