Sterlite Technologies net up 65%

Telecom transmission solutions provider Sterlite Technologies today said its net profit rose 65 per cent to Rs 72 crore for the fourth quarter ended March 31, 2010, over the same period last year.

Net revenues of the company rose to Rs 662 crore for the quarter ended March 31, from Rs 577 crore in the same period last year, Sterlite Technologies said in a filing to the Bombay Stock Exchange.

Shares of the company reacted positively to the quarterly and yearly figures and rose 15.41 per cent to touch a year-high level of Rs 100.70 from its previous close.

"This is another good set of results for Sterlite with continued growth in sales, strengthening of our global client footprint and tight cost control leading to significant improvement in profits," Sterlite Technologies whole-time Director Pravin Agarwal said.

The board of directors has proposed a final dividend of Rs 0.50 per share on the face value of Rs 2 per share to the shareholders, awaiting shareholders’ approval.

For the year ended March 31, the company has posted a net profit of Rs 246 crore, a nearly three-fold jump from the year-ago period.

Shares of Sterlite Technologies were trading at Rs 96.05 on NSE, up 10.40 per cent from previous close.