Sterlite Tech Q1 net profit plunges 96%, total income at Rs 885.7 crore

Broadband technology solutions provider Sterlite Technologies on Thursday posted a 96 per cent decline in consolidated net profit to Rs 5.96 crore for the June quarter, hit by the Covid-19 crisis.

The company had recorded a profit of Rs 142.87 crore in the same period a year ago.

Total income of Sterlite Technologies (STL) declined by 38.5 per cent to Rs 885.73 crore from Rs 1,440.73 crore in the corresponding quarter of the preceding fiscal.

"Covid-19 impacted performance. Project execution significantly impacted due to lockdown. Production and delivery was hurt due to logistics challenges," STL said in a presentation.