Sterlite Tech Q2 results: Profit falls 63% to Rs 58.5 cr; says deal wins, digital uptake to fuel growth

New Delhi: Data network solutions provider Sterlite Technologies NSE -0.57 % on Thursday posted over 63 per cent year-on-year decline in consolidated net profit for the second quarter ended September 2020 at Rs 58.5 crore, hurt by lower revenue and higher mix of service business. However, the profit and revenue in September quarter were substantially higher sequentially, and the company exuded confidence that the sequential growth logged would continue for the next two quarters as well.

The net profit (attributable to owners) for Q2FY21 came in at Rs 58.47 crore, down 63.3 per cent year-on-year. The net profit in the corresponding period of previous year stood at Rs 159.56 crore, according to a regulatory filing.