Sterlite Tech Q4 net profit up 47% to Rs 165.17 crore

Broadband technology provider Sterlite Technologies Ltd (STL) Tuesday posted about 47 per cent rise in consolidated net profit to Rs 165.17 crore, its highest-ever quarterly profit, in the January-March 2019 period.

This is against a net profit of Rs 112.42 crore in the corresponding quarter last fiscal.

"As cloud companies intensified network build, telcos increased fibre deployment with high-impact solutions, defence modernised its networks, and rural and urban broadband accelerated, 2018-19 was a transformative year for STL. The company continues to stay committed to deliver PAT (profit after tax) of USD 100 million (about Rs 697 crore) in 2019-20," Sterlite Technologies said in a statement.

Its revenue from operations more than doubled to Rs 1,791.16 crore in the reported quarter from Rs 846.64 crore in the year-ago period, it added.

For 2018-19, net profit was higher by 68 per cent at Rs 563 crore, while revenue from operations increased 59 per cent to Rs 5,087 crore from the previous financial year.

The board of directors has recommended a final dividend of Rs 3.5 per equity share for 2018-19.

The company said it has achieved an "all-time high order book of over Rs 10,500 crore".

"With its data network solutions for mobility, last-mile access, long-haul connectivity, network modernisation and data centres, across large customer segments globally, the company's total addressable market has expanded to a market size of USD 75 billion by FY23," the statement said.

Also, it filed its highest-ever number of patents in a single year, taking its global patent filing count to 271.

Also Read: TikTok ban in India causing $500,000 daily loss, job risks, says Bytedance

Also Read: Oil companies at it again; petrol diesel stable while global crude on fire

Also Read: Jet Airways union says over 400 pilots left airline in past seven months