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Sterlite Tech net profit jumps 65 pc to Rs 87 crore in Dec quarter

·1-min read

New Delhi, Jan 20 (PTI) Broadband solutions provider Sterlite Technologies Ltd (STL) on Wednesday reported a 65 per cent jump in consolidated net profit to around Rs 87 crore for the quarter ended December 2020.

The company had posted a net profit of around Rs 53 crore in the corresponding quarter of the previous financial year.

Its consolidated revenue during October-December 2020 grew 9.2 per cent to Rs 1,314.44 crore, compared with Rs 1,202 crore in the year-ago period.

STL Group Chief Executive Officer Anand Agarwal told PTI, 'Our optical fibre cable is running at all-time high volumes. Telecom companies are getting a lot of funds from cloud services providers and private equity firms.' He added that there is a lot of demand coming for new digital infrastructure such as 5G and fibre-to-the-home.

STL has committed Rs 300 crore to expand its optical fibre cable capacity from 1.8 to 3.3 crore fibre km and expect to complete it by June 2021.

'Sixty-five per cent of the total capacity will be in India and the rest overseas. In terms of revenue from the optical business, 40 per cent is from India and 60 per cent is from overseas,' Agarwal said.

The company has an order book of Rs 10,737 crore.

He added that about Rs 7,000 crore in the order book will be completed by the financial year 2021-22 and about Rs 3,500 crore will be after that. PTI PRS HRS hrs