New Delhi : Diversified major Sesa Sterlite reported consolidated net profit of Rs 376 crore for the April-June quarter, on the back of Rs 17,056 crore revenue.
Net profit was lower in the quarter due to an exception outgo of Rs 1,627 crore on account of shift to IFRS based accounting policy and it is just a technical matter, Sesa Sterlite CEO Tom Albanese told PTI.
He further said that in real terms, which is basically before one time exceptional item, net profit of Sesa Sterlite has more than doubled to Rs 1,341 crore. The company had posted Rs 600 crore as the attributable profit after tax after exceptional items in the same quarter a year ago. In June quarter, exceptional items, net of tax, were Rs 1,627 crore (gross Rs 2,128 crore, tax impact of Rs 501 crore) represents the retrospective effect of the ‘depreciation accounting’ change made by Cairn India.
This is due to changes made in the method of depreciation on some of its oil and gas assets.