Sterlite Tech Q2 PAT tumbles 65% YoY to Rs 55 cr

Sterlite Technologies' consolidated net profit dropped 65% to Rs 55.20 crore on 14.7% fall in net sales to Rs 1,159.53 crore in Q2 September 2020 over Q2 September 2019.

Consolidated profit before tax (PBT) skid 51% to Rs 80.36 crore in Q2 September 2020 over Q2 September 2019. Total tax expense for the quarter surged to Rs 23.55 crore as against Rs 3.33 crore in Q2 September 2019. The Q2 result was declared during trading hours today, 22 October 2020.

These quarterly numbers were backed by diversified global wins and the company's differentiated value proposition in delivering end-to-end digital network solutions across all customer segments, the company stated. The company recorded order book of Rs 10,705 crore.

Plant operations achieved normalcy almost to a full extent across all facilities in India, Brazil, China, and Italy. The capacity expansion of optical fiber cables stood at 33 million fkm. The EBITDA fell 28.86% to Rs 212 crore during the period under review and exports were 47% of revenue.

Speaking on the Q2 results, Dr Anand Agarwal, the group chief executive officer (CEO) of Sterlite Technologies, has said: "Our strong performance is a testament to the value we create for our customers by delivering solutions that enable them to achieve their current and future network requirements. Digital Network creators globally continue to invest aggressively in strengthening their current network, to increase reach and quality of their networks. Our strategic investments in building deep technology expertise, integrated digital network solutions, and global talent positions us strongly to address this market demand."

Shares of Sterlite Technologies jumped 4.12% to Rs 158.

Sterlite Technologies is a leading end-to-end solutions provider for global digital networks.

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