Sterlite Industries (India) Limited - Sterlite Industries India Ltd.

Results of Operations
Overview
Consolidated Statement of Operations Data
The following table is derived from our selected consolidated financial data and sets forth our historical operating results as a percentage of
net sales for the periods indicated:
Year Ended March 31,
2007 2008 2009
Consolidated Statement of Operations Data:
Net sales 100.0% 100.0% 100.0%
Other operating revenues 0.9 1.1 1.7
Total revenue 100.9 101.1 101.7
Cost of sales (60.0) (66.9) (77.6)
Selling and distribution expenses (1.4) (1.5) (1.8)
General and administration expenses (1.1) (1.9) (2.4)
Other income/(expenses):
Gain on sale of real estate 0.4 — —
Voluntary retirement scheme expenses (0.0) — —
Guarantees, impairment of investments and loans — (0.3) (0.1)
Operating income 38.8 30.5 19.8
Interest and dividend income 0.9 2.7 7.9
Interest expense (1.8) (1.4) (3.2)
Net realized and unrealized investment gains 0.9 1.8 1.1
Income before income taxes, minority interests and equity in net (loss)/income of associate 38.8 33.6 25.6
Income taxes
Current (9.6) (7.5) (3.8)
Deferred (0.8) (1.3)
Income after income taxes, before minority interests and equity in net (loss)/income of
0.8
associate 28.4 24.8 22.6
Minority interests (8.7) (7.7) (5.8)
Equity in net (loss)/income of associate, net of taxes 0.0 0.2 (2.8)
Net income 19.7% 17.3% 14.0%
Net Sales by Geographic Location
The primary markets for our products are India and the Far East. Our exports to the Far East are primarily to China, South Korea, Singapore
and Thailand. Other markets include a variety of countries mostly in the Middle East and Europe. We endeavor to sell as large a quantity of our
products as possible in India due to the Indian market premium that we receive on sales in India. The following table sets forth our net sales
from each of our primary markets and our net sales from each of our primary markets as a percentage of our total net sales for the periods
indicated:
Year Ended March 31,
2007 2008 2009
(in millions, except percentages)
% of % of % of
Net Sales Net Sales Net Sales Net Sales Net Sales Net Sales Net Sales
India Rs. 114,222 47.3% Rs. 140,503 57.0% Rs. 140,330 $2,758.6 66.1%
Far East (1) 69,624 28.9 62,303 25.3 27,803 546.6 13.1
Other (2) 57,400 23.8 43,608 17.7 44,059 866.1 20.8
Total Rs. 241,246 100.0% Rs. 246,414 100.0% Rs. 212,192 $4,171.3 100.0%
Notes:
(1) Far East includes a number of countries, primarily China, South Korea, Singapore and Thailand.
(2) Other includes Kenya, Nigeria, Ethiopia, Algeria, Sudan, Morocco, Namibia, Egypt, Oman, UAE, Turkey, Qatar, Saudi Arabia, Syria,
Israel, Bangladesh, Sri Lanka, Pakistan, Belgium, France, Germany, Italy, Jordan, the UK, The Netherlands, Luxembourg, Rotterdam,
Spain, Sweden, Switzerland, Australia, Cameroon, Malawi and Iran.
78