29 October 2014
2QFY15 Results Update | Sector:
Metals
Sesa Sterlite
BSE SENSEX
27,098
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
S&P CNX
8,090
SSLT IN
2,964.7
318/170
-7/17/-2
CMP: INR256
TP: INR307
Buy
EBITDA in line; target price cut 6% on lower oil prices
Consolidated 2QFY15 adjusted EBITDA increased 12% QoQ to INR63.3b (in line
with estimates). The sharp decline in O&G EBITDA was offset by stronger
performances of zinc-India and copper business.
Zinc-India EBITDA increased +48% QoQ to INR20b (v/s est. of INR18.4b) on 25%
growth in integrated refined zinc volumes and 12% higher LME. CoP was lower
due to 30% growth in mine production.
Copper EBITDA was stronger at INR4.7b (v/s est. of INR3.6b) on stronger TcRc,
better by-product credit and higher fixed cost absorption on higher volumes.
Oil business EBITDA was affected on shutdown and lower crude prices. Production
had been restored by the quarter-end.
Balco’s aluminum production was stable, but the cost of production (CoP)
increased sharply by USD255/t QoQ to USD2,089/t. CoP is expected to decline in
2HFY15 on better availability of linkage and e-auction coal. Balco-II produced 19kt
metal, including 13kt metal under trial run.
Jharsuguda-1 smelter production and EBITDA were on the expected line. CoP
increased by USD104/t QoQ to USD1,740/t. Jharsuguda-2 made a modest
beginning with the commissioning of 18 pots. Conversion of 2,400MW IPP to CPP
is still pending and is critical for successful ramp-up of this smelter.
Power business’ performance remained subdued due to operational issues at
Jharsuguda, shortage of coal and evacuation bottlenecks. TSPL’s first 660MW
unit’s trial run is delayed by three months to 3QFY15 due to flooding.
Consolidated attributable FY15E EBITDA is cut by 2% to INR180.7b due to a delay
in resumption of iron ore production, commissioning of TSPL and cut in crude oil
price assumption by 3%. SOTP too is lowered to INR307/share (earlier INR326) due
to a reduction in CAIRN India’s target price. Maintain
Buy.
M.Cap. (INR b) / (USD b) 757.6/12.4
Financials & Valuation (INR Billion)
Y/E MAR
Net Sales
EBITDA
Adj PAT
EPS (INR)
Gr. (%)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
EV/EBITDA
( )
2015E 2016E 2017E
780.8
253.8
71.2
24.0
39.8
9.3
11.0
10.6
0.9
6.6
878.5
268.1
72.1
24.3
1.2
8.7
10.8
10.5
0.9
5.9
931.5
271.1
59.7
20.1
-17.2
6.8
10.5
12.7
0.8
5.4
Sanjay Jain
(SanjayJain@MotilalOswal.com); +91 22 3982 5412
Dhruv Muchhal
(Dhruv.Muchhal@MotilalOswal.com); +91 22 3027 8033
Investors are advised to refer through disclosures made at the end of the Research Report.

Sesa Sterlite
S.N.
1
Business
Zinc India
1QFY15 update
(1) Mine production declined 31% YoY to 163kt hurt by (1)
lower production at Rampur Agucha mines. This is
lowest quarterly production in last 6 years.
(2) Cost of production is still inching up due to rising strip (2)
ratio during transition from open cast to underground (3)
mining
(4)
(3) Mine production is expected to bounce back in
2HFY15 such that the whole FY15 production is in-line
with FY14 production
(1) EBITDA at INR2.32b was down 23% YoY due to lower (1)
volumes and shifting of sale of metal and concentrate
(2)
parcels to Q2, affecting the EBITDA by INR670m
(2) Mine production was lower due to drop in grade as
per mine plan and BMM maintenance shutdown
2QFY15 update
Mine production increased 30% QoQ to 213kt and CoP
(ex-royalty) was down 8% QoQ to INR55,154/t on better
fixed cost absorption
Wage re-negotiation has raised CoP by USD16/t
FY15 mine production guidance remains unchanged at
marginal YoY growth, which implies strong 2H
Kayad mine EC enhanced from 350ktpa to 1mtpa
Zinc Int
Refined zinc metal production at Skorpion declined 22%
YoY to 27kt due to unplanned shutdown at the mill.
