Sterlite Technologies net up 29% at Rs 40 crore

High-speed data and power transmission network solutions’ company Sterlite Technologies has posted an exponential growth of 29% in its profit at Rs 40 crore for the quarter ended June 30, 2016.

The communication cable manufacturer's profit stood at Rs 31 crore in the year-ago period, Sterlite Technologies said in a statement. Its total income increased to Rs 565 crore during the period under review from Rs 463 crore in the same quarter, a growth of 22%.

Anand Agarwal, CEO, Sterlite Technologies, said: “We continue to remain bullish on India, while expanding our global footprint with new products and customers. Broadband infrastructure needs to get created throughout the country and we are architecting such smarter networks by bringing world-class design, execution and management capabilities with our end-to-end offerings.”

Earnings before interest, tax, depreciation and amortisation grew 21% to Rs 124 crore from Rs 102 crore in the same quarter last year. EBITDA margin, on the other hand, fell to 20.35% from 21.59% year-on-year.

The growth drivers for the company are mobile data broadband infrastructure requirements for 4G/LTE by telecom companies, smart cities requiring basic broadband infrastructure for smart applications, global data growth, served through presence in China, Brazil and Europe and broadband infrastructure for defence and other utilities.