Sterlite Tech, which just announced demerger of power business, has reported a 27% yearly jump in its PAT or profit after tax for the fiscal year 2016 at Rs 151 crore. Post demerger, the company said that its FY16 performance is representative of only telecom business. Sterlite now claims to be India’s only Optical Communication Products, Services & Software company. The company's fourth quarter PAT (post-demerger) increased to Rs 52 crore, from Rs 41 crore in the previous quarter.
It's fourth quarter revenue (post-demerger) increased to Rs 576 crore, from Rs 540 crore in the previous quarter. The company's revenue for the overall fiscal year surged 33% at Rs 2,161 crore, compared to fiscal year 2015. It said that it achieved CAGR revenue growth of 28% for last 5 years.
Sterlite's EBITDA grew by 35% on y-o-y basis, the company said in a statement. Positive quarterly and full year financial results are a testimony of the structurally solid telecom business with unique offerings across the value chain, the company said. With its end-to-end telecom offerings, Sterlite Tech said that it is well positioned to address the large growth opportunities surfacing in India and globally for creation of next generation digital infrastructure.
Pravin Agarwal, Vice Chairman, Sterlite Technologies, said, “India is at the cusp of a data revolution. We have over 20 years of expertise in enabling digital ecosystem and are fully geared to contribute towards establishing smart networks that support India’s growth.”
In the fourth quarter of FY16, Sterlite Tech achieved an annual production run rate of 22 Mn fkm, successfully increasing optical fiber manufacturing capacity by 10% through de-bottlenecking initiatives.
The company also doubled optical fiber cable manufacturing capacity to 15 Mn fkm.
Sterlite Tech also completed the acquisition of Elitecore Technologies, adding unique software and integration capabilities to its current offerings.
Besides, it bagged its first Smart City project under Digital India for Gandhinagar to provide Smart transport solutions, IP Surveillance, Wi-Fi connectivity. In addition, it won the Jaipur Smart City project in May 2016.
"We are happy to close the financial year with a strong operational and financial performance. Going forward, we will strengthen our focus on end-to-end telecom opportunities, while investing in building capabilities on core technologies and smart networks. We are fully committed to transforming the digital infrastructure of the country on which the next generation services and applications will be offered," Dr. Anand Agarwal, CEO, Sterlite Technologies, said.
"We are excited by the opportunity landscape surfacing in India on network creation and global demand for optical fiber," he added.
