Sterlite Tech gains on bagging Rs 170-cr deal from Power Grid Corp

Sterlite Technologies (STL) advanced 2.24% to Rs 205.15 after the company bagged a deal worth approximately Rs 170 crore for building a unified network management system (UNMS) for Power Grid Corporation of India (PGCIL).

In a regulatory filing made during market hours today, the company announced a partnership with PGCIL through which, it will fulfil PGCIL's requirement for high performance, integrated network management systems across their regional communications networks.

As a part of its earlier engagements, STL has been supplying optical fibre cables and developed an IP-MPLS network for PGCIL.

PGCIL owns and operates 90% of India's interstate and inter-regional electric power transmission network spanning 1,72,192 circuit kilometres & 72,126 km of telecom network.

Praveen Cherian, CEO, Global Business Services, STL said: We are delighted to form an association with PGCIL for creating a customised UNMS for managing their massive-scale utility networks. Through our solution, we will provide a consolidated infrastructure with centralised controls for their inter-regional networks. The network management system, with integrated analytics, will bring in efficiency and effectiveness setting superior standards in networks operations management.

STL is an integrator of digital networks that helps telcos, cloud companies, citizen networks and large enterprises.

The company reported a consolidated net loss of Rs 137 crore in Q3 FY22 as compared to a net profit of Rs 86.64 crore posted in Q3 FY21. Revenue from operations grew by just 3.1% to Rs 1,355.5 crore in Q3 FY22 from Rs 1,314 crore posted in Q3 FY21.

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