Zinc-lead mine metal production was lower mainly at
Lisheen due to lower grades as per mine closure plan.
2
Cairn India (1) Rajasthan production was lower than estimate but
cambay production was little better.
(2) Satellite fields contribution will increase with NI and
Guda start in 2QFY15 and IOR/EOR implementation is
on track to commence production in 4QFY15
(3) Increased in-place resources from 7bboe to 10bboe (
5.2bboe established + 0.6bboe as discovered +
4.2bboe yet to be drilled)
(4) USD1.25b ICD to SSLT subs at L+300bps
(5) Depreciation rate changed from SLM to "unit of
production"
(1) Rajasthan production was down 11% QoQ to 163.3kbpd
due to maintenance shutdown, but is now back to pre-
shutdown levels
(2) IOR/EOR implementation is on track for first polymer
injection in 4QFY15 and NI and Guda satellite fields are
put in production.
(3) CAIR’s production guidance of 7-10% looks challenging
and we model ~6% CAGR in our estimates
(4) We are revising our FY15/FY16/FY17 oil price
assumption from 102/100/100 to 99.2/95/95 resulting
in 3% and 4% cut in FY15/FY16 earnings and no change
in FY17 estimates
(5) CAIRN India's target price is cut from INR357 to INR326.
Karnataka mines produced 300kt in 2Q before closing
and is awaiting FC & ML renewal, sales were 600kt in
2Q
Under new Goa mining policy, SSLT expects to resume
mining in Q4FY15
Liberia management team has moved out of country
due to Ebola epidemic
3
Iron ore
(1) Goa operations are still suspended
(1)
(2) Goa govt. is likely to decide new mining policy in
2QFY15
(3) 500kt iron ore sold from Karnataka mines in E-auction (2)
(4) The business turned around with the help of pig iron
business
(3)
(5) No capex commitment yet for Liberia mining
(1) Australian mine operations are now mothballed until
end of FY16
(2) Copper production suffered due to 23 day
maintenance shutdown
(3) TcRc were Usc 18.8/lb. TcRc EBITDA to return to
normal run-rate in remaining part of FY15 aided by
production normalization and strong TcRc.
(4) Nearly 75% of quantity is contracted at USc25/lb
4
Copper
5
Aluminum
(1) Copper cathode production was up 22% YoY to 100kt -
best ever production
(2) 160MW CPP at Tuticorin operated 94% PLF.
(3) Australia mines are put on care and maintenance in
July, 2014 and will not open until end of FY16
(4) Realized EBITDA was USc41/lb on higher TcRc and lower
cost. TcRc improved from USc18.8/lb in 1Q to
USc20.8/lb in 2Q. CoP came down significantly from
USc8.9/lb to USc3.1/lb on improved fixed cost and
better by-product credit.
(1) Cost of production has started inching up with
(1) Production was stable at 500ktpa Jharsuguda-1 and
245ktpa Korba-1 smelter
shortage of E-auction coal. Aluminum CoP was up 6%
QoQ.
(2) 84pots of 325ktpa Korba-2 smelter ramped up and
(2) Availability of domestic coal is expected to be reduced
were capitalized from 1st Sept 2014. These pots
in E-auction under new government policy. This will
produced 19kt (incl. 13kt under trials) metal
(3) Low availability of coal is affecting cost of production
result in higher metal production cost.
(3) CTO for Balco’s 1200MW and use of power from
(4) CoP to improve on improvement in linkage and e-
auction availability in subsequent quarters
2400MW Jharsuguda for phase 2 smelter is still
pending.
(1) PLF remains low at 2400MW Jharsuguda due to
(1)
transmission constraints.
(2) TSPL’s first 660MW unit is still under commissioning (2)
with reliability run of the unit planned during 2QFY15.
