New Delhi: Sterlite Tech on Wednesday reported a 16.27% jump in consolidated net profit to Rs63.66 crore in the January-March quarter this year, mainly on account of demand for fibre to build high speed networks.
The company had posted a net profit of Rs54.75 crore in the quarter period a year ago.
“We are witnessing an unprecedented growth in new technologies such as cloud computing, Internet of Things (IoT), Machine To Machine (M2M) and artificial intelligence, which is creating the need for new networks based on very high data speeds and very low response time. We believe that we are at the start of such a growth cycle of building new fibre-based networks globally,” Sterlite Tech CEO Anand Agarwal said in a statement.
The revenue of Sterlite Tech increased by 15% during the reported quarter at Rs707 crore from Rs614 crore in the corresponding quarter of 2015-16. The annual revenue of the company grew by 14% to Rs2,594 crore from Rs2,275 crore during the period under review.
For the fiscal ended March 2017, Sterlite Tech registered 31% increase in net profit at Rs201 crore compared to Rs154 crore at the end of 2015-16.
The company crossed the milestone of transforming digital infrastructure in over 100 countries and enabled the creation of smarter broadband networks in some of the toughest terrains of the world, including in Iceland, Amazon rain forests and Jammu and Kashmir during 2016-17, the statement said.
Shares of the company closed at Rs154.4 a unit, down by 1.44% compared to previous close, at BSE on Wednesday.