 "Sterlite Techologies' Q4 net profit up 33.3% y-o-y")
Demerger of its power business and growth in telecom business impacted optical communications products, services and software company Sterlite Technologies' fourth quarter numbers.
The company reported a net profit of Rs 52 crore for the fourth quarter that ended on March 31, 2016. The profits grew 33.3% compared to Rs 39 crore for the same quarter last year.
Revenue for the quarter dropped 41% from Rs 979 crore in the Q4 of FY15 from the current Rs 576 crore. The fourth quarter of FY15 represent the telecom and power business of the company, from April 1, 2015 the company demerged its power business. Post demerger, the FY16 performance is representative of only telecom business. The FY15 reported numbers would not be to that effect comparable to FY16 reported financial numbers.
On a quarter-on-quarter basis, net profit grew 26.8% and revenue rose by 6.6%. The Q3 FY16 numbers represents the demerged entity.
"We are happy to close the financial year with a strong operational and financial performance. Going forward, we will strengthen our focus on end-to-end telecom opportunities, while investing in building capabilities on core technologies and smart networks. We are excited by the opportunity landscape surfacing in India on network creation and global demand for optical fiber," said Anand Agarwal, CEO, Sterlite Technologies.
For the fiscal year 2015-16 the company reported net profit of Rs 151 crore up 27% and revenue was up 33% at Rs 2,161 crore.
In Q4FY16, Sterlite Tech achieved an annual production run rate of 22 million fkm, increasing optical fiber manufacturing capacity by 10% through de-bottlenecking initiatives. The company said it doubled optical fiber cable manufacturing capacity to 15 million fkm.