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Sterlite Technologies' FY08 Net Profit Up 98% Over Rs. 100 Crores - Company records CAGR of 116% in Net Profits from FY05 through FY08
Sterlite Technologies' FY08 Net Profit Up 98% Over Rs. 100 Crores

 

PRZOOM - /newswire/ - Pune, Maharashtra, India, 2008/04/30 - Company records CAGR of 116% in Net Profits from FY05 through FY08.

   
 
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Sterlite Technologies Limited [BSE: 532374, NSE:STRTECH], a leading global provider of Power Transmission Conductors, Optical Fibers and Telecommunication Cables today announced its results for the fourth quarter of FY08 and full year FY08.

Business Highlights:
- Manufacturing operations at full capacity at the new Power Transmission Conductors facility at Haridwar, placing Sterlite’s cumulative capacity of 115,000 MT among the Top 5 conductor manufacturers in the world.
- Optical Fiber & Fiber Optic Cables facilities are running at nearly 100% capacity and in line with the unprecedented demand indications in the global optical fiber industry. The optical fiber expansion of 4 Million-km to 6 Million-km has been commissioned during the year and the expansion to 12 Million-km is running on schedule to finish by June 2009.
- 4 patents were granted for Optical Fiber Products & Processes in USA, India and China, adding to the 9 patents granted in previous years.
- Export sales showed a strong growth by 75% to reach export revenues of Rs. 518 Crores (USD 129 Million) as compared to international sales of Rs. 296 Crores (USD 74 Million) in FY07. International Sales now account for 31% of net revenues as compared to 25% in FY07.
- At the start of FY09, the Company has a strong order book of about Rs. 1,020 Crores for its telecom and power products, of which the export order book is about Rs. 320 Crores.
- PGCIL, India’s single largest buyer of Power Transmission Conductors, has actively started its ordering processes for FY09
- Sterlite’s Fiber Optic Cables facility received the OHSAS 18001 & TL 9000 Telecom Quality certifications.
- The Company won the Deloitte Technology Fast 500 Asia Pacific & Fast 50 India Awards 2007, IMC-RBNQA – Certificate of Merit 2007 and the Dun & Bradstreet Corporate Award 2007 for Telecom Equipment.

Dr. Anand Agarwal – Director & CEO says, “We strongly believe that Sterlite Technologies has right leadership, the right team and the right technology to make an indelible mark not only in India, but also globally. We are well on our way to achieving net revenues of USD 1 Billion by 2010.”

Fourth-Quarter Highlights:
- Net Revenues reached Rs. 544 Crores (USD 136 Million), up 41% year over year.
- Net Profits reached Rs. 34 Crores (USD 9 Million), up 78% year over year.
- Power Product sales increased 22% year over year with an improved EBITDA margin of 10%.
- Sales of Telecom Products & Solutions increased 99% year over year with an improved EBITDA margin of 14%.

Full-Year Highlights:
- Net Revenues increased 41% over FY07 revenue of Rs. 1,198 Crores (USD 265 Million) to Rs. 1,686 Crores (USD 421 Million).
- Net Profit was Rs. 101 Crores (USD 25 Million), a 98% increase over FY07 profits of Rs. 51 Crores.
- Earnings per share (Diluted) were Rs. 15.46 as compared to Rs. 7.83 for FY07.
- Power Product sales increased 34% over FY07 to Rs. 1,050 Crores (USD 263 Million), with an improved EBITDA margin of 11% as compared to 8% in FY07.
- Sales of Telecom Products & Solutions increased 54% over FY07 to Rs. 635 Crores (USD 159 Million), with an improved EBITDA margin of 14% as compared to 13% in FY07.

Says Mr. Pravin Agarwal – Director, Sterlite Technologies adds, “We delivered an outstanding year with notable successes across our broad range of markets and technologies for the Telecom & Power sectors. We continue to be very bullish about the growth in the telecom and power industries and are investing in these sectors accordingly.”

About Sterlite Technologies Limited
Sterlite Technologies Limited (formerly, Sterlite Optical Technologies Ltd) is India’s leading global provider of Optical Fibers, Telecommunication Cables and Power Transmission Conductors. It is India's only fully integrated Optical Fiber producer and one of the largest suppliers of Optical Fibers to overseas markets in China, Europe and South East Asia.

 
 
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Agency / Source: Sterlite Optical Technologies Ltd

 
 

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Sterlite Technologies' FY08 Net Profit Up 98% Over Rs. 100 Crores

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Contact: Keith Dsilva - Sterlite.com 
+91 20 30514000 keith.dsilva[.]sterlite.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Sterlite Optical Technologies Ltd securities in any jurisdiction including any other companies listed or named in this release.

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