• Reports Q1 FY19 results with nearly 2x increase in Net Profits on YoY basis
• Order Book continues to grow, now at an all-time high of Rs 6,034 crore, with deep long-term engagements with global Tier-1 customers
• Strategic guidance of $100 Million PAT in FY20 to be expedited
Sterlite Tech (BSE: 53237) (NSE: STRTECH), an end-to-end global technology leader in smarter digital networks, today posted its financial results for the first quarter ended June 30, 2018.
The company has been demonstrating sustainable growth historically, with a 47% CAGR growth in Net Income in the last three financial years. Q1 FY19 alone saw an almost doubling of Net Profits as compared to last year, driven by growth in Revenues and expansion of margin profile.
Architecting for future growth
With yet another strong quarter, the Company continues to reinforce its strategy of designing, building and managing smarter networks, even as it architects itself for robust growth in fibre and emerging market opportunities aligned to its strategy.
• Global expansion focus, reinforced by the recent announcement on the acquisition of Metallurgica Bresciana, a European optical fibre cable manufacturer. With this strategic acquisition, the Company augments its access to new European Tier-1 customers, enhances its supply chain flexibility to better serve the European market and adds complementary speciality cables to its product portfolio. The Company now has a customer presence in over 100 countries and manufacturing, R&D and software development facilities in India, China, Italy and Brazil.
• Three growth engines for agility and pace – Products, Services and Software, with leaders for each of the three business verticals. These units will work together to offer the best unified solutions to customers, and at the same time have agility for technology innovation and delivery solutions.
“We are fortunate to be in a business that has an impact on everyday living, while also growing rapidly. I am confident that our strategy of building next-generation smarter networks that are fibre led will create differentiating impact on consumers. Our solutions are enabling data security for our Defence establishments and hyper-connectivity for Telcos, Global Internet Companies and Enterprises,” said
Dr Anand Agarwal, CEO, Sterlite Tech. “Our continued financial growth is a reflection of our strategic positioning, deep technological innovation to better serve our customers, strong corporate ethics and governance,” he added.
Sustained quarterly financial growth – Q1 FY19 results
On its next growth cycle, building infrastructure for 5G backhaul, fibre-to-the-home, data centres and Internet of Things related applications, the Company’s key financial performance metrics continued to be healthy. Key growth highlights for Q1 FY19 were:
• Revenues at Rs 877 crore, up 18% on YoY basis
• EBITDA at Rs 252 crore, up 54% on YoY basis
• PAT at Rs 121 crore, up 99% on YoY basis
The Company has also given strategic guidance for net income growth of $100 Million in FY20, which is expected to be expedited with the recently announced acquisition.
Forward-looking and cautionary statements: Certain words and statements in this release concerning Sterlite Technologies Limited and its prospects, and other statements relating to Sterlite Technologies’ expected financial position, business strategy, the future development of Sterlite Technologies’ operations and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of Sterlite Technologies Limited, or industry results, to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Sterlite Technologies’ present, future business strategies, and the environment in which Sterlite Technologies Limited will operate in the future. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, changes in Government policies or regulations of India and, in particular, changes relating to the administration of Sterlite Technologies’ industry, and changes in general economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Sterlite Technologies’ control, include, but are not limited to, those risk factors discussed in Sterlite Technologies’ various filings with the National Stock Exchange, India and the Bombay Stock Exchange, India. These filings are available at http://www.nseindia.com and http://www.bseindia.com.