and third line of the 1.25 MTPA Jharsuguda-II smelter commenced ramp up in December 2016.
and third line of the 1.25 MTPA Jharsuguda-II smelter commenced ramp up in December 2016.
Talking about revenues, the company said revenues in Q3 were up 31 per cent y-o-y driven by higher volumes in iron ore operations due to recommencement of operations, ramp-up of volumes at the aluminium and power businesses and higher volumes at Copper India and Zinc India.
"This was partially offset by lower volumes from Oil & Gas, and Zinc International due to closure of the Lisheen mine, in Q3 FY2016," it added.
It said EBITDA was up 83 per cent on a y-o-y basis on account of higher commodity prices and increased volumes in iron ore operations due to recommencement of operations, ramp up of volumes and cost efficiencies at the aluminium and power business and decline in discount to brent at oil & gas.
This was partly offset by lower volume at oil & gas, and a one-time benefit of Rs 216 crore recognised in Q3 FY 2016 at Copper India and Zinc India regarding an export incentive scheme.
The company said depreciation was lower by Rs 200 crore y-o-y. This was mainly on account of lower depreciation charge at oil & gas due to lower entitlement interest volume in the current quarter and an increase in proved and developed reserves in Q4 FY2016, in addition to the closure of the Lisheen mine in Q3 FY2016.
These were partially offset by capitalisation of new capacities at the aluminium and power businesses, it said.
Finance cost, it said during the quarter was Rs 1,508 crore, higher by Rs 111 crore y-o-y.
"The increase was due to capitalisation and increase in borrowings at the aluminium and power businesses, partially offset by the accounting treatment of interest at Jharsuguda-II smelter which was earlier completely expensed when the project start-up was temporarily on hold and is now being capitalised as and when aluminium capacities are ramped up.
Other income remained relatively flat on a y-o-y basis.
The company said during the quarter, "The rupee depreciated..., leading to a forex loss of Rs 117 crore, primarily on restatement of MAT assets at Oil & Gas business." Tax expense was at Rs 897 crore during the quarter, resulting in tax rate of 23 per cent (excluding dividend distribution tax or DDT of Rs 787 crore, the tax rate was 20 per cent).
The effective tax rate increased at the oil & gas business, as the current tax expense was higher than estimated due to increase in oil prices and lower discount to Brent, offset by reduction of effective tax rate at Zinc India, it said.
Tax rate for FY2017 is expected to be 20 per cent (excluding DDT).
EPS for the quarter was at Rs 6.29 per share. MORE
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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