PLF declined further QoQ to 38% due to operational
issues
TSPL's first 660MW unit commissioning delayed due to
flooding from breach of nearby irrigation canal and the
reliability test is now expected in 3QFY15
6
Power
29 October 2014
2

Sesa Sterlite
PRODUCTION (TONNES)
1QFY14
Copper- India / Australia
Copper - MIC
Copper - Cathodes
power sales (mkwh)
Alumina (lanjigarh)
Aluminium
Jharsuguda
Balco
Power sales (m kwh)
Jharsuguda 2,400 MW
Balco 270 MW + 1200MW
MALCO
HZL Wind Power
Zinc India
Mined metal content
Refined zinc
Integrated only
custom
Refined lead
Integrated only
custom
Saleable silver (kg)
Integrated only
custom
Zinc - international
Zinc refined skorpion
MMC (BMM & Lesheen)
Oil & Gas (m boe) - Gross
O&G - Working Interest
No. of days
Avg. daily Gross Production
Rajasthan
Ravva
Cambay
Avg daily working Interest
Rajasthan (70%)
Ravva (25.5%)
Cambay (40%)
Iron ore (m dmt) sales
Goa
Karnataka
Saleable production
Goa
Karnataka
Pig iron
Met coke
6,000
15,643
127
0
195,000
134,000
61,000
3,177
2,604
187
224
162
237,825
174,000
173,000
1,000
31,356
27,356
4,000
104,844
85,844
19,000
90,000
34,000
56,000
19.33
12.02
91
212,712
173,517
28,523
10,672
132,088
121,462
6,357
4,269
0.0
0.0
0.0
0.0
0.0
0.0
110,000
85,000
2QFY14
6,000
82,000
158
116,000
200,000
137,000
63,000
1,910
1,494
44
221
151
221,646
195,814
194,814
1,000
29,978
28,978
1,000
99,000
92,000
7,000
106,000
35,000
71,000
19.62
12.22
92
213,300
175,478
29,151
8,671
132,862
122,835
6,559
3,468
0.0
0.0
0.0
0.0
0.0
0.0
129,000
88,000
3QFY14
5,000
99,000
162
181,000
199,000
136,000
63,000
2,197
1,827
75
236
59
220,000
196,478
196,478
0
24,984
24,984
0
82,100
81,100
1,000
84,000
22,500
61,500
20.65
12.96
92
224,493
186,359
27,857
10,277
140,830
130,451
6,268
4,111
0.0
0.0
0.0
0.0
0.0
0.0
139,000
116,000
4QFY14
1,000
98,000
144
277,000
200,000
136,000
64,000
2,093
1,701
84
231
77
200,000
183,000
179,500
3,500
36,009
29,009
7,000
84,000
78,000
6,000
83,000
33,000
50,000
20.42
12.99
91
224,429
190,881
24,225
9,323
142,797
133,617
5,451
3,729
0.0
0.0
0.0
1.5
0.0
1.5
133,000
119,000
1QFY15
0
66,000
136
233,000
192,000
132,000
60,000
2,599
2,154
70
229
146
163,000
141,000
139,000
2,000
31,000
27,000
4,000
90,777
64,777
26,000
84,000
33,000
51,000
19.83
12.55
91
217,869
183,164
23,940
10,765
137,907
128,215
5,387
4,306
0.5
0.0
0.5
0.0
0.0
0.0
146,000
126,000
2QFY15
0
100,000
183
226,000
209,000
138,000
71,000
2,028
1,653
1
204
170
213,000
181,000
174,000
7,000
30,000
26,000
4,000
89,100
76,100
13,000
79,000
27,000
52,000
17.89
11.33
92
194,509
163,262
20,596
10,651
123,178
114,283
4,634
4,260
0.3
0.0
0.3
0.0
0.0
0.0
154,000
52,000
3QFY15E
0
95,000
156
250,000
218,766
136,000
82,766
2,651
