Sterlite Tech Q1 net profit plunges 96 pc to Rs 6 cr

Broadband technology solutions provider Sterlite Technologies on Thursday posted a 96 per cent decline in consolidated net profit to Rs 5.96 crore for the June quarter, hit by the COVID-19 crisis. Total income of Sterlite Technologies (STL) declined by 38.5 per cent to Rs 885.73 crore from Rs 1,440.73 crore in the corresponding quarter of the preceding fiscal.

Broadband technology solutions provider Sterlite Technologies on Thursday posted a 96 per cent decline in consolidated net profit to Rs 5.96 crore for the June quarter, hit by the COVID-19 crisis. The company had recorded a profit of Rs 142.87 crore in the same period a year ago. Total income of Sterlite Technologies (STL) declined by 38.5 per cent to Rs 885.73 crore from Rs 1,440.73 crore in the corresponding quarter of the preceding fiscal. "COVID-19 impacted performance. Project execution significantly impacted due to lockdown. Production and delivery was hurt due to logistics challenges," STL said in a presentation. The company said demand for optical fibre contracted by 9 per cent in the first half of 2020, but is expected to grow by 6 per cent in the second half of the year. STL said it has an open order book of Rs 10,312 crore, of which orders worth Rs 3,200 crore are to be delivered in the current financial year. Shares of the company closed at Rs 136.8 apiece on the BSE, up 1.15 per cent.