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Updated on: Thursday, October 21, 2021, 10:14 PM IST

Sterlite Technologies Q2: Net profit up over 81% at Rs 106 cr

Sterlite Technologies Ltd's (STL's) revenue rose 30 per cent to Rs 1,508 crore in the second quarter of the current fiscal (Q2 FY22)./ Representational image |

Sterlite Technologies Ltd's (STL's) revenue rose 30 per cent to Rs 1,508 crore in the second quarter of the current fiscal (Q2 FY22)./ Representational image |

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Sterlite Technologies reported an over 81 per cent year-on-year jump in consolidated net profit for the September quarter at about Rs 106 crore, aided by strong performance in Europe and Americas region.

The company also said it ''well positioned'' to benefit from opportunities arising from creation of massive networks globally. Its net profit stood at about Rs 58 crore in the same quarter of the previous year.

Sterlite Technologies Ltd's (STL's) revenue rose 30 per cent to Rs 1,508 crore in the second quarter of the current fiscal (Q2 FY22).

''STL recorded Rs 15.08 billion in revenues with about 43 per cent coming in from the EMEA region and about 12 per cent from Americas, demonstrating increased global traction for its integrated digital network solutions,'' the company said in a statement.

Massive networks are being created globally in the areas of 5G, FTTx (a term used to describe various optical fibre delivery topologies), and Open RAN (Open Radio Access Network) with an increased focus on optical connectivity. This has led to rapid growth in fibre demand and a buoyant long term outlook, STL said, adding, ''With its global footprint, fibre capacity of 50 million fibre kilometers and planned cable capacities of 42 million fibre kilometers, STL is very well positioned to lead in this decade of network creation.''

STL Managing Director Ankit Agarwal noted that the slew of steps taken by the company over the past few quarters, including launch of ''disruptive solutions'' for programmable, optical and wireless networks and strategic merger and acquisition ''are now translating into revenue growth''.

''Now with our robust optical, wireless and system integration capabilities, we are all set to deliver on the new architecture of digital networks and take the power of connectivity to billions across the globe,'' Agarwal added.

Commenting on the Q2 scorecard, Mihir Modi, chief financial officer of the company, told PTI that revenue has grown faster than fixed cost, partially due to last fiscal being a pandemic-hit year. On the drivers for topline, he said at a business level the optical network business, which is products business, has contributed substantially to growth.

''Further, Europe and Americas are important contributors to driving the 30 per cent growth. This is in line with plan and strategy we are pursuing which is to go global and to focus on customers in the US and European markets, and that is showing in growth numbers,'' Modi said.

(With PTI inputs)

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Published on: Thursday, October 21, 2021, 10:14 PM IST
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