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Sterlite Tech Q1 net profit jumps 61% to Rs60.6 crore

LiveMint logoLiveMint 19-07-2017 PTI

New Delhi: Optical fibre maker Sterlite Technologies Wednesday posted about 61% jump in its consolidated net profit at Rs60.59 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% to Rs751.19 crore, its highest revenue till date, in the reported quarter compared to Rs611.48 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 Rs320 crore and highest orderbook of Rs3,140 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.

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