New Delhi, Jul 19 (PTI) Optical fibre maker Sterlite Technologies today posted about 61 per cent jump in its consolidated net profit at Rs 60.59 crore for the quarter ended June 2017.
The company had registered net profit of Rs 37.74 crore in the same period a year ago.
"Over 150 countries have announced national and rural broadband plans, with India at the forefront with Digital India, BharatNet and Smart Cities. With smarter broadband networks being the key to realisation of this vision, we will continue to impact everyday living experiences through our smarter network capacities and capabilities," Sterlite Tech Chairman Pravin Agarwal said in a statement.
Total income increased by about 23 per cent to Rs 751.19 crore, its highest revenue till date, in the reported quarter compared to Rs 611.48 crore in the same quarter of the previous fiscal.
"Our strategy to design, build and manage broadband networks is augmenting well in the domestic and international markets leading to organic growth," Sterlite Tech CEO Anand Agarwal said.
The company logged the highest-ever quarterly export sales of Rs 320 crore and highest orderbook of Rs 3,140 crore at the end of this quarter.
Sterlite Tech is on track to achieve its 30 million fibre km expansion by middle of this financial year. It is now embarking on its next leg of capacity expansion to 50 million fkm, to be completed by June 2019.
The stock was trading at Rs 169.3, up 7.08 per cent, on the BSE in the afternoon session.
(Attn.Editors: The following press release comes to you under an arrangement with PRNewswire. PTI takes no editorial responsibility for the same).
PUNE, India, July 19, 2017/PRNewswire/ --
- Highest ever quarterly revenue at Rs 744 crore,up 23% YoY
- PAT up 61% YoY; EBITDA up 32% YoY
- Highest ever order book of Rs 3,140 crore
- Highest ever quarterly export sales of Rs 320 crore;
Exports at 43% of revenues
Sterlite Tech (BSE: 532374) (NSE: STRTECH), an end-to-end global technology leader in smarter digital networks, today reported financial results for the first quarter ended June 30, 2017, with its highest ever quarterly revenues driven by strong order book and export sales. The Company reported the highest ever quarterly export sales of Rs 320 crore and highest order book of Rs 3,140 crore at the end of this quarter.
Sterlite Tech focuses on designing, building and managing smarter networks for four key customer segments - Global Service Providers, Smart Cities, Rural Broadband and Large Enterprises - partnering with them to succeed through its unique silicon-to-software capabilities.
With positive shifts in technology, national policies and consumption patterns for the creation of smarter broadband infrastructure, this quarter saw optical fibre demand showing a consistent upward trend in the global markets. This reflected with healthy increase in exports at 43% of revenues. In line with global demand trends, Sterlite Tech is on track to achieve its 30 million fkm expansion by middle of this financial year. The Company is now embarking on its next leg of capacity expansion to 50 million fkm, to be completed by June 2019. This will place Sterlite Tech in the league of top three integrated fibre manufacturers in the world. The Company is planning to bring this new capacity in phases, over the next three years.
Financial Highlights for Q1FY'18 (Consolidated - All figures are in Ind AS & Rs crore)
- Quarterly revenues at Rs 744 crore,up 23% vs Rs 603crore YoY - EBITDA at Rs 162 crore, up 32% vs Rs 122 crore YoY - Profit After Tax at Rs 61 crore, up 61% vs Rs 38 crore YoY - ROCE of the business in Q1FY'18 at 26%
Particulars Q1FY'17 Q1FY'18 % Growth
Revenue Rs 603 cr Rs 744 cr 23%
EBITDA Rs 122 cr Rs 162 cr 32%
PAT Rs 38 cr Rs 61 cr 61%
Elaborating on the performance, Dr Anand Agarwal, CEO, Sterlite Tech, said, "Our strategy to design, build and manage broadband networks is augmenting well in the domestic and international markets leading to organic growth. With our unique silicon-to-software capabilities, we are able to address the requirements of web-scale networks for all new transformational technologies such as Cloud Computing, Internet of Things (IoT), M2M and Augmented Reality (AR). As the world moves toward the next phase of digital evolution through global Governments' focus on the creation of Gigabit societies, smart cities and rural broadband, we will continue to see sustained long-term growth with our unique IoT integration capabilities."
