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Sterlite Technologies reports a 61 per cent increase in year-on-year net profit for the quarter ended June 2017

July 19, 2017
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Sterlite Technologies has reported a 61 per cent increase in consolidated net profit from Rs 0.38 million during the quarter ended June 2016 to Rs 0.61 million during the quarter ended June 2017. This can be attributed to an increase of 23 per cent in the company’s revenues from Rs 6.03 billion to Rs 7.44 billion. The growth in revenues was driven by a strong order book and export sales. The company reported the highest ever quarterly export sales of Rs 3.2 billion and highest order book of Rs 31.4 billion at the end of quarter ended June 2017. Meanwhile, the company’s earnings before interest, taxes, depreciation and amortisation (EBIDTA) increased by 32 per cent from Rs 1.22 billion to Rs 1.62 billion.

Further, the company has stated that it is on track to expand its optical fibre cable (OFC) network by 30 million fibre kilometre by middle of 2017-18. The company is now embarking on its next leg of capacity expansion to 50 million fibre kilometre, to be completed by June 2019.

Elaborating on the performance, Dr Anand Agarwal, chief executive officer, Sterlite Technologies, said, “Our strategy to design, build and manage broadband networks is augmenting well in the domestic and international markets leading to organic growth. With our unique silicon-to-software capabilities, we are able to address the requirements of web-scale networks for all new transformational technologies such as cloud computing, internet of things (IoT), machine-to-machine and augmented reality. As the world moves toward the next phase of digital evolution through global focus on the creation of Gigabit societies, smart cities and rural broadband, we will continue to see sustained long-term growth with our unique IoT integration capabilities.”

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