Sterlite Technologies profit drops 64% y-o-y, up sequentially

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October 23, 2020 12:30 AM

Sterlite Technologies on Thursday reported a 63.75% year-on-year (y-o-y) drop in net profit for the September quarter. Revenues fell 14.70% to Rs 1,160 crore.

The company is currently running at 90% capacity with operational normalcy across all facilities in India, Brazil, China, and Italy.

Sterlite Technologies on Thursday reported a 63.75% year-on-year (y-o-y) drop in net profit for the September quarter. Revenues fell 14.70% to Rs 1,160 crore.

However, the company reported its highest-ever order book of Rs 10,705 crore in the quarter. It bagged a $100-million order from Bharti Airtel for an end-to-end integrated solution.

While the profit was down y-o-y, it registered a sequential growth, indicating a gradual return to normalcy after disruption in the operations in July and August because of the pandemic, Sterlite Tech CEO Anand Agarwal said.

The second half would be much better than last year, and from the third quarter there would be an improvement, he said. “Manufacturing operations are running better than pre-Covid levels,” he added.

With the increase in orders, the company has decided to expand optical fibre cables capacity from 18 million fibre km to 33 million fibre km, which was earlier put on hold, Agarwal said.

The company is currently running at 90% capacity with operational normalcy across all facilities in India, Brazil, China, and Italy.

Agarwal further said digital network creators globally continue to invest aggressively in strengthening their current networks to increase reach and quality of their networks and Sterlite Technologies is well-positioned to address this market demand.

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