Shares of Sterlite Technologies
have rallied 7% to Rs 324 per share on the BSE
in early morning trade after the company reported nearly two-times increase in its net profit on year on year (YoY) basis in June quarter (Q1FY19) and an all-time high order book position of Rs 60.34 billion.
The company posted net profit of Rs 1.21 billion, up 99%, on YoY basis, driven by growth in revenues and expansion of margin profile. Revenues grew 18% at 8.77 billion over the previous year quarter.
EBITDA (earnings before interest, taxes, depreciation and amortization) margin improved 700bps to 29% in Q1FY19 from 22% in Q1FY18.
The Company has also given strategic guidance for net income growth of $100 million in FY20, which is expected to be expedited with the recently announced acquisition.
has been demonstrating sustainable growth historically, with a 47% CAGR growth in net income in the last three financial years.
On its next growth cycle, building infrastructure for 5G backhaul, fibre-to-the-home, data centres and Internet of Things related applications, the Company’s key financial performance metrics continued to be healthy, the company said in a press release.
At 09:45 am; the stock was trading 6.5% higher at Rs 321 on the BSE, as compared to 0.38% rise in the S&P BSE
Sensex. A combined 2.11 million equity shares changed hands on the counter on the BSE