Sterlite Technologies Limited (STL) has reported a net profit (excluding exception items) of Rs 910 million during the quarter ended (QE) December 2019. The company had reported a net profit of Rs 1.46 billion during the corresponding quarter in 2018.
Further, the company’s consolidated revenue stood at Rs 12.03 billion during the QE December 2019 as against Rs 13.35 billion during the QE December 2018. STL’s earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at Rs 2.47 billion during the quarter.
The company continued to grow its healthy order book of Rs 85.35 billion with a strong growth outlook. The company’s exports accounted for 31 per cent of revenue.
Commenting on the results, Dr. Anand Agarwal, Group CEO, STL, said, “Amidst long term data network growth, the market environment in 2019 witnessed uncertainty and sluggish growth on account of the economic downturn. Within this business environment globally, we increased our order book over the last quarter and have shown a 21 per cent revenue growth (9-months YTD) as compared to last year. Our transformation from an optical fibre company to an end-to-end data networks integrator has significantly increased our overall addressable market. We continue to be extremely bullish and focused on our data network integration capabilities by investing in growth areas such as data centres and wireless solutions.”
Continuing the relentless pursuit for driving customer value
- Scaling up on execution: It completed 65 per cent of the Indian Navy project and established the first ever data centre for Navy’s seamless transition to new-age applications. 55 per cent of the Mahanet project delivered with network infrastructure deployment to over 2,000 gram panchayats.
- Winning new opportunities: It was awarded T-Fiber project worth about Rs 11 billion to deliver digital infrastructure to 6 million rural citizens of Telangana and selected by Telekom Albania for its multi-year, multi-million dollar digital transformation program.
- Focusing on environment sustainability: It continued its commitment to sustainability with diversion improvement at Waluj plant from 95 per cent to 97 per cent and plant certified as “Near to Zero Waste to Landfill”.
- Gaining industry recognition: STL was awarded “Best in Class Supply Chain Sustainability” Winning award in ELSC Leadership Awards 2019, 1st prize in CII’s SCALE 2019 National Award- Supply Chain and Logistics Excellence, and SAP ACE and Uipath most innovative Bot award.
Enhancing technology prowess
- Strengthening capabilities: STL acquired 12.8 per cent stake in ASOCS, a pioneer in virtual radio access networks (vRAN) for creating cutting edge 5G solutions and empowering customers to build best in class network.
- Extending solution suite: It leveraged IDS UK’s inside data centre design and deployment capability for expanding reach with global customers.
- Embracing 5G: It collaborated with IIT- Madras for 5G advancements in India and to realise the enormous potential of 5G for customers and industry in India and global markets.