Sterlite Tech posted financial results for the second quarter ended September 30, 2017. The company reported revenues of 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. It has 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 said that its order book reached Rs 3,832 crore.
This quarter, the company made major advances in developing capabilities. 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.
The company also made the announcement of the appointment of Sandip Das as Non-Executive and Independent Director to the Board of Sterlite Tech. “We are excited about the pace at which enterprises and consumers are embracing new technologies. Fibre continues to be the ideal medium for building smarter networks, and Sterlite Tech is the most integrated player globally with unique capabilities of creating fibre-based data networks – from base infrastructure to the software monetisation layer. We are seeing a major world-wide trend towards next-generation web-scale networks with processing and storage at the edge.” He added, “With our deep global customer engagement, we are designing, building and managing such future-ready web-scale networks across the world,” said Anand Agarwal, CEO, Sterlite Tech.
“Our sustained strong financial performance over the quarters is a validation of our unique silicon to software capabilities. Technology innovation is at the core of the company, and we are constantly creating solutions that position us as a global leader driving digital transformation.” He added, “This transformation will better everyday living experiences, while supporting the Digital India vision and enabling the broadband policies of many countries,” said Pravin Agarwal, Vice Chairman, Sterlite Tech.