Sterlite Q3 net surges 82% to Rs 42 cr on higher revenue

Sterlite Technologies Ltd today reported around 81.74 per cent jump in standalone net profit to Rs 41.91 crore for the quarter ended December 31, due to increase in revenue from power and telecom businesses.
The company's profit in the same period a year ago was Rs 23.06 crore, Sterlite Technologies said in a BSE filing.
"This is the best-ever quarter for us till date. The telecom business contributed to the growth in net profit. We are now running our fibre plant at full capacity and continue to invest for debottlenecking as need arises. We have seen power business coming back to normal level. Earlier it was underutilised," Sterlite Technologies CEO Anand Agarwal told PTI.

The total income of Sterlite Technologies increased to Rs 1,134.42 crore in the reported quarter compared with Rs 894.53 crore in the year ago period.
Agarwal said the company has an order book of Rs 4,400 crore where about Rs 2,400 crore is from telecom business and rest from power.
Sterlite's revenues from the telecom products and solutions business for the quarter under review were Rs 496 crore as against Rs 412 crore in 2014-15.

Similarly, revenue from the power products and solutions business for the quarter was Rs 621 crore in third quarter up 35 per cent, against Rs 461 crore in year ago period.

Sterlite Technologies is in process of demerging power business from it.
Agrawal said that court convened meeting in this regard was held on December 15, and the proposal to demerge the Power business into a separate undertaking was approved with significant majority by the shareholders, creditors and lenders.
"We expect transaction to get complete around April," he said.
He said that India continues to be top contributor in the telecom business of the company followed by China. The company operates in Latin America, Europe, the Middle East and Africa.
Mix between domestic revenues and exports was at 29 per cent for the business, main export markets were China and Europe, he said.

Sterlite produces glass for optical fibre, optical fibre cables, which are used for broadband services and power cables. It has optical fibre production capacity of 22 million fibre kilometer (fKm) and scaling up cable production, which cover put over OFC, to 15 million fKM from 8 million fKm.
Shares of Sterlite Technologies closed at Rs 83.3, down by 1.42 per cent compared to previous close on BSE.