Sterlite Tech Q2 standalone profit doubles to Rs 29 cr

Firm's total income up 78% to Rs 1,056.15 crore y-o-y

Power and telecom gear maker Sterlite Technologies today said its standalone net profit has more than doubled to Rs 29.39 crore for the quarter ended September 30.

The company's net profit stood at Rs 12.56 crore in the year-ago period, Sterlite Technologies said in a statement.

Its total income increased to Rs 1,056.15 crore during the period under review from Rs 592.07 crore in the July-September 2014 quarter, a growth of 78.3 per cent.

"We had an excellent quarter amidst a not so encouraging macro backdrop. We continue to be positive and optimistic on the developments within the company as well as in the markets we operate," Sterlite Technologies Vice Chairman Pravin Agarwal said.

In May, the company had announced that it would demerge its power businesses into a separate undertaking.

The proceedings are progressing as per schedule and expected to close in March, subject to regulatory approvals, it said.

Revenues from telecom products and solutions business for the quarter stood at Rs 478 crore, up 13 per cent from the previous quarter.

Power products and solutions business revenues for the quarter was at Rs 562 crore, a marginal increase of 5 per cent over the previous quarter and nearly double from the year-ago period, it said.

The telecom order book stands at Rs 2,009 crore, of which services and supply of products as part of the NFS order was at around Rs 1,900 crore and should be executed by the end of 2016, the company said.

Revenues from the power transmission business was Rs 109 crore for the second quarter of 2015-16.

The company said the mix between domestic and export revenues was at 26 per cent for the business with China and Europe as the main markets.

During the reported quarter, the company acquired Elitecore Technologies, a telecom software product firm, for Rs 180 crore that will be merged into Sterlite Technologies.

Shares of Sterlite Technologies were trading at Rs 93.70 a unit, down 6.39 per cent on BSE in afternoon trade.