Sterlite Tech Q1 net profit plunges 96% to ₹6 cr
PremiumThe company had recorded a profit of ₹142.87 crore in the same period a year ago
PremiumBroadband technology solutions provider Sterlite Technologies on Thursday posted a 96 per cent decline in consolidated net profit to ₹5.96 crore for the June quarter, hit by the COVID-19 crisis.
The company had recorded a profit of ₹142.87 crore in the same period a year ago.
Total income of Sterlite Technologies (STL) declined by 38.5 per cent to ₹885.73 crore from ₹1,440.73 crore in the corresponding quarter of the preceding fiscal.
"COVID-19 impacted performance. Project execution significantly impacted due to lockdown. Production and delivery was hurt due to logistics challenges," STL said in a presentation.
The company said demand for optical fibre contracted by 9 per cent in the first half of 2020, but is expected to grow by 6 per cent in the second half of the year.
STL said it has an open order book of ₹10,312 crore, of which orders worth ₹3,200 crore are to be delivered in the current financial year.
MINT PREMIUM
See All
Shares of the company closed at ₹136.8 apiece on the BSE, up 1.15 per cent.
Catch all the Corporate news and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.
More
Less