Sharing on the Company's growth dynamics, Pravin Agarwal, Vice Chairman, Sterlite Tech, said, "Over 150 countries have announced national and rural broadband plans, with India among the forefront with Digital India, BharatNet and Smart Cities. With smarter broadband networks being the key to the realisation of this vision, we will continue to impact everyday living experiences through our smarter network capacities and capabilities."
Business and Operational Highlights for Q1FY'18 - Sterlite Tech won an order to design, build and manage
Kakinada Smart City as the Master System Integrator of the
Project. With this, the Company has brought many technology
Firsts to India in terms of horizontal IoT platform;
LoRa-based city-wide wireless sensor network and disaster
- With the grant of new US patents, current patent
Portfolio stands at 155.
- Sterlite Tech commercially launched smarter
Technologies- FTTX Smarter Network Kit, Indicium Lite
Cable, Atlas Lite Cable and Olympus Lite Cable, globally. - Sterlite Tech Software Division won an order to enable a
Leading global operator with Wi-Fi SMP and VoIP solutions
To launch Wi-Fi access and Voice over IP services.- Sterlite Tech expanded its leadership team with the
Appointment of Nischal Gupta as Chief Transformation
Officer to establish and lead the Company's digital
Transformation; Sanjeev Bedekar as the Chief Delivery
Officer, Telecom Services to drive the System Integration
Business and Anshoo Gaur as a Strategic Advisor to scale
The software business. The Company also strengthened its
Global leadership team with the appointment of Steve
Bullock to drive growth in North America and Richard
Eichhorn to strengthen presence in Europe, Middle East
- Sterlite Tech's optical fibre business was honoured
With 'CII Award for CustomerObsession - 2016', for
Active customer engagement.
- Sterlite Tech Software Division received the 'Jury
Excellence Award' at the Smart City India Expo 2017
For the successful deployment of the first Smart City
Services in India for Gandhinagar Municipal Corporation.
- Sterlite Tech was awarded the United Nations Global
Compact Network Certificate of Merit. The Company is
Now amongst only 10 Indian companies recognised by
The UNGCN - India, for its best practices in advancing
Sustainable development goals.
- The Company's Jeewan Jyoti initiative won the 'CSR
Project of the Year' title under the Women Empowerment
Category at the CSR Excellence Awards.
About Sterlite Technologies:
Sterlite Technologies Ltd (BSE: 532374) (NSE: STRTECH), is a global technology leader that designs, builds and manages smarter digital networks. Sterlite Tech engages in six continents and more than 100 countries, with a digital networks focused business panning across products, services and software - optical communication products, network & system integration services and OSS/BSS software solutions.
The Company has state-of-the-art manufacturing facilities in India, China & Brazil, and aims to transform everyday living by delivering smarter networks. With a strong portfolio of over 155 patents, Sterlite Tech is home to India's only Centre of Excellence for broadband research. Projects undertaken by the company include intrusion-proof smarter data network for the Armed Forces, rural broadband for BharatNet, Smart Cities' development, and establishing high-speed Fibre-to-the-Home (FTTH) networks.
For more details, visit http://www.Sterlitetech.Com. Forward-looking and cautionary statements: Certain words and statements in this release concerning Sterlite Technologies Limited and its prospects, and other statements relating to Sterlite Technologies' expected financial position, business strategy, the future development of Sterlite Technologies' operations and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of Sterlite Technologies Limited, or industry results, to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Sterlite Technologies' present, future business strategies, and the environment in which Sterlite Technologies Limited will operate in the future. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, changes in Government policies or regulations of India and, in particular, changes relating to the administration of Sterlite Technologies' industry, and changes in general economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Sterlite Technologies' control, include, but are not limited to, those risk factors discussed in Sterlite Technologies' various filings with the National Stock Exchange, India and the Bombay Stock Exchange, India. These filings are available at http://www.Nseindia.Com and http://www.Bseindia.Com.
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI