Sterlite Technologies Q3 net at Rs 23 crore

Reports revenue growth of 32% at Rs 895 cr; current order book updated to Rs 4,700 cr

Sterlite Technologies, service provider to the telecom and power sector, reported a net profit of Rs 23 crore for the third quarter ended December 31, 2014 up almost five times from Rs 5 crore in the corresponding quarter last financial year. The company's share price shot up 13% at Rs 71 per share from previous close of Rs 62.7 during intra-day trading.

With a strong order book in place, the company also reported revenue growth of 32% at Rs 895 crore up from Rs 680 crore in the same period last year. On a sequential basis revenue was up 51% from Rs 592 crore.

The company updated that its current order book was at Rs 4,700 crore representing an increase of almost 80% to the order book levels a year back.

Pravin Agarwal, Whole-time Director, Sterlite Technologies said, "As we move into the next calendar year backed by solid performance in the last quarter, we feel much more confident of the brighter prospects for our company. Over the years, we have developed unique capabilities required for transmission of high speed data and high voltage power and are strongly positioned to capture opportunities globally and closer home."

The telecom products and solutions business revenues were at Rs 412 crore driven by highest ever quarterly volumes for its Optical fiber and Optical fiber cable business at 4.6m fkm and 2.2m fkm respectively, said the company.

The Power products and solutions business revenues stood at Rs 461 crore, up 61% Q-O-Q as conductor volumes at about 27,000 MT have started showing signs of improvement. "Order book at Rs 2,400 crore in Power products segment remains healthy and well diversified with exports nearly accounting for 40% of total order book," said the company.