Sterlite Technologies Ltd today reported 82 per cent jump in net profit at Rs 41.91 crore for the quarter ended December 31, on increase in revenue from power as well as telecom business.
The company's profit during the corresponding quarter in 2014-15 was Rs 23.06 crore.
Total income from operations increased to Rs 1,134.42 crore as compared to Rs 894.53 crore in the year-ago period, the company said in a statement.
It said revenues from the Telecom products and solutions business for the quarter under review were Rs 496 crore, up 20 per cent from Rs 412 crore in the year-ago period.
Revenues from the power products and solutions business for the quarter were Rs 621 crore, up 35 per cent from Rs 461 crore in the corresponding period of the previous fiscal.
Meanwhile, the company said that a court-convened meeting was held on December 15, 2015 and the proposal to demerge the power business into a separate undertaking was approved with significant majority by the shareholders, creditors and lenders.
The transaction is expected to be completed by April/May 2016, it added.
"As a result of the government's renewed focus on power and connectivity, we see strong opportunities in both our verticals. We have built significant internal capabilities to capitalise on the growth potential," Sterlite Technologies Vice Chairman Pravin Agarwal said.
Business highlights
- During the quarter, Sterlite was recognised amongst India's Top 25 Innovative Industrial Companies by CII with strong focus on building capabilities in basic research & network development.
- All of Sterlite's optical fibre operations in India & China continue to operate above rated capacity. During the quarter, the optical fibre business achieved an annualised sales rate of about 22 million km, for a total rated capacity of 20 million km.
- Elitecore Technologies, acquired in 2015, was awarded a Smart City project under Digital India. Scope includes providing Wi-Fi connectivity, smart street lighting, environment censors, IP surveillance, smart transport solutions, etc.
- With global fibre demand at 360 million km presently, Sterlite expanded global customer base for optical fibre with key order wins.
- In Power business, STL is set to deliver India's first Smart Line to the state of Goa.
- Subsidiary Sterlite Grid sets new industry benchmark by commissioning a transmission project ahead of schedule.
- Sterlite Grid became the first power transmission company to raise money through the bond market. It raised Rs 925 crore through non-convertible debentures, which will reduce its overall interest cost.
- Sterlite Grid won an order to Build, Own, Operate & Maintain approximately 350 km of power transmission line in Odisha with approximate CAPEX of Rs 1,250 crore.
