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Sterlite Tech Q3 net profit up 63 pc at Rs 49 cr

Press Trust of India  |  New Delhi 

Optical fibre maker Sterlite Technologies today posted a 63 per cent jump in consolidated net profit at Rs 49 crore in the third quarter ended December 31, 2016.

The company registered a net profit of Rs 30 crore in the same period a year ago, Sterlite Tech said in a statement.

Revenues increased by 23 per cent to Rs 732 crore in the reported quarter, from Rs 596 crore in the same period last year.

"Since optical fibre is the key to building digital infrastructure, we are witnessing strong demand globally, for both our products and optical-fibre based smarter network solution offerings. We foresee this growth in demand to continue," Sterlite Technologies CEO Anand Agarwal said.

The company saw a robust organic growth in international business with exports rising 74 per cent compared to the year-ago period.

Sterlite Technologies also made the highest-ever order booking in this quarter for its product business at over Rs 1,000 crore.

"The company achieved highest-ever fibre volumes, and exited Q3 with optical fibre sales at annualised run rate of over 27 million fkm. The quarter also saw highest order booking in the products business at Rs 1,000 crore," it said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 18 2017. 16:07 IST