Sterlite Technologies' H1 Net Revenue up 34% to Rs 640 Crores

Sterlite Technologies Limited (formerly, Sterlite Optical Technologies Ltd), India’s only integrated optical fiber manufacturer and global provider of Telecom Cables and Power Transmission Conductors, has announced its H1 2007-08 results with net revenues of Rs 640.14 Crores (US$ 160 Million) and net profit of Rs 40.02 Crores (US$ 10 Million) as compared to net revenue of Rs. 476.82 Crores (US$ 119 Million) and net profit of Rs. 23.18 Crores (US$ 6 Million) in the corresponding period last year.

In Q2 2007-08, the Company earned net revenues of Rs 400.58 Crores (US$ 100 Million) and net profits of Rs 27.26 Crores (US$ 7 Million).

At the start of H2 2007-08, the Company had an order book in excess of Rs 1000 Crores (US$ 250 Million) for its telecom and power products, of which the export order book is about Rs 400 Crores (US$100 Million). As per the delivery schedule requirements by customers, about 75% of these contracts would be executed during FY 2007-08.

Segmental Results for the Half-Year ended September 30, 2007

The Company’s Power Transmission Business earned net revenues of Rs 407.93 Crores (US$ 102 Million), with an EBIT margin of 12%. The Company’s Telecom Business earned net revenues of Rs 232.21 Crores (US$ 58 Million), with an EBIT margin of 9%.

The Company’s financial results for the half-year ended September 30, 2007 also include figures in respect of the Power Transmission Business. Hence figures for current period are not comparable to figures for the previous period/s.

Highlights for the Quarter ended September 30, 2007

· Export Sales: 30% of total revenues.
· New Power Transmission Conductors project at Haridwar commences operations.
· Completion of network implementation for MTNL’s MPLS Service in New Delhi.
· Intellectual Property: Product Patent awarded in China for Sterlite OH-LITE Optical Fiber.
· Product Launch: High current capacity Al-59 Alloy Power Transmission Conductors.

Says Pravin Agarwal, Director, Sterlite Technologies Limited, “During this quarter, we believe we have laid the foundation for our Company’s future growth with the enhancement of our Intellectual Property Portfolio, Product Development based on global market needs, Product Approvals with reputed global companies and establishment of our Telecom Integration and Managed Services Business. We have a strong order book for the year, wherein the synergetic benefits of combining our Telecom & Power businesses are becoming more evident.”

Sterlite Technologies Limited