Sterlite Tech reports 42 percent YoY revenue growth
ANI | Updated: Oct 16, 2017 17:36 IST
New Delhi [India], Oct. 16 (ANI): Sterlite Tech, an end-to-end global technology leader in smarter digital networks reported continued solid performance, robust growth and on-target capacity expansion to gear up for a growing global order book.
Announcing the financial results for the second quarter ended September 30, the company posted revenues at Rs. 779 crore, up by 42 percent YoY; EBITDA at Rs 179 crore, up 63 percent YoY; and PAT at Rs 71 crore, up 40 percent 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 percent YoY, contributing 51 percent towards the 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 made major advances in developing capabilities across technology innovation and capital expansion to deliver on this improved business outlook. It enabled a capacity expansion to 30 million fibre km, with further capacity expansion to 50 million fibre km to be delivered by June 2019.
The company launched a high-speed 5G-ready network solution named FlashFWD 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.
Also, Sterlite announced the appointment of Sandip Das as Non-Executive and Independent Director to the Board of Sterlite Tech. A founder of private telephony in India and a globally respected telecommunications professional, Sandip brings vast experience in leading transformation through strategic guidance in a highly evolving digital communications space.
"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. With our deep global customer engagement, we are designing, building and managing such future-ready web-scale networks across the world," said Dr Anand Agarwal, CEO, Sterlite Tech.(ANI)