NewswireToday - /newswire/ -
Pune, Maharashtra, India, 2008/07/23 - Sterlite Technologies Limited (“Sterlite”) [BSE (Bombay Stock Exchange): 532374, NSE (National Stock Exchange of India, Mumbai): STRTECH], a leading global provider of wire and cable solutions for the telecom and power industry, today announced its result.
Financial highlights: Q1 2008-09
- Net Revenues reached Rs. 404 Crores (US$ 96 Million), up 69% year over year.
- EBITDA reached Rs. 29 Crores (US$ 7 Million). As required by ‘Accounting Standard 11’ issued by ICAI, EBITDA for the quarter under review includes foreign exchange loss of about Rs. 14 Crores on liabilities repayable in foreign exchange. The Company being a net exporter is poised to benefit from the appreciation in US Dollar in subsequent quarters.
- The revenue earned from telecom solutions was Rs. 24 Crores.
- International sales showed a strong y-o-y growth by 106% to reach Rs. 153 Crores (US$ 37 Million), as compared to international sales of Rs. 74 Crores (US$ 19 Million) in Q1FY08. Sales to China, Africa & Middle East accounted for 78% of the total international sales.
Business Highlights: Q1 2008-09
- At the start of Q2 FY09, the Company has a strong order book of about Rs. 1,050 Crores (US$ 250 Million) for its telecom and power products, of which the export order book is about Rs. 310 Crores (US$ 74 Million).
- Sterlite received contracts valued at Rs 107 Crores from BSNL for manufacture and supply of fiber optic cables and copper telecom cables. These contracts are executable within the current fiscal.
- Sterlite launched it range of Aluminum Conductor Alloy Reinforced (ACAR) and has successfully Type Tested the same at TAG Corporation, India.
- Sterlite’s Optical Fiber facility at Aurangabad, India has been audited and recommended for the TL 9000 Quality Standard. Among the select group of global optical fiber manufacturers, Sterlite would become the 6th Company in the world to receive this certification.
- The Company won the TEMA National Telecom Award 2008 and was listed as the ‘Top Telecom Cables Company’ in India as per the annual V&D100 Survey.
- As per CRU, a research agency in UK in H1 of 2008, there was an unprecedented global demand of 75 Million-km for optical fiber. This translates to an annualized CAGR of 22% for the years 2006 to 2008. In H1 of 2008, the demand of optical fiber in India was higher by 104% over that in H1 of 2007.
Mr. Pravin Agarwal – Director, Sterlite Technologies says, “We delivered a strong financial quarter during which we achieved several significant milestones. Through focused efforts in backward integration, development of application-oriented solutions, a glocalized market approach & an enhanced global customer footprint, Sterlite has transformed into a truly global, market-centric organization.”
About Sterlite Technologies Limited
Sterlite Technologies Limited (formerly, Sterlite Optical Technologies Ltd) is India’s leading global provider of power transmission conductors, optical fibers, telecommunication cables and telecom integration & managed services. It is India's only fully integrated optical fiber producer and among the Top 5 global manufacturers of power conductors. Sterlite Technologies Ltd. is listed on the National Stock Exchange and Stock Exchanges at Mumbai and Kolkata. Sterlite Technologies has shown a consistent robust financial growth with CAGR of 75% in Net Revenues and CAGR of 115% in Net Profits for the period 2004-2008. The company has a world-class optical fiber manufacturing plant in Aurangabad, India, and telecom cable and power transmission conductor facilites in Silvassa and Haridwar, India.
Forward-looking and cautionary statements
Certain words and statements in this release concerning Sterlite Technologies Limited and its prospects, and other statements relating to Sterlite Technologies’ expected financial position, business strategy, the future development of Sterlite Technologies’ operations and the general economy in India, are forward looking statements. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of Sterlite Technologies Limited, or industry results, to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Sterlite Technologies’ present and future business strategies and the environment in which Sterlite Technologies Limited will operate in the future. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, changes in government policies or regulations of India and, in particular, changes relating to the administration of Sterlite Technologies’ industry, and changes in general economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Sterlite Technologies’ control, include, but are not limited to, those risk factors discussed in Sterlite Technologies’ various filings with the National Stock Exchange, India and the Bombay Stock Exchange, India. These filings are available at Nseindia.com and Bseindia.com
Note: Exchange rate considered is US$ 1 = Rs. 42 for FY 2008-09& US$ 1 = Rs. 40 for FY 2007-08