Sterlite Tech Q1 results: Net profit jumps multi-fold to Rs 116 crore

New Delhi: Broadband technology company Sterlite Technologies on Thursday posted a multi-fold jump in its consolidated profit at Rs 115.75 crore in the first quarter ended June 2021, helped by business gains post easing of Covid restrictions. Sterlite Technologies (STL) had recorded a profit of Rs 5.96 crore in the same period a year ago due to the impact of pandemic.

“First quarter of last year was most heavily affected by the pandemic. Even this April-June quarter had some impact of the second wave but the sharp jump in PAT (profit after tax) is largely because of the extent of the pandemic last year,” STL group chief financial officer Mihir Modi said.

The revenue from operations of STL increased by about 49 per cent to Rs 1,309.23 crore during the reported quarter from Rs 876.2 crore in the corresponding period of 2020-21.