Sterlite Tech's Q4 net profit up 77%

Global technology company Sterlite Technologies on Wednesday reported a rise of 77 per cent in its net profit for the fourth quarter of 2017-18.

According to the company, its net profit rose to Rs 112 crore during the quarter under review from Rs 64 crore reported for the corresponding period of the previous financial year.

The company's Q4 revenue increased to 20 per cent to Rs 847 crore from Rs 707 crore earned in the corresponding quarter of 2016-17.

On a financial year basis, the company reported that its net profit grew by 66 per cent to Rs 334 crore for the year ended March 31, 2018 from Rs 201 crore for the previous year.

The technology major's 2017-18 revenue increased to 24 per cent to Rs 3,205 crore from Rs 2,594 crore earned in the corresponding quarter of 2016-17.

"We are seeing a very strong wave of fibre deployment over the next 10 years due to exponential data growth and 5G deployments across the globe," Sterlite Tech's CEO Anand Agarwal was quoted as saying in a statement.

"Our customers are entering into long-term contracts with us on the back of our ability to innovate for their needs. We continue to invest in technology for smarter digital networks that are software defined, centrally managed, scalable, open source with optimised capex models."

The statement added that the company's Board has recommended a dividend of Rs 2 per share for FY18.

--IANS

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