Sterlite Tech reports Rs 11.27 cr loss in Q1

However, the company has posted a standalone net profit of Rs 20.28 crore for the April-June period of 2015-16

Sterlite Technologies today reported consolidated net loss of Rs 11.27 crore for the first quarter ended June 30 in the current fiscal.

In a BSE filing, the company said however that it has posted a standalone net profit of Rs 20.28 crore for the April-June period of 2015-16, as against Rs 9.49 crore in the year-ago quarter.

The total revenue for the first quarter was Rs 975 crore, an increase of 73 per cent as compared to the same period last year, the company said, adding that telecom and power businesses contributed Rs 424 crore and Rs 537 crore respectively.

The company's total order book as of June 30 was at Rs 4,205 crore with the telecom order book at Rs 2,087 crore and Power at 2,118 crore.

Nearly 83 per cent of the order book is domestic focused reflecting the underlying communication and power infrastructure being built out in India, it added.

It said that the demerger proceedings are continuing and may close in the fourth of 2016 subject to approvals by the High Court, SEBI, shareholders and creditors of STL and other relevant regulatory authorities.

"The telecom business continues to witness strong traction on the back of scaling up of connectivity infrastructure both domestically and overseas," the statement quoted company's Vice Chairman Pravin Agarwal as saying.

"We are confident of scaling greater heights as the data opportunity unfolds further across the country and the region. And through it all, we shall continue to remain focused on building sustainable value for all stakeholders," he added.

The Sterlite Tech stock closed at Rs 100.40, down 0.64 per cents, on the BSE.