Sterlite Technologies Q2 net profit up over 81% at Rs 106 crore

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#Q2 Net profit, #Results, #Sterlite Technologies

Sterlite Technologies. (PC-PTI)

Digital networks integrator Sterlite Technologies on Thursday posted an over 81 per cent year-on-year jump in consolidated net profit for the September quarter at about Rs 106 crore, aided by strong performance in Europe and Americas region. The company also said it “well positioned” to benefit from opportunities arising from creation of massive networks globally.

Its net profit stood at about Rs 58 crore in the same quarter of the previous year. Sterlite Technologies Ltd’s (STL’s) revenue rose 30 per cent to Rs 1,508 crore in the second quarter of the current fiscal (Q2 FY22).

ALSO READ: Havells India’s stock tumbles after Q2 gross margin disappoints

“STL recorded Rs 15.08 billion in revenues with about 43 per cent coming in from the EMEA region and about 12 per cent from Americas, demonstrating increased global traction for its integrated digital network solutions,” the company said in a statement. Massive networks are being created globally in the areas of 5G, FTTx (a term used to describe various optical fibre delivery topologies), and Open RAN (Open Radio Access Network) with an increased focus on optical connectivity.

This has led to rapid growth in fibre demand and a buoyant long term outlook, STL said, adding, “With its global footprint, fibre capacity of 50 million fibre kilometers and planned cable capacities of 42 million fibre kilometers, STL is very well positioned to lead in this decade of network creation.” STL Managing Director Ankit Agarwal noted that the slew of steps taken by the company over the past few quarters, including launch of “disruptive solutions” for programmable, optical and wireless networks and strategic merger and acquisition “are now translating into revenue growth”.

“Now 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,” Agarwal added.

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