Sterlite Tech, an end-to-end global leader in smarter digital networks has reported first quarter with its highest ever quarterly revenue at Rs. 744 crores, up 23% YoY driven by strong order book and export sales.
The company reported the highest ever quarterly export sales of Rs. 320 crore and highest order book of Rs. 3,140 crore at the end of this quarter.
With positive shifts in technology, national policies and consumption patterns for the creation of smarter broadband infrastructure, this quarter saw optical fibre demand showing a consistent upward trend in the global markets. This reflected with healthy increase in exports at 43% of revenues.
In line with global demand trends, Sterlite Tech is on track to achieve its 30 million fkm expansion by middle of this financial year.
The company is now embarking on its next leg of capacity expansion to 50 million fkm, to be completed by June 2019. This will place Sterlite Tech in the league of top three integrated fibre manufacturers in the world. The company is planning to bring this new capacity in phases, over the next three years.
Elaborating on the performance, Dr. Anand Agarwal, CEO, Sterlite Tech said, “We are able to address the requirements of web-scale networks for all new transformational technologies such as cloud computing, IoT, M2M and Augmented Reality. As the world moves toward the next phase of digital evolution through global governments’ focus on the creation of Gigabit societies, smart cities and rural broadband, we will continue to see sustained long-term growth with our unique IoT integration capabilities.”