Sterlite Technologies Limited (“Sterlite”) [BSE (Bombay Stock Exchange): 532374, NSE (National Stock Exchange of India, Mumbai): STRTECH], a leading global provider of wire and cable solutions for the telecom and power industry, today announced its results for the half year ended September 30, 2008.
Financial highlights: H1 2008-09
- Net Revenues reached Rs. 1,070 Crores (US$ 249 Million), up 67% year over year.
- EBITDA reached Rs. 89 Crores (US$ 21 Million).
- International sales showed a strong y-o-y growth by 67% to reach Rs. 323 Crores (US$ 75 Million), as compared to international sales of Rs. 193 Crores (US$ 47 Million) in H1 FY08. Sales to China, Africa & Middle East accounted for 84% of the total international sales.
Business Highlights: Q2 2008-09
- At the start of H2 FY09, the Company has a strong order book of about Rs. 1,320 Crores (US$ 307 Million) for its telecom and power products, of which the export order book is about Rs. 300 Crores (US$ 70 Million);
- Sterlite received contract from BSNL for manufacture and supply of India’s first high-density 288F ribbon fiber optic cable;
- PGCIL, India’s single largest buyer of Power Conductors has actively continued its ordering processes for FY 2008-09;
- Sterlite received contracts from prestigious telecom & power incumbents / utility companies in Africa. Sterlite’s power and telecom products have been sold in 24 countries across the continent;
- The Company won the CIO 100 Award 2008 for ‘Innovative use of IT in manufacturing’;
- Sterlite’s Optical Fiber facility at Aurangabad, India has been audited and recommended for the ISO 10002 Quality Standard.
Mr. Pravin Agarwal – Director, Sterlite Technologies says, “Global events unfolding around us have lead to unprecedented chaos in financial markets globally. While these events will not affect our fundamental strategy or annual goals, they will present short-term challenges and opportunities. The good part of the overall scenario continues to be the fact that we are strongly present in high growth emerging markets of India, China, Middle East, CIS and Africa which will continue to fuel our growth – this combined with our new initiatives in presence in volume markets of Europe and USA will yield long term sustainable dividends for us. We have an advantageous position of being in high-growth and efficient-cost markets.”
About Sterlite Technologies Limited
Sterlite Technologies Limited (formerly, Sterlite Optical Technologies Ltd) is India’s leading global provider of power transmission conductors, optical fibers, telecommunication cables and telecom integration & managed services. It is India's only fully integrated optical fiber producer and among the Top 5 global manufacturers of power conductors. Sterlite Technologies Ltd. is listed on the National Stock Exchange and Stock Exchanges at Mumbai and Kolkata. Sterlite Technologies has shown a consistent robust financial growth with CAGR of 75% in Net Revenues and CAGR of 115% in Net Profits for the period 2004-2008. The company has a world-class optical fiber manufacturing plant in Aurangabad, India, and telecom cable and power transmission conductor facilities in Silvassa and Haridwar, India.
Forward-looking and cautionary statements
Certain words and statements in this release concerning Sterlite Technologies Limited and its prospects, and other statements relating to Sterlite Technologies’ expected financial position, business strategy, the future development of Sterlite Technologies’ operations and the general economy in India, are forward looking statements. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of Sterlite Technologies Limited, or industry results, to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Sterlite Technologies’ present and future business strategies and the environment in which Sterlite Technologies Limited will operate in the future. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, changes in government policies or regulations of India and, in particular, changes relating to the administration of Sterlite Technologies’ industry, and changes in general economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Sterlite Technologies’ control, include, but are not limited to, those risk factors discussed in Sterlite Technologies’ various filings with the National Stock Exchange, India and the Bombay Stock Exchange, India. These filings are available at nseindia.com and bseindia.com.