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Sterlite Technologies’ Q3 Net Profit up 105% to Rs 26 Crores - Net Revenues up by 60%; Q4 order book approximately Rs. 1,040 Crores
Sterlite Technologies’ Q3 Net Profit up 105% to Rs 26 Crores

 

NewswireToday - /newswire/ - Pune, Maharashtra, India, 2008/01/22 - Net Revenues up by 60%; Q4 order book approximately Rs. 1,040 Crores.

   
 
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Sterlite Technologies Limited (formerly, Sterlite Optical Technologies Ltd), India’s only integrated optical fiber manufacturer and global provider of Telecom Cables and Power Transmission Conductors, today announced that in Q3 2007-08 the Company earned net revenues of Rs. 502.03 Crores (US$ 126 Million) and net profits of Rs. 26.40 Crores (US$ 7 Million). In the same period in FY 2006-07 the Company earned net revenues of Rs. 313.95 Crores and net profits of Rs. 12.87 Crores.

The Company has earned net revenues of Rs. 1,142.17 Crores (US$ 286 Million) and net profits of Rs. 66.41 Crores (US$ 17 Million) for the 9-months ended December 31 2007; as compared to net revenue of Rs. 790.77 Crores and net profit of Rs. 36.04 Crores in the corresponding period last year.

At the start of Q4 2007-08, the Company has an order book of about Rs. 1,040 Crores for its telecom and power products, of which the export order book is about Rs. 400 Crores. As per the delivery schedule requirements by customers, about 50% of these contracts would be executed during FY 2007-08.

SEGMENTAL RESULTS FOR THE NINE-MONTHS ENDED DECEMBER 31, 2007
- The Company’s Power Transmission Business earned net revenues of Rs. 692.70 Crores (US$ 173 Million) with an EBIT margin of 11%. The Company’s Telecom Business earned net revenues of Rs. 449.47 Crores (US$ 112 Million), with an EBIT margin of 10%.
- The Company’s financial results for the nine-months ended December 31, 2007 also include figures in respect of the Power Transmission Business. Hence figures for current period are not comparable to figures for the previous period/s.

BUSINESS HIGHLIGHTS:
- Export Sales: 33% of total revenues in Q3 2007-08
- Capacity Expansion: Doubling of Optical Fiber manufacturing capacity to 12 Million-km by June 2009.
- AL-59 Alloy Conductors awarded ‘Best New Product by an Indian Manufacturer’ by IEEMA at ELECRAMA 2008.
- Intellectual Property: Patent award in USA for invention of ‘Process to achieve low PMD in Optical Fiber’. Patent is valid upto 2024.
- Optical Fiber facility awarded Indian Merchant Chambers’- Ramkrishna Bajaj National Quality Award (IMC-RBNQA) Certificate of Merit for 2007 for Manufacturing.
- Business Performance Awards: Deloitte Technology Fast 50 India / Fast 500 Asia Pacific Awards 2007.

Says Mr. Pravin Agarwal, Director, Sterlite Technologies Limited, “Over the past several business quarters we have achieved tremendous success in key high-demand markets in several geographies and have established a loyal customer base. With the strong outlook by the Telecom & Power Industry, we are confident of maintaining our market leadership in India & growing our global market shares for all our business lines.”

About Sterlite Technologies Limited

Sterlite Technologies Limited (formerly, Sterlite Optical Technologies Ltd) is India’s leading global provider of Optical Fibers, Telecommunication Cables and Power Transmission Conductors. It is India's only fully integrated Optical Fiber producer and one of the largest suppliers of Optical Fibers to overseas markets in China, Europe and South East Asia.

Sterlite Technologies Limited is listed on the National Stock Exchange and Stock Exchanges at Mumbai and Kolkatta.

The Company has a world class Optical Fiber manufacturing plant located at Aurangabad, India and Telecom Cable & Power Transmission Conductor plants at Silvassa, Haridwar & Pune, India.

 
 
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Written by / Agency / Source: Sterlite Optical Technologies Ltd

 
 

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Sterlite Technologies’ Q3 Net Profit up 105% to Rs 26 Crores

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Publisher Contact: Keith Dsilva - Sterlite.com 
+91 20 30514000 keith.dsilva[.]sterlite.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Sterlite Optical Technologies Ltd securities in any jurisdiction including any other companies listed or named in this release.

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