Sterlite Technologies has reported a strong quarter post a strong demand for optical fibre, supported by growth in China market.
The company installed total of 6.1 million fkm in Q2FY’17 as compared to 5.5 million fkm in Q1FY’17, operating at close to 25 million fkm annual capacity. Earlier this year, the company had announced plan to expand its fiber capacity to 30 million fkm by mid FY18.
International sales doubled from Rs 115 crore in Q2FY’16 to Rs 231 crore in Q2FY’17. The company added new orders worth Rs 731 crore in the current quarter, leading to healthy order book of Rs 2,324 crore at the end of H1FY’17.
Sterlite Tech posted revenue of Rs 551 crore with an EBITDA of Rs 109 crore (20 percent) for Q2FY17 as against Rs 571 crore Y-o-Y.
Profit after Tax (PAT) stood at Rs 51 crore which included one-time tax benefit on account of merger of passive infrastructure business of Speedon Network, a wholly-owned subsidiary of the Company, into parent company Sterlite Technologies.
The company will pay dividend of around 30 percent of net profits on the Consolidated Financials basis.
Elaborating on Q2, Anand Agarwal, CEO, Sterlite Technologies, said, “We are witnessing an expanding optical fibre demand globally and good traction in upcoming network and system integration opportunities in India. With strong industry sentiments around 4G, Smart City, BharatNet and FTTH deployments, we remain bullish on India market and opportunities it presents across our business segments from optical communication products to services and software.”
Speaking on the performance in the coming quarters, he continued, “With an expanding order book of currently Rs 2,324 crore and a strong pipeline of over Rs 10,000 crore of opportunities under decision, we are committed to deliver stronger performance in the coming quarters.”
