Sterlite Tech rises 7% on strong Q1 results, record order book position

The stock rallied 7% to Rs 324 on the BSE after the company reported nearly two times increase in net profit on YoY basis in June quarter and an all-time high order book position of Rs 60.34 billion.

Shares of Sterlite Technologies have rallied 7% to Rs 324 per share on the BSE in early morning trade after the company reported nearly two-times increase in its net profit on year on year (YoY) basis in June quarter (Q1FY19) and an all-time high order book position of Rs 60.34 billion.

The company posted net profit of Rs 1.21 billion, up 99%, on YoY basis, driven by growth in revenues and expansion of margin profile. Revenues grew 18% at 8.77 billion over the previous year quarter.

EBITDA (earnings before interest, taxes, depreciation and amortization) margin improved 700bps