The largest copper producer of the country, Sterlite Industries has announced its first quarter financial results for the fiscal year 2010-11.

According to the company, it has registered a significant 50% rise in the net profit in the quarter under review. Sterlite Industries has reported that it has posted a net profit of Rs 1,008 crore for the quarter that ended in 30th June,
2010 which is almost a hike of 50% of the net profit figure of the similar quarter in the last fiscal. This fact has been informed by Sterlite Industries in a filing at the Bombay Stock Exchange.

It has also informed that, there has been a hike in sales figure as well in the June quarter of the fiscal.

The sales of the company have gone up by 29% and have touched Rs 5,925 crore during the April-June quarter of fiscal year 2010-11. Sterlite Industries is a wing of Vedanta Group which is being promoted by billionaire Anil Agarwal.

The company has also said that it is planning to develop two ports in a joint-venture format in Andhra Pradesh and Orissa in the coming financial year.