Optical fibre maker Sterlite Tech today posted 77 per cent jump in consolidated net profit at Rs 112.42 crore for the January-March quarter on account of high demand for optical fibre products in telecom networks.
The company had posted a net profit of Rs 63.66 crore in the same period a year ago.
"Demand for high speed broadband is on rise which is keeping up demand for optical fibres. Demand for optical fibre cables almost doubled. Last year, we were operating at 40 per cent capacity utilisation and now it has increased to the range of 80-90 per cent," Sterlite Tech Chief Financial Officer Anupam Jindal told PTI.
The company reported 21.6 per cent increase in consolidated revenue at Rs 863.81 crore in the reported quarter compared to Rs 710.24 crore it posted in the same period a year ago.
"Fuelled by demand from China and Europe, exports contributed 54 per cent to the revenues for fiscal year 2018," Jindal said.
For year ended March 31, 2018, Sterlite Tech posted 66 per cent increase in its profit at Rs 334.33 crore from Rs 201.38 crore it posted at the end of previous fiscal. The annual revenue of the company increased by 24 per cent to Rs 3,244.76 crore from Rs 2,617 crore in the previous year.
Sterlite Tech reported all-time high order book of Rs 5,223 crore in a quarter, up by 73 per cent from Rs 3,018 crore in the corresponding period of 2016-17.
"We have 30 million route kilometer of optical fibre capacity which is working at 100 per cent capacity. We expect 10 million incremental capacity to be available by end of this year from new plant which is being set up," Jindal said.
The board of the company also approved raising of Rs 2,000 crore through non-convertible debentures.
Shares of Sterlite Tech today closed at Rs 337.2 a unit, down by 4.99 per cent, at BSE.
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