STL Q4 net profit up 55 pc to Rs 124.4 cr

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STL Q4 net profit up 55 pc to Rs 124.4 cr

Digital networks integrator Sterlite Technologies (STL) on Thursday posted a 55 per cent year-on-year jump in consolidated net profit for fourth quarter ended March 2021 at Rs 124.4 crore, on the back of rising revenue. The company’s net profit stood at about Rs 80 crore in Q4 FY20. The revenue rose to Rs 1,475 crore in the just-ended quarter, marking a 27 per cent growth over the year ago period. In a statement, STL Group CEO Anand Agarwal said, ”The next decade of network creation has begun, with accelerated investments towards 5G, FTTx (Fiber to the X), and O-RAN (Open Radio Access Network). STL has used this momentum as a springboard to enhance its capabilities and deliver”. He added: ”Going forward, we will continue to create value for our customers and deliver growth for our shareholders with a razor-sharp focus on technology innovation, global expansion, and deep customer engagement.” For the full year FY21, the net profit (attributable to owners of the company) slumped over 36 per cent to Rs 275.47 crore from Rs 433.9 crore in the previous fiscal, hurt by the COVID-impact during first and second quarters. Revenue from operations slipped to Rs 4,825.1 crore, from Rs 5154.4 crore in FY20, according to a regulatory filing by the company. ”The first and second quarters of the fiscal FY21 were affected by COVID more than the remaining quarters. But I am glad we have come out of it, and in the Q4 run rate we have of profitability is clearly on the growth track. Our H2 versus H1…we are clearly growing,” Mihir Modi, chief financial officer of the company told PTI. STL expects multiple levers to fuel its future growth, and is ”on target” to increase optical fibre cable plant capacity to 33 million fibre kms. ”Going forward, our three levers will drive growth; leveraging the continued success of optical connectivity solutions, networks services and building a new access solutions business,” the company statement said. The company will focus on growing optical fibre cable volume and optical interconnect business; building a strong portfolio of open-source access solutions; and taking the system integration business global while scaling in India. ”The company reported Rs 4,825 crore in revenue and an order book of over Rs 10,700 crore, backed by large global deals,” it said. With its portfolio spanning optical fibre and cables, network design and deployment as well as network software, Pune-based STL positions itself as an integrated solutions provider for global data networks, with optical preform, fibre and cable manufacturing facilities in India, Italy, China and Brazil.

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