2,365
23
204
59
252,252
215,600
215,600
0
32,252
32,252
0
81,499
81,499
0
70,800
22,050
48,750
20.14
12.79
92
218,872
185,000
23,221
10,651
138,985
129,500
5,225
4,260
0.7
0.7
0.0
0.0
0.0
0.0
139,000
52,520
4QFY15E
0
95,000
155
250,000
225,707
136,000
89,707
2,671
2,365
25
204
77
262,897
225,400
225,400
0
32,897
32,897
0
83,129
83,129
0
69,590
32,340
37,250
19.99
12.71
90
222,130
188,258
23,221
10,651
141,266
131,781
5,225
4,260
1.2
0.7
0.5
0.0
0.0
0.0
133,000
53,045
FY15E
0
356,000
959,000
845,473
542,000
303,473
9,949
8,537
119
841
452
0
891,150
763,000
754,000
9,000
126,150
118,150
8,000
344,506
305,506
39,000
303,390
114,390
189,000
77.85
49.38
213,345
179,921
22,745
10,680
135,334
125,945
5,118
4,272
2.7
1.4
1.3
0.0
0.0
0.0
572,000
283,565
29 October 2014
3

Sesa Sterlite
Quarterly Performance
Y/E March
Net Sales
EBITDA
Standalone
Cu TcRc
SEL - power
VAL - aluminum
iron ore and others
Cairn
HZL
Balco
Zinc-International
TSPL
Others
Interest
Depreciation
Other Income
PBT (before XO item)
Extra-ordinary gain (loss)
PBT (after XO item)
Tax
Reported PAT
Less: Minority int.
Adjusted PAT
1QFY15
171,866
56,734
8,864
1,508
2,477
4,410
470
30,524
13,524
790
2,320
0
711
15,371
20,644
12,803
33,522
-16,274
17,248
3,616
13,631
16,411
13,495
2QFY15
195,494
63,269
13,006
5,219
1,587
5,240
960
26,556
19,996
570
4,115
0
-973
14,716
20,033
9,461
37,981
0
37,981
5,601
32,380
16,888
15,492
3QFY15E
203,404
65,479
12,672
3,800
2,413
5,351
1,109
24,519
22,553
1,231
3,584
0
920
14,739
21,264
11,352
40,828
0
40,828
5,604
35,224
15,900
19,324
4QFY15E
210,020
68,350
13,156
3,800
2,483
5,471
1,401
27,090
22,537
1,334
3,144
169
920
14,878
21,003
13,099
45,569
0
45,569
4,632
40,937
18,058
22,879
FY15E
780,783
253,831
47,698
14,326
8,960
20,471
3,940
108,689
78,609
3,926
13,164
169
1,577
59,703
82,944
46,715
157,899
-16,274
141,626
19,453
122,172
67,256
71,190
FY16E
878,478
268,067
53,482
11,900
10,052
23,572
7,958
108,323
81,001
6,556
10,189
4,837
3,679
67,214
91,139
50,933
160,647
0
160,647
25,859
134,788
62,730
72,057
FY17E
931,507
271,072
47,572
12,104
13,068
14,442
7,958
108,293
81,323
8,509
6,675
15,022
3,679
73,416
99,329
59,109
157,436
0
157,436
40,315
117,121
57,451
59,670
INR billion
Attrib.
INR/
Equity share
131
-399
598
4
40
110
54
372
909
44
-134
202
1
14
37
18
125
307
Sum-of-the-parts Valuation: SESA-STERLITE (FY16 estimates)
Net
Net
Valuations
EV
CWIP
Equity Stake
Debt Worth
Basis
Value
(%)
(A)
(G)
(B)
C=(AxB)
(D) {C-G+D}
Stand-alone #
376
53
18
365
342
6.5x EBITDA
348
149
131
100
Bloom Fountaion
-13
399
-14
6.5x EBITDA
-399
100
Hindustan Zinc
154
81
79 -378
510
6.5x EBITDA
527
15
920
64.9
Balco
64
7
-2
63
49
6.5x EBITDA
43
28
8
51
CMT+inter seg.
