Sterlite Tech Q3 net profit up 62% to Rs 146 crore

Optical fibre maker Sterlite Tech Thursday reported around 62 per cent jump in consolidated net profit to Rs 145.6 crore in the December 2018 quarter, on account of robust services solutions business.

The company had registered a profit of Rs 90.09 crore in the corresponding quarter of 2017-18.

Total income jumped around 60 per cent to Rs 1,345.3 crore, compared with Rs 841.91 crore a year ago.

"We have been operating at 100 per cent capacity of optical fibre and optical fibre cable. Our new facilities are on track that will further expand our supplies. Our new services business contributed significantly in the current fiscal and contribution also came in from Metallurgica Bresciana which we have recently acquired," Sterlite Tech Chief Financial Officer Anupam Jindal told PTI.

Sterlite Tech has already invested around Rs 1,200 crore for expansion of optical fibre capacity to 50 route kilometer (Rkm) from 22 million Rkm.

Further, the company is investing Rs 320 crore to expand optical fibre cable production from 18 million Rkm to 33 million Rkm by 2020.

The company's order book during the quarter crossed Rs 10,000 crore with fresh orders worth Rs 5,700 crore.

"Domestic business contributed 60 per cent to overall expanded revenue. Out of this, half of business came from the services segment. Total contribution from services segment was around Rs 400 crore," Jindal said.