Sterlite Technologies Limited [BSE: 532374, NSE:STRTECH], a leading global provider of transmission solutions for the energy and telecom industries, today announced its results for the quarter and full year ended March 31, 2009.
- At the start of FY10, the Company has a strong order book of about Rs. 1,370 Crores for its energy and telecom products.
- International sales growth of 15%, reached Rs. 593 Crores as compared to Rs. 518 Crores in FY08. Sterlite’s global footprint extends to Europe, Africa, Middle East & China.
- Strong cash flow generated during the year. Borrowing reduced by Rs 165 Crores; existing debt is below Rs. 500 Crores as on March 31, 2009.
- 3 patents were granted in USA and India, adding to the 13 patents granted in previous years.
- The Company enhanced its portfolio with a unique fiber-to-the-home solution for enterprise and residential customers and with a range of Alloy Reinforced Aluminum Conductors (ACAR).
- Sterlite’s optical fiber and cables facilities received the TL 9000 Telecom Quality & ISO 10002 certifications. Sterlite’s power conductors facility at Haridwar received the NABL accreditation.
- The Company won the Deloitte Technology Fast 500 Asia Pacific & Fast 50 India Awards 2008, CIO 100 Award 2008, Thomson Reuters Innovation Award 2009, TEMA National Telecom Award 2008, IMC-RBNQA Performance Excellence Trophy 2008 and the V&D 100 Award 2008.
- Net Revenues of Rs. 577 Crores, up 6% year over year.
- EBITDA of Rs. 78 Crores, up 30% year over with an improved margin of 13.5%.
- Net Profits of Rs. 44 Crores, up 28% year over year.
- Power Transmission Business product sales of Rs. 400 Crores with an improved EBITDA margin of 11.7%.
- Telecom Products & Solutions Business sales of Rs. 177 Crores with an improved EBITDA margin of 17.7%.
- Net Revenues increased by 36% over FY08 revenue of Rs. 1,686 Crores to Rs 2,289 Crores.
- Operational Profits (EBITDA) of Rs. 238 Crores as compared to FY08 EBITDA of Rs. 201 Crores.
- Earnings per share (Diluted) of Rs.13.90 as compared to Rs. 15.46 for FY08.
- Power Transmission Business product sales increased 40% over FY08 to Rs. 1,473 Crores, with an EBITDA margin of 8.7%.
- Telecom products & solutions sales increased 29% over FY08 to Rs. 816 Crores, with an EBITDA margin of 13.4%.
Dr. Anand Agarwal – CEO & Director says, “The past year was truly exciting and proved a true validation on our key strategies of consolidation of our market share in India, enhancing our global footprint, leveraging our operational strengths and emphasis on new product development.”
Progress on ongoing expansion projects
Projects underway to double the annual optical fiber manufacturing capacity to 12 million-km, triple fiber optic cable capacity to 6 million-km and enhance power conductor capacity to 160,000 Metric Tonnes, are well on the track.
Says Mr. Pravin Agarwal – Director, Sterlite Technologies adds, “Despite the current situation in the global marketplace, several global economies continue to build telecom and power infrastructures in preparation of economic revival. Our global footprint extends to several of these economies and we continue to be bullish on the energy and telecom sectors”.
About Sterlite Technologies Limited (formerly, Sterlite Optical Technologies Ltd)
Sterlite Technologies Limited (sterlitetechnologies.com) is a leading global provider of transmission solutions for the energy and telecom industries. It is India's only fully integrated optical fiber producer and among the Top 5 global manufacturers of power conductors. Sterlite Technologies Limited is listed on the National Stock Exchange and Stock Exchanges at Mumbai and Kolkata.
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.