Sterlite H1 net revenue up 67pc

PUNE, INDIA: Sterlite Technologies Limited (“Sterlite”) announced its results for the half year ended September 30, 2008.

Financial highlights: H1 2008-09

Net revenues reached Rs. 1,070 Crores ($ 249 Million), up 67 percent year-over-year.

EBITDA reached Rs. 89 Crores ($ 21 Million).

International sales showed a strong y-o-y growth by 67 percent to reach Rs. 323 crores ($ 75 Million), as compared to international sales of Rs. 193 Crores ($ 47 Million) in H1 FY08. Sales to China, Africa & Middle East accounted for 84 percent of the total international sales.

Business Highlights: Q2 2008-09

At the start of H2 FY09, the company had a strong order book of about Rs. 1,320 crores ($ 307 Million) for its telecom and power products, of which the export order book is about Rs. 300 Crores ($ 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.

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.”

Source: PR Wire