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Delivering Growth Long-Term Value Sustainability

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Sterlite Industries (India) Limited Delivering Growth Long-term value Sustainability STERLITE INDUSTRIES (INDIA) LIMITED ANNUAL REPORT 2011 Our Values Entrepreneurship We foster an entrepreneurial spirit throughout our businesses and value the ability to foresee business opportunities early in the cycle and act on them swiftly. Whether it be developing organic growth projects, making strategic acquisitions or creating entrepreneurs from within, we ensure an entrepreneurial spirit at the heart of our workplace. Growth We continue to deliver growth and generate signi¿ cant value for our shareholders. Moreover, Our Vision our organic growth pipeline is strong as we To create a world class, seek to continue to deliver signi¿ cant growth for diversi¿ ed resources company shareholders in the future. We have pursued with high quality assets, low cost growth across all our businesses and into new production, providing superior areas, always on the basis that value must be returns to our shareholders. delivered. Excellence Achieving excellence in all that we do is our way of life. We strive to consistently deliver projects ahead of time at industry-leading costs of construction and within budget. We are constantly focused on achieving a top decile cost of production in each of our businesses. To achieve this, we follow a culture of best practice benchmarking. Trust The trust that our stakeholders place in us is key to our success. We recognise that we must responsibly deliver on the promises we make to earn that trust. We constantly strive to meet stakeholder expectations of us and deliver ahead of expectations. Sustainability We practise sustainability within the framework of well-de¿ ned governance structures and policies and with the demonstrated commitment of our management and employees. We aim that our projects make a net positive impact on the environment, wherever we work. Sterlite Industries (India) Ltd. Annual Report 2011 1 Contents 02 Highlights Company Overview 04 Sterlite at a glance 06 Chairman’s Communiqué 08 Company Overview 14 Board of Director’s Pro¿ le 18 Performance 20 – Copper Business 22 – Zinc and Lead Review 24 – Aluminium 27 – Energy 28 Operational Performance 32 Financial Performance 34 Risk and Uncertainties Development Sustainable 42 Sustainability Report 53 Corporate Social Responsibility (CSR) Governance Corporate 65 Directors’ Report 75 Corporate Governance Report 94 Auditors’ Report 138 Consolidated Balance Sheet 98 Balance Sheet 139 Consolidated Pro¿ t and Loss Account 99 Pro¿ t & Loss Account 141 Consolidated Cash Flow Statement 100 Cash Flow Statement 143 Schedules forming part of the Statements Financial 102 Schedules forming part of the Consolidated Balance Sheet Balance Sheet 151 Schedules forming part of the 114 Schedules forming part of the Consolidated Pro¿ t and Loss Account Pro¿ t & Loss Account 153 Notes forming part of the 116 Notes Forming Part of the Accounts Consolidated Accounts th 136 Balance Sheet Abstract and 174 Notice of the 36 Annual General Company’s General Business Pro¿ le Meeting 137 Auditors’ Report on the 181 Information to shareholders on Consolidated Financial Statements dematerialisation of shares 2 Sterlite Industries (India) Ltd. Annual Report 2011 www.sterlite-industries.com Highlights Financials Zinc-Lead Indian Operations: — Highest ever production of Rods – — Consolidated turnover for the — Highest ever zinc and lead mined 1,60,665 MT and Rolled Products ¿ nancial year 2010-11 ` 30,248 metal production of 840,000 MT – 66,706 MT Crore up by 23% — Re ¿ ned zinc metal production of — Construction of 1,200 MW CPP — PBIDT of ` 10,522 Crore up 712,000 MT and 174,000 kg at BALCO is progressing well for by 32% of silver commissioning of First unit by Q2 — PAT of ` 7,322 Crore up by 35% — Accelerated ramp up at silver FY 2011-12 — Attributable Pro¿ t of ` 5,043 Crore rich Sindesar Khurd mine - up by 35% successfully commissioned the Power — Consolidated EPS ` 15/- post 1.50 million tonne per annum — Record sales of 2,035 million share split and bonus issue concentrator units, up 44% from previous year — ` 1.1/- dividend per equity share — New 160 MW captive power plant — First 600 MW unit of the 2,400 of ` 1 each (110%) on increased commissioned at Dariba, India MW (600 MW x 4) Independent capital following 1:1 bonus issue Power Plant (IPP) at Jharsuguda for the ¿ nancial year 2010-11 Zinc-Lead International Acquisition commissioned and the Second & Operations: unit under trial Market Capitalisation — The acquisition of Skorpion Zinc, — Addition of 48 MW Wind Power — ` 58,283 Crore Sterlite’s market Namibia was completed in Plant at HZL making total green capitalisation as on 31 March 2011 December 2010 power to 171 MW — The acquisitions of Black Copper Mountain Mines in South Africa Port & Infrastructure Project — Cathode production 303,991 MT and Lisheen Mines in Ireland were — Successful entry into the growing — Highest ever domestic sales of completed in February 2011 port sector in India. 