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Sterlite Technologies posts 81% jump in Q2 net profit at Rs 106 crore

Sterlite Technologies (STL) on Thursday reported a nearly 81% year-on-year jump in overall net profit for the second quarter of FY22, to around Rs 106 crore, owing to the company's strong performance in Europe and the Americas.

Sterlite Technologies (STL) on Thursday reported a nearly 81% year-on-year jump in overall net profit for the second quarter of FY22, to around Rs 106 crore, owing to the company’s strong performance in Europe and the Americas.

Its net profit stood at Rs 58 crore in the same period last year. In the second quarter of the current fiscal year, STL revenue increased 30% to Rs 1,508 crore.

“STL generated revenues of Rs 15.08 billion, with about 43% coming from the EMEA region and approximately 12% from the Americas, indicating strong worldwide momentum for its integrated digital network solutions,” the firm said in a statement.

The company stated that during the last few quarters, has taken a number of strategic initiatives to execute its global ambitions.

In the United Kingdom, the business announced two top-tier victories totalling GBP 42 million. The firm stated that it remained committed to technology innovation by investing approximately 3.5 percent of its revenue in research and development and announcing the establishment of a 5G R&D centre in the United Kingdom.

“With our eyes on the future, we have been taking some formative steps over the past few quarters. We have elevated our global leadership team, executed strategic M&A, and launched disruptive solutions for programmable, optical, and wireless networks,” said Ankit Agarwal, Managing Director, STL.

“These steps are now translating into revenue growth. With our robust optical, wireless, and system integration capabilities, we are all set to deliver on the new architecture of digital networks and take the power of connectivity to billions across the globe,” he said.

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