Sterlite Tech today reported a 16.27 per cent jump in consolidated net profit to Rs 63.66 crore in the January-March quarter this year, mainly on account of demand for fibre to build high speed networks. The company had posted a net profit of Rs 54.75 crore in the quarter period a year ago.
“We are witnessing an unprecedented growth in new technologies such as cloud computing, IoT, M2M and artificial intelligence, which is creating the need for new networks based on very high data speeds and very low response time.
We believe that we are at the start of such a growth cycle of building new fibre-based networks globally,” Sterlite Tech CEO Anand Agarwal said in a statement.
The revenue of Sterlite Tech increased by 15 per cent during the reported quarter at Rs 707 crore from Rs 614 crore in the corresponding quarter of 2015-16.
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For the fiscal ended March 2017, Sterlite Tech registered 31 per cent increase in net profit at Rs 201 crore compared to Rs 154 crore at the end of 2015-16. The annual revenue of the company grew by 14 per cent to Rs 2,594 crore from 2,275 crore during the period under review.
The company crossed the milestone of transforming digital infrastructure in over 100 countries and enabled the creation of smarter broadband networks in some of the toughest terrains of the world, including in Iceland, Amazonian rain forests and Jammu and Kashmir during 2016-17, the statement said.
Shares of the company closed at Rs 154.4 a unit, down by 1.44 per cent compared to previous close, at BSE today.