2,06,653 MT — Successful tender to construct — 160 MW captive power plant Aluminium a coal berth of ` 675 Crore construction work progressing — Highest ever hot metal production at Vizag for scheduled completion well of 2,55,298 MT by mid 2012 Sterlite Industries (India) Ltd. Annual Report 2011 3 Consolidated Performance Sales & Services ` Crore Gross Pro¿ t (PBDIT) ` Crore Cash Pro¿ t (PBDT) ` Crore 35000 12000 12000 Company Overview 30000 10000 10000 25000 8000 8000 20000 6000 6000 15000 4000 4000 10000 5000 2000 2000 Business 0 FY-2011 FY-2010 FY-2009 FY-2008 FY-2007 0 FY-2011 FY-2010 FY-2009 FY-2008 FY-2007 0 FY-2011 FY-2010 FY-2009 FY-2008 FY-2007 Review Attribuitable Pro¿ t ` Crore Gross Fixed Asset ` Crore Net Worth ` Crore 6000 50000 45000 40000 5000 40000 35000 Development Sustainable 4000 30000 30000 25000 3000 20000 20000 2000 15000 10000 10000 1000 5000 0 FY-2011 FY-2010 FY-2009 FY-2008 FY-2007 0 FY-2011 FY-2010 FY-2009 FY-2008 FY-2007 0 FY-2011 FY-2010 FY-2009 FY-2008 FY-2007 Governance Corporate Segment Contribution 2005-06 (PBIT) 2010-11 (PBIT) Statements Other Financial Zinc & Lead 1% 66% Power 3% Copper 23% Zinc & Lead Copper 77% 12% Aluminium 7% Aluminium 11% 4 Sterlite Industries (India) Ltd. Annual Report 2011 www.sterlite-industries.com Sterlite at a Glance Our principal operations are located in India, where we have a substantial market share in each of our main metal: aluminium, copper, zinc and lead and also operate a copper mine in Australia. In the year 2010-11, we acquired zinc assets in Namibia, South Africa and Ireland, thus spreading our global presence. Group Structure Vedanta Resources (Listed on LSE) 70.5% 54.6% 94.8% 29.5%Sterlite 3.1% Vedanta Industries Madras Aluminium (Listed on BSE, Aluminium (VAL) NSE and NYSE (MALCO) Bharat Zinc-India(HZL) Australian Aluminium (Listed on BSE Sterlite Energy Copper Mines (BALCO) and NSE) 51.0% 64.9% 100% 100% KEY Skorpion Black Aluminium and Lisheen Mountain Copper Power Zinc-India Zinc-International 100% 74% Percentage Shareholding as of March 31, 2011 Sterlite Industries (India) Ltd. Annual Report 2011 5 Company Overview Business Review Aluminium Copper Zinc Power Development Sustainable Projects under development India Captive Power Plant 01. Debari Smelter 02. Chanderiya Smelters 03. Rampura Agucha Mine 04. Rajpura Dariba and Sindesar Khurd Mine 05. Zawar Mine 06. Silvassa Re¿ nery 07. Tutircorin Smelter and Re¿ nery 08. Vizag Smelter 13 Governance 09. Lanjigarh Mine and Re¿ nery (VAL) Corporate 10. Jharsuguda Aluminium (VAL) and Commercial Power project 11. Korba Smelter 12. Mt. Lyell Mine 3 13. Talwandi Sabo Power Limited 14. Skorpion Mine 1 4 15. Black Mountain Mine 2 5 16. Lisheen Mine 11 11 Australia Namibia Statements 10 10 Financial 6 9 14 8 12 Ireland South Africa 15 16 7 The maps are not to scale. 6 Sterlite Industries (India) Ltd. Annual Report 2011 www.sterlite-industries.com Chairman’s Communiqué Against a background of robust demand for commodities, we have delivered an exceptional ¿ nancial performance, achieving record levels of production and record sales of power. Our industry- leading organic growth programme, supplemented by strategic acquisitions, places Sterlite in a strong position to capitalise on the growing demand for commodities, and will underpin our objective to deliver growth and long-term value for our shareholders. Dear Shareholders, delivered a robust ¿ nancial performance. smelter at Dariba commissioned at the end Strengthening prices, increased volumes of the ¿ nancial year 2009-10 ramped up. It gives me great pleasure to share the and a continued strong focus on We are also well on our way to becoming performance and highlights of the year operational ef¿ ciency have contributed one of the world’s largest integrated silver 2010-11. It has been a ful¿ lling year for to a substantial growth in Net Sales of producers, as we ramp up production at the Sterlite, with achieved record levels of ` 30,248 Crore, a 23.4% increase Sindesar Khurd (SK) mine. Once the SK production, record sales of power, and compared to last year and a record PBDIT mine reaches full capacity in FY 2012, we an impressive 32% increase in PBDIT, of ` 10,522 Crore. EPS increased by 28% will have a capacity of 16 million ounces of as we continue our focus on delivering during the year. We continue to deliver re¿ ned silver per annum. growth and creating long-term value for our volume growth, with signi¿ cant increases shareholders. achieved in zinc-lead and commercial We started two 600 MW units of the 2,400 energy businesses. MW power plant at Jharsuguda and also Our extensive investment in organic announced the addition of a fourth 660 MW growth projects continues, driving strong The balance sheet remained strong unit at the Talwandi Sabo Power Limited PBDIT and cash À ow growth.
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