Sterlite Tech up 5 per cent on good Q1 numbers

The stock of Sterlite Technologies was buzzing on the bourses after the company reports strong numbers for Q1FY20. The company's consolidated revenue in the June quarter was up by 63 per cent YoY.

For Q1FY20,the company's consolidated revenue was at Rs. 1,432 crore as compared to Rs. 877 crore in Q1FY19, an increase of 63 per cent YoY. EBITDA for the June quarter was Rs. 332 crore as compared to Rs. 252 crore in Q1FY19, up by 32 per cent YoY. The company's PAT was at Rs. 141 crore as compared to Rs. 121 crore in Q1FY19, up by 17 per cent YoY. Higher revenue generation from the products segment and lower fibre prices has help the company's financial performance.

The highlights of the results announcement was an open order book of Rs. 9,853 crore and good growth in exports revenues which was up by 33 per cent YoY. Also, the company aims to target a US$75 billion market by 2023.

Speaking about the results, Anand Agarwal, Group CEO, Sterlite Technologies said that, “We have just begun to see the first few years of data consumption and data networks era. The next decade will see over 20-50 times growth of data and the corresponding networks. This is the time to bring disruption in every aspect of data network design, creation and management... We will continue to innovate across our core expertise, from photonics, precision manufacturing and programmable network design to network delivery, upgradation and management.”

Reacting to the results, the stock of Sterlite Technologies was quoting Rs. 169.10 per share, up by 3.49 per cent at 11:12 hours on Friday.