comscore Sterlite Technologies reports 40 percent rise in net profit for Q2 2016
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Sterlite Technologies reports 40 percent rise in net profit for Q2 2016

Sterlite Technologies 40 percent jump is for a consolidated net profit at Rs 56 crore. The company had registered a net profit of Rs 39.97 crore in Q2 2015.

  • Published: October 30, 2016 9:00 PM IST
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Optical fiber maker Sterlite Technologies today posted 40 percent jump in consolidated net profit at Rs 56 crore in the second quarter ended on September 30, 2016. The company registered a net profit of Rs 39.97 crore in the same period a year ago. Total income from operations, however, declined by 3.6 percent to Rs 550.65 crore in the reported quarter from Rs 571.43 crore in the same period last year. “We are witnessing an expanding optical fiber demand globally and good traction in upcoming network & system integration opportunities in India. With strong industry sentiments around 4G, Smart City, BharatNet and FTTH deployments, we remain bullish on India market and opportunities it presents across our business segments from optical communication products to services and software,” Sterlite Technologies CEO Anand Agarwal said in a statement. Also Read - Facebook for Android will soon get dark mode and coronavirus tracking feature

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The quarter saw a strong and expanding global demand for Optical Fiber, supported by growth in the China market. Sterlite Tech posted a total volume of 6.1 million fiber kilometer (fkm) in the reported quarter compared to 5.5 million fkm in previous quarter. The company said it added new orders worth Rs 731 crore in the current quarter, leading to order book of Rs 2,324 crore at the end of first half of current financial year. “With an expanding order book of currently Rs 2,324 crore and a strong pipeline of over Rs 10,000 crore of opportunities under decision, we are committed to deliver stronger performance in the coming quarters,” Agarwal said. During the quarter, Sterlite Tech’s US patent application marked its entry into a strategic opportunity area of sensory applications for smart cities, surveillance, security, and related applications. Also Read - Increasing smartphone usage may be resulting in growing horns on our skull; research suggests

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  • Published Date: October 30, 2016 9:00 PM IST



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