45
4
-19
-8
-378
6.5x EBITDA
24
8
40
100
Zinc International
33
10
6
-79
110
3.0x EBITDA
31
110
100
TSPL
26
5
1
70
24 DCF
124
50
54
100
Cairn India
181
108
88 -253
701 326 =Cairn TP*
135
620
59.9
Attributable
721
193
97
381
860
312
SOTP
Aluminium = USD 2000/ton, Zinc = USD 2200/ton, lead prices = USD2100/ton Silver = USD18/oz, USD/INR =60; FY16 estimates
Source: MOSL
# (VAL, copper TcRc, SEL, Sesa)
NET DEBT CALCULATIONS
Debt
Standalone
Cairn acquisition SPV
Talwandi Sabo
Zinc International
Zinc India
Cairn India
Balco
Others*
Sesa Sterlite
402
270
58
INR billion
Net
Sales
EBITDA
PAT
INR billion
53
12
795
30 Sep 2014 (actual)
30 June 2014 (actual)
Less: cash
Net less:MI Attributable
Debt
Less: cash
Net less:MI Attributable
31
370
370
399
25
374
374
10
260
260
284
284
284
0
58
58
53
0
53
53
12
-12
-12
10
-10
-10
254
-254
-90
-164
246
-246
-87
-159
162
-162
-161
-1
0
194
-193
-192
-1
0
53
26
27
51
0
51
25
26
1
11
11
10
0
10
10
471
324
-225
549
800
477
324
-255
577
29 October 2014
4

Sesa Sterlite
Sesa Sterlite: an investment profile
Company description
Sesa Sterlite Industries is formed with the merger of
Sesa Goa and Sterlite Industries. Post merger Sesa
Sterlite is one of the largest natural resource globally
with exposure to all the major commodities. It has
refined zinc and lead capacities of 1.5mtpa in HZL and
Zinc International, Crude oil production capacity of
225-240kboepd, Iron ore production capacity of
17mtpa, Aluminium capacity of 1.1mtpa and 8.8GW
(including current expansion) of power capacity.
Key investment risks
Unexpected fall in base metal and oil prices may
affect profitability, as SSLT derives significant profits
from its mining business.
Recent developments
Government clears ordinance for auction of de-
allocated coal blocks.
Appointment of Mr. Mayank Ashar as MD and CEO
of Cairn India w.e.f November 17
th
.
Key investment arguments
Post merger of Sesa-Sterlite, earnings are now
much more diversified with exposure across oil &
gas, aluminum, copper, zinc, iron ore and power
businesses. Moreover most of these assets enjoy
significant cost leadership. Zinc, lead, silver, oil &
gas and iron ore business in India is in the lowest
quartile of global cost curve. Conversion
businesses of aluminum, copper and power too
are highly efficient
SSLT operating performance has been impacted
due multiple regulatory headwinds across its
business segments. However regulatory risk is
subsiding with restart/likely restart of iron ore
mining, TcRc smelter and Balco 325ktpa smelters
expansion.
SSLT
10.6
10.5
1.0
0.9
1.3
1.1
6.6
5.9
Hindalco
12.2
12.3
1.4
1.2
0.8
0.8
8.0
7.2
Nalco
11.6
10.5
1.2
1.1
1.1
0.9
5.0
4.0
Valuation and view
Stock is trading at attractive FY15 P/BV of 0.9x. We
value the stock at INR307/share based on SOTP.
Sector view
Zinc:
Zinc is our most preferred base metal due to
favorable demand outlook and constraints in supply
growth due to shortage of large scale low cost
mines in the world. We factor zinc and lead prices of
USD2,200/t and USD2,100/t respectively.
Aluminum:
We believe bauxite shortage will drive
alumina/metal prices. We factor LME of USD2,000/t
in FY16E and FY17E respectively.
Comparative valuations
P/E (x)
P/BV (x)
EV/Sales (x)
EV/EBITDA (x)
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
FY15E
FY16E
EPS: MOSL forecast v/s consensus (INR)
MOSL
Forecast
FY15
FY16
24.0
24.3
Consensus
Forecast
23.4
29.1
Variation
(%)
2.5
-16.4
Target price and recommendation
Current
Price (INR)
256
Target
Price (INR)
307
Upside
(%)
19.9
Reco.
