Sterlite Tech Q1 net profit up 61% to Rs 60.6 crore

Sterlite Tech had registered net profit of Rs 37.74 crore in the same period a year ago

Optical fibre maker Sterlite Technologies on Wednesday posted about 61 per cent jump in its consolidated net profit at Rs 60.59 crore for the quarter ended June 2017.

The company had registered net profit of Rs 37.74 crore in the same period a year ago.

"Over 150 countries have announced national and rural broadband plans, with India at the forefront with Digital India, BharatNet and Smart Cities. With smarter broadband networks being the key to realisation of this vision, we will continue to impact everyday living experiences through our smarter network capacities and capabilities," Sterlite Tech Chairman Pravin Agarwal said in a statement.

Total income increased by about 23 per cent to Rs 751.19 crore, its highest revenue till date, in the reported quarter compared to Rs 611.48 crore in the same quarter of the previous fiscal.

"Our strategy to design, build and manage broadband networks is augmenting well in the domestic and international markets leading to organic growth," Sterlite Tech CEO Anand Agarwal said.

The company logged the highest-ever quarterly export sales of Rs 320 crore and highest orderbook of Rs 3,140 crore at the end of this quarter.

Sterlite Tech is on track to achieve its 30 million fibre km expansion by middle of this financial year. It is now embarking on its next leg of capacity expansion to 50 million fkm, to be completed by June 2019.

The stock was trading at Rs 169.3, up 7.08 per cent, on the BSE in the afternoon session.