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Sesa Goa announces 2009-10 results

India’s biggest iron ore exporter Sesa Goa Ltd said that there Q4 profit more than doubled on higher demand for the steelmaking raw material from China.

The Goa based company in a statement said that its group net income climbed to INR 12.2 billion (USD 273 million) in the three months ended March 31 from INR 5.5 billion a year earlier. Its net sales rose to INR 28.1 billion from INR 15.8 rupees.

Highlights

  1. Highest ever quarterly and annual production and sales of iron ore.
  2. Exploration resulted in successful net increase in reserves and resources by 43 million tonnes.
  3. Proposed dividend of 325% or INR 3.25 per equity share of INR 1 each
  4. Reclaimed Sanquelim Mine awarded the “Certificate of Appreciation for Plantation Management” by Confederation of Indian Industry
  5. Strong balance sheet with cash and cash equivalents of INR 6,952 crore
Consolidated results 2009-10 2008-09 Change
Net Sales/Income from operations 5,803.05 4,925.70 18%
Cash Profit (PBDT) 3,519.09 2,761.83 27%
Net Profit (PAT) 2,639.04 1,994.89 32%
EPS - Basic (INR) 32.41 25.26 28%
EPS - Diluted (INR) 31.62 25.26 25%

In INR crores
Sales 2009-10 2008-09 Change
Iron Ore (million tonnes) 20.521 15.103 36%
Pig Iron (000 tonnes) 279 224 25%


During Q4, the Company produced 7.8 million tonnes of iron ore, taking the full year production to 21.4 million tonnes, an increase of 60% and 34% respectively, compared with the corresponding prior periods. The increase in production was primarily on account of contribution from Dempo?s operations (which contributed 1.9 million tonnes and 3.6 million tonnes in Q4 and full year respectively), and better throughput from Sesa?s existing operations, including ore produced from previous stock of sub-grade materials.

Iron ore dispatches during Q4 and FY2010 were 7.4 million tonnes and 20.5 million tonnes respectively, an increase of 47% and 36% compared with the corresponding prior periods. During the same period, Dempo contributed 1.8 million tonnes and 3.6 million tonnes respectively, to the total dispatches.

Exploration Results Our ongoing exploration activities at Goa and Karnataka have yielded significant success, with a net addition of 43 million tonnes to reserves and resources. Total reserves and resources as on 31 March 2010 stand at 353 million tonnes (at the mines that the Company holds on lease and/or right to mine) as compared with 240 million tonnes as on 31 March 2009 and 70 million tonnes of reserves and resources from Dempo which was acquired in the month of June 2009. The reserves and resources position has been independently reviewed and certified as per JORC standard.

Expansion Projects Expansion of the pig iron plant capacity to 625,000 tonnes per annum and the associated expansion of the metallurgical coke plant capacity to 560,000 tonnes per annum are progressing well, for scheduled commissioning by Q1 FY 2012.



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