Sterlite Technologies (STL) rose 1.89% to Rs 97 after consolidated net profit rose 52.6% to Rs 80.33 crore on 3.5% fall in revenue from operations to Rs 1160 crore in Q4 March 2020 over Q3 December 2019.
Profit before exceptional item and tax stood at Rs 90.29 crore in Q4 March 2020, down by 25.8% from Rs 121.63 crore in Q3 December 2019. Total tax expense fell 31.3% to Rs 13.12 crore in Q4 FY20 over Q3 FY19.
The company’s net profit declined 22.9% to Rs 433.90 crore on 1.3% increase in revenue from operations to Rs 5154.40 crore in the year ended March 2020 (FY20) over the year ended March 2019 (FY19). Profit before exceptional item and tax stood at Rs 592.31 crore in FY20, down by 31.4% from Rs 863.54 crore in FY19.
The company’s order book stood at Rs 10,037 crore as on 31 March 2020, backed by large deal wins globally.
Commenting on the impact of the COVID-19 outbreak on the company’s business, STL said that while the management has evaluated and considered the possible impact of COVID-19 pandemic on the financial statements, given the uncertainties around its impact on future global economic activity, the impact of the subsequent events is dependent on the circumstances as they evolve. The company’s products have been classified as essential goods and, as of the date of reporting, the production has started at the factories, it added.
“In the current times, we have focused on keeping our employees and communities safe, while continuing critical operations and deepening customer relationships”, said Dr. Anand Agarwal, Group CEO, STL. “As we start FY21, we have a more robust business. We are seeing an accelerated shift towards digitalisation and data network investments from all our customer segments. The next generation of networks are shifting towards network densification, edge compute, open source and virtualization. As STL transforms to an end-to-end solutions provider, I am confident that we are uniquely positioned to address a much larger opportunity and help our customers achieve their network objectives,” he added.
STL is an integrator of data networks. The company designs, builds and manages fibre and wireless networks.
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