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Sterlite Tech releases financial results for Q2 of FY 18

Committed capacity expansion to 30 million fibre km achieved in Q2, FY18; further expansions on target to fulfil a growing order book of Rs 3,832 crore

Sterlite

Sterlite Tech posted financial results for the second quarter ended September 30, 2017. The company has been successful to keep the momentum of its growth. Sterlite Tech posted revenues at Rs 779 crore, up 42% YoY; EBITDA at Rs 179 crore, up 63% YoY; and PAT at Rs 71 crore, up 40% YoY. The company has been steadily increasing its global footprint, taking advantage of the surging global demands with its world-class solutions portfolio. As the company entered new geographies and strengthened its presence in Europe and China, exports grew at 73% YoY, contributing 51% of total revenue.

As data-intensive and low-latency solutions such as Cloud Computing, Augmented Reality and Internet of Things gain ground, optical fibre is becoming increasingly essential for supporting this exponential data growth. Sterlite Tech has been building on its leadership in this segment with order book reaching Rs 3,832 crore.

This quarter, the company claimed to have made major advances in developing capabilities across technology innovation and capital expansion to deliver on this improved business outlook:

  • Capacity expansion to 30 million fibre km was achieved as per plan, with Q2 sales at this rate.
  • Further capacity expansion to 50 million fibre km is on track, to be delivered by June 2019.
  • A high-speed 5G-ready network solution named FlashFWD was launched, that delivers a complete kit with high fibre counts suitable for 5G backbone in global city environments.
  • Several new patents were added, taking the patent count to 162.
  • Sterlite Tech won the Golden Peacock Award for Excellence in Corporate Governance, 2017.

Elaborating on the quarter performance,Anand Agarwal, CEO, Sterlite Tech said, “We are excited about the pace at which enterprises and consumers are embracing new technologies. Fibre continues to be the ideal medium for building smarter networks, and Sterlite Tech is the most integrated player globally with unique capabilities of creating fibre-based data networks – from base infrastructure to the software monetisation layer. We are seeing a major world-wide trend towards next-generation web-scale networks with processing and storage at the edge.” He added, “With our deep global customer engagement, we are designing, building and managing such future-ready web-scale networks across the world.”

Asserting the company’s growth prospects, Pravin Agarwal, Vice Chairman, Sterlite Tech said, “Our sustained strong financial performance over the quarters is a validation of our unique silicon to software capabilities. Technology innovation is at the core of the company, and we are constantly creating solutions that position us as a global leader driving digital transformation.” He added, “This transformation will better everyday living experiences, while supporting the Digital India vision and enabling the broadband policies of many countries.”

 

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Vikas Kumar

I have a passion to learn new things. There are always possibilities for learning. Everything needs to be analyzed critically, and I believe to do it by creating a solid bond between a reader and writer. Whether, it is an article or news story, it should not be distorted and must be reported in a balanced way. I believe to stick to the ethics of journalism.

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