Sterlite Technologies reported 30% year-on-year jump in its first quarter profit at Rs 40 crore, as compared to Rs 31 crore profit in the same quarter last year. The company’s revenues for the same quarter were at Rs 565 crore, against Rs 463 crore in the same quarter last year, registering an increase of 22%.
EBITDA increased 21% at Rs 124 crore, against Rs 102 crore in the same quarter last year. “The growth in our business and robust order books are reflective of the large opportunities surfacing in the telecom space for us. Our strong focus on technology and engineering design for smarter network delivery has given us a distinctive edge against the competition to lead India’s transformation towards adopting true broadband infrastructure,” Pravin Agarwal, Vice Chairman, Sterlite Technologies, said in a statement. Sterlite Tech’s order book stands at Rs 2,100 crore, the company said.
Anand Agarwal, CEO, Sterlite Technologies, said, “We continue to remain bullish on India, while expanding our global footprint with new products and customers.” The company said that telcos’s need for mobile infrastructure, driven by 4G, and broadband infrastructure for defence and other utilities, including Smart Cities, along with rural broadband initiatives like BharatNet are going to be the big growth drivers.
It said that global data growth, served through presence in China, Brazil and Europe, will also help the company to grow further.
“For these growth drivers, Sterlite Tech is positioned uniquely to play an integral role in designing, building and managing the optical-fibre based broadband infrastructure,” the company said.
The company said that it has advanced its optical fibre manufacturing capacity expansion target of 30 million fkm to FY18. It added that bulk of this expansion will be accomplished through
de-bottlenecking with minimal capex.
During the quarter, Sterlite Tech launched its future-ready Smarter Network that assures reliability, longevity, scalability and traceability with lower Total Cost of Ownership and lowest impact on the environment.
The company also said that its current phases of Smart City projects in Gandhinagar and Jaipur are close to completion.