Connect with us

Company News

Sterlite Tech Q1 Profit Up 17% To Rs 141 Crore

Sterlite Technologies Ltd(STL) July 18 posted 17.5 percent rise in consolidated net profit at Rs 141 crore for June quarter 2019-20 mainly on account of growth in exports and sales of value-added products. The broadband technology provider posted a profit of around Rs 120 crore in the same period a year ago.

Revenue jumped by around 63 percent to Rs 1,432 crore during the quarter under review from about Rs 877 crore in the year-ago period.

“We have continued to maintain revenue growth momentum in the range of 60-63 percent. During the quarter, 36 percent of our revenue of around Rs 550 crore came from exports.

“Europe and China continue to be our strong market. We also focused on sales of value-added products which give us a higher margin,” STL Chief Financial Officer Anupam Jindal told PTI.

He said revenue from domestic market grew 80 percent to Rs 900 crore year-on-year with traction from three domestic telecom players and on delivery of communication network project for Indian Navy.

“Our order books stood at around Rs 10,000 crore with fresh inflow to the tune of around Rs 750 crore. It was mix of demand from overseas and domestic market,” Jindal said.

During April-June period, STL commissioned new optical fibre cable manufacturing facility which enhances its annual capacity to 50 million route kilometers (rkm) from 30 million rkm earlier.

“We expect to reach full capacity utilisation in next 2-3 quarters,” Jindal said.―Money Control

Click to comment

You must be logged in to post a comment Login

Leave a Reply