New Delhi: Power and telecom gear maker Sterlite Technology on Monday reported about four-fold jump in its standalone net profit at 39.13 crore for the fourth quarter ended 31 March.

The company had posted a net profit of 10.15 crore in the same period a year ago. Meanwhile, the company has decided to restructure itself into a pure-play telecom products and solutions company. The power business will be hived-off into a separate entity, the company said in a filing to the BSE.

“The standalone results includes both telecom and power. Our telecom business has been a major driver of growth. Almost 90% of profit is coming from telecom side. We are seeing correction in power business as well since 4-5 quarters," Sterlite Technologies CEO and director Anand Agarwal told PTI.

The company’s standalone income during the March quarter increased by 51.62% to 979.10 crore from 645.74 crore. For the full year ended 31 March, the standalone net profit increased by 67.8% to 84.24 crore from 50.2 crore it posted at the end of March 2014.

The revenue of the company on standalone basis increased by 11.14% to 3,030.10 crore from 2,726.34 crore during the period under review. However, on consolidated basis, the company reported narrowing of its loss to 2.64 crore for the financial year 2014-15 as against 35.51 crore in 2013-14.

Consolidated revenue increased to 3,097.06 crore from 2,563.85 during the period under review. The board of the company approved restructuring of Sterlite Technologies. The power product and transmission grid business will be hived-off into a separate company—Sterlite Power Transmission.

“We have created opportunities and scale on both sides. It is the right time to create two pure-play entities. Both are operating in very different business model. This process will take 9-10 months to complete. We hope to get all approvals by end of this fiscal," Agarwal said.

Shares of Sterlite Technologies closed at 66.00 a unit, up by 4.27% at the BSE.

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