Pune-based Sterlite Technologies, provider of transmission solutions for the telecom and power industries and a part of the Vedanta Group, has posted a profit of Rs 9.49 crore for quarter ended June 30, 2014, down 60 per cent as compared to last year for the corresponding quarter.
Its major contributor power and transmission which is 40 per cent of the total business has faced external pressures. The revenues have also gone down by 28 per cent at Rs 564 crore as compared to Rs 759 crore. The company has secured few projects for the end-to-end implementation in power infrastructure sector.
As per the Government of India’s policy to release 150 Mhz of spectrum held by defence sector in the frequency range of 1700Mhz to 2000Mhz, the company has bagged the project to build a new communication network for exclusive use by the armed forces in lieu of the spectrum.
Pravin Agarwal, whole-time director, Sterlite Technologies said, "We are very pleased with the overall developments during the quarter. The NFS order and the NRSS contract provide us with a good backlog for future growth. We continue to remain bullish on the high-speed data requirements and bulk power transmission requirements in India, as well as globally. "
The company has recently received PE equity funding of Rs 500 crore from Standard Chartered for power business.