You are here: Home » PTI Stories » National » News
Business Standard

Sterlite Tech Q2 net profit up 40% at Rs 56 crore

Press Trust of India  |  New Delhi 

Optical fibre maker Sterlite Technologies today posted 40 per cent jump in consolidated net profit at Rs 56 crore in the second quarter ended on September 30, 2016.

The company registered a net profit of Rs 39.97 crore in the same period a year ago.

Total income from operations, however, declined by 3.6 per cent to Rs 550.65 crore in the reported quarter from Rs 571.43 crore in the same period last year.

"We are witnessing an expanding optical fibre demand globally and good traction in upcoming network & system integration opportunities in India. With strong industry sentiments around 4G, Smart City, BharatNet and FTTH deployments, we remain bullish on India market and opportunities it presents across our business segments from optical communication products to services and software," Sterlite Technologies CEO Anand Agarwal said in a statement.

The quarter saw a strong and expanding global demand for Optical Fibre, supported by growth in the China market. Sterlite Tech posted a total volume of 6.1 million fibre kilometer(fkm) in the reported quarter compared to 5.5 million fkm in previous quarter.

The company said it added new orders worth Rs 731 crore in the current quarter, leading to order book of Rs 2,324 crore at the end of first half of current financial year.

"With an expanding order book of currently Rs 2,324 crore and a strong pipeline of over Rs 10,000 crore of opportunities under decision, we are committed to deliver stronger performance in the coming quarters," Agarwal said.

During the quarter, Sterlite Tech's US patent application marked its entry into a strategic opportunity area of sensory applications for smart cities, surveillance, security, and related applications.

Shares of Sterlite Tech closed at Rs 105.25 apiece today at BSE, down by 1.64 per cent from previous close.

Cables and highrise /MDU Swift Passive Solution kits to

deliver superior performance in data transmission and performance reliability with added functionality. Ankit Agarwal, Global Head, Sales and New Ventures, Sterlite Technologies, said, "As an end-to-end service provider, our smarter network capabilities have fibre connectivity as the backbone, which can offer network convergence of multiple services with OSS/BSS offering customer management and monetization capabilities within a single access network. Through such network convergence, we can deliver a wider range of services, adopt new business models, offer innovative services and enter new markets."

About Sterlite Technologies:

Sterlite Technologies Ltd [BSE: 532374, NSE: STRTECH], is a global technology leader in smarter digital infrastructure. With a pure-play telecom focus, it delivers optical communication products, network & system integration services and OSS/BSS software solutions. For more information, visit http://www.Sterlitetech.Com

Contact details:

L. K. Pathak

Phone: +91-9925-012-059

Email: l.K.Pathak@sterlite.Com

Sumedha Mahorey

Phone: +91-22-30450404

Email: sumedha.Mahorey@sterlite.Com Photo:

http://mma.Prnewswire.Com/media/472202/Sterlite_with_Elitecore _Logo.

First Published: Thu, October 27 2016. 18:22 IST