Sterlite Tech, an end-to-end global technology leader in smarter digital networks, today posted financial results for the second quarter ended September 30, 2017. The company reported continued solid performance, robust growth and on-target capacity expansion to gear up for a growing global order book.
Continuing with its high growth levels, Sterlite Tech posted revenues at Rs 779 crore, up 42% YoY; EBITDA at Rs 179 crore, up 63% YoY; and PAT at Rs 71 crore, up 40% 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% YoY, contributing 51% of 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:
- Capacity expansion to 30 million fibre km was achieved as per plan, with Q2 sales at this rate.
- Further capacity expansion to 50 million fibre km is on track, to be delivered by June 2019.
- A high-speed 5G-ready network solution named FlashFWD was launched, 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.
- Sterlite Tech won the Golden Peacock Award for Excellence in Corporate Governance, 2017.
The company is also pleased to announce 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.