Buy
Shareholding pattern (%)
Sep-14
Promoter
DII
FII
Others
59.2
5.9
24.7
10.2
Jun-14
57.1
6.6
25.5
10.8
Sep-13
55.0
8.1
25.9
11.1
Stock performance (1-year)
Note: FII Includes depository receipts
29 October 2014
5

Sesa Sterlite
Financials and valuations
Income statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Reported PAT
Adjusted PAT
Change (%)
Min. Int. & Assoc. Share
Adj Cons PAT
2014
725.9
2,741.5
256.6
35.4
84.3
172.4
61.1
23.1
-0.6
135.0
10.0
7.4
125.0
125.0
-21,170.8
-73.4
50.9
2015E
780.8
7.6
253.8
32.5
82.9
170.9
59.7
46.7
16.3
141.6
19.5
13.7
122.2
122.2
-2.2
-67.3
71.2
(INR Billion)
2016E
878.5
12.5
268.1
30.5
91.1
176.9
67.2
50.9
0.0
160.6
25.9
16.1
134.8
134.8
10.3
-62.7
72.1
2017E
931.5
6.0
271.1
29.1
99.3
171.7
73.4
59.1
0.0
157.4
40.3
25.6
117.1
117.1
-13.1
-57.5
59.7
Ratios
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
2014
17.2
70.6
246.2
3.3
43.5
14.9
3.6
1.0
1.5
7.2
1.3
7.7
18.4
0.4
23.4
45.4
32.2
0.5
2015E
24.0
69.2
270.6
3.5
17.1
10.6
3.7
0.9
1.3
6.6
1.4
9.3
11.0
0.4
21.9
31.7
23.4
0.3
2016E
24.3
55.0
289.9
4.5
21.7
10.5
4.6
0.9
1.1
5.9
1.8
8.7
10.8
0.4
22.7
34.4
24.8
0.2
2017E
20.1
53.6
304.5
5.5
32.0
12.7
4.8
0.8
0.9
5.4
2.2
6.8
10.5
0.4
23.3
35.2
25.4
0.0
Balance sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
2014
3.0
727.1
730.1
805.7
27.4
1,901.1
770.9
291.2
479.7
431.3
2.1
835.8
90.3
46.5
453.9
245.0
240.1
41.3
198.8
595.7
1,901.1
2015E
3.0
799.3
802.2
825.7
28.7
2,038.0
837.2
332.1
505.1
446.9
2.1
941.1
67.7
46.7
572.6
254.1
227.7
33.7
193.9
713.4
2,038.0
(INR Billion)
2016E
2017E
3.0
3.0
856.7
899.7
859.6
902.7
843.2
845.2
31.0
33.4
2,163.9 2,253.8
981.7 1,076.5
377.5
428.4
604.2
648.2
385.4
318.3
2.1
2.1
1,065.5 1,205.4
82.8
89.8
54.5
59.6
665.7
793.6
262.5
262.5
239.7
242.5
41.5
45.9
198.2
196.6
825.8
962.8
2,163.9 2,253.8
E: MOSL Estimates
Cash flow statement
Y/E Mar
OP/(Loss) before Tax
Depreciation
Others
Interest
Direct Taxes Paid
(Inc)/Dec in Wkg Cap
CF from Op. Activity
(Inc)/Dec in FA & CWIP
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax)
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
2014
256.6
0.0
0.0
0.0
-43.7
-10.2
156.0
-72.8
-4.1
15.0
-62.0
0.0
18.4
-46.8
-22.1
-50.5
43.5
410.3
453.9
2015E
253.8
0.0
0.0
0.0
-28.3
0.9
203.7
-81.9
0.0
38.6
-43.3
0.0
20.0
-59.7
-12.1
-51.8
108.6
453.9
562.5
(INR Billion)
2016E
268.1
0.0
0.0
0.0
-31.7
-19.2
181.1
-83.0
0.0
62.1
-20.8
0.0
17.5
-67.2
-15.6
-65.3
94.9
572.6
667.5
2017E
271.1
0.0
0.0
0.0
-37.1
-9.2
186.7
-27.7
0.0
62.1
34.3
0.0
2.0
-73.4
-19.1
-90.5
130.6
665.7
796.3
29 October 2014
6

Sesa Sterlite
NOTES
29 October 2014
7

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