Sterlite Technologies net up 82% at Rs 42 cr

Firm's total income rises 27% to Rs 1,134 crore during the period under review

Don't want to miss the best from Business Standard?

High speed data and power transmission network solutions company Sterlite Technologies has posted an exponential growth of 82 per cent in its profit at Rs 42 crore for the quarter ended December 31, 2015.

The company's net profit stood at Rs 23 crore in the year-ago period, Sterlite Technologies said in a statement. Its total income increased to Rs 1,134 crore during the period under review from Rs 895 crore in the same quarter, a growth of 27 per cent.

Commenting on the results, Pravin Agarwal, vice chairman, Sterlite Technologies, said, "Our strategy of creating value for our customers & the government with an end-to-end, innovative and future-proof service offering is starting to pan out. During the quarter, we have created value by focusing on high-performance products and increased service offerings. As a result of the Government's renewed focus on power and connectivity, we see strong opportunities in both our verticals. We have built significant internal capabilities to capitalise on the growth potential."

Elitecore Technologies, its subsidiary has won a Smart City project under Digital India and its scope includes providing Wi-Fi connectivity, smart street lighting, environment censors, IP surveillance and smart transport solutions.

The company is aiming at implementing key Government projects such as Defence's Network for Spectrum, Smart City and BharatNet which will enable high-speed broadband connectivity across India. All of Sterlite's optical fibre operations in India & China continue to operate above rated capacity. During the quarter, the optical fibre business achieved an annualised sales rate of about 22 million km, for a total rated capacity of 20 million km.

Its current order book accounts of Rs 2,500 crore. In May 2015, 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.