Sterlite Tech Posts 63% Net Profit Growth in Q3FY'17; Sales Cross 100 Countries

PUNE, India, January 18, 2017 /PRNewswire/ --

- Strong Operating Performance With Revenue up 23% and PAT up 63% vs Q3FY'16 

- Robust Organic Growth in International Business, Exports up 74% vs Q3FY'16 

- Highest Ever Order Booking in a Quarter for Product Business Over Rs 1,000 Crore 

Sterlite Technologies Ltd [BSE: 532374, NSE: STRTECH], a global technology leader in smarter digital infrastructure, posted strong operating performance in Q3FY'17. With over 130 patents in optical communication products, system & network integration services and software solutions, Sterlite Tech posted the highest ever EBITDA at Rs 145 crore, up by 26% Y-o-Y. Revenues were up by 23% and PAT up by 63% this quarter, as compared to the corresponding quarter, last year.

With strong organic growth in international business, Sterlite Tech crossed the milestone of transforming digital infrastructure in over 100 countries. The company achieved highest ever fibre volumes, and exited Q3 with optical fibre sales at annualised run rate of over 27 million fkm. The quarter also saw highest order booking in the products business at Rs 1,000 crore.

Financial Highlights for Q3FY'17 (Consolidated - All figures are in Ind AS & Rs crore)

Sterlite Tech has posted strong business growth with annual revenue and EBITDA growing at a CAGR of 28% and 36% respectively, over the past four years. For this quarter, major financial highlights were:

• Quarterly revenues at Rs 732 crore, up 23% vs Rs 596 crore Y-o-Y.
• Highest ever EBITDA at Rs 145 crore, up 26% vs Rs 116 crore Y-o-Y.
• Profit After Tax stood at Rs 49 crore, up 63% vs Rs 30 crore Y-o-Y.
• International sales increased to Rs 284 crore in Q3FY'17 from Rs 163 crore in Q3FY'16. Currently, exports are contributing to 39% of revenues.
• The ROCE of the business stood at 22% and ROE at 25%  

   
    Particulars Q3FY2017 Q3FY2016 % Growth
      Revenue     732      596       23
      EBITDA      145      116       26
        PAT        49       30       63

Elaborating on the Q3 performance, Dr Anand Agarwal, CEO, Sterlite Technologies, said, "Our strong quarter is a testimony to our commitment of delivering the best solution through our end-to-end smarter network offerings. Since optical fibre is the key to building digital infrastructure, we are witnessing strong demand globally, for both our products and optical-fibre based smarter network solution offerings. We foresee this growth in demand to continue."

Sharing his vision for the company, Pravin Agarwal, Vice Chairman, Sterlite Technologies, said, "Globally, broadband is being considered a human right and governments are taking focused measures and spends to bring high-speed broadband to their citizens. We aim to remarkably transform the global digital infrastructure through our smarter network capabilities."

Business and operational highlights  

• Sterlite Tech rolled out Gandhinagar Smart City Services at the hands of Hon'ble Chief Minister of Gujarat, Shri Vijay Rupani in December 2016.
• Honoured with the 'Broadband Infrastructure Leader Award' at the Telecom Leadership Forum.
• Improved its position from 'Niche to Visionary' in the Gartner Magic Quadrant for Integrated Revenue and Customer Management for its software offerings.
• Won two Gold Frost & Sullivan India Manufacturing Excellence Awards in 2016.
• Granted two patents in the USA and one patent in India. These patents consolidate the Company's entry into strategic domains of specialty fibre and sensory cables.

About Sterlite Technologies: 

Sterlite Technologies Ltd [BSE: 532374, NSE: STRTECH], is a global technology leader in smarter digital infrastructure. With a pure-play telecom focused business that develops and delivers optical communication products, network and system integration services and OSS/BSS software solutions, Sterlite Tech has sales network in six continents. The Company has manufacturing presence in India, China and Brazil, and aims to transform everyday living by delivering smarter networks. With a strong portfolio of over 130 patents, Sterlite Tech is home to India's only Centre of Excellence for broadband research. Projects undertaken by the company include intrusion-proof smarter data network for the Armed Forces, rural broadband for BharatNet, Smart Cities' development, and establishing high-speed Fibre-to-the-Home (FTTH) networks.

For more details, visit http://www.sterlitetech.com

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, 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 http://www.nseindia.com and http://www.bseindia.com.   

For details, contact:
Corporate Communications
Sumedha Mahorey
[email protected]
+91-22-30450404
Manager - Corporate Communications

Investor Relations
Vishal Aggarwal
[email protected]
+91-20-30514000
Head - Investor Relations