Sterlite Tech sees FY09 net profit rise 55-60 pct

Tag: Power Cable Conductor

Sterlite Technologies Ltd (STTE.BO: Quote, Profile, Research) sees net profit rise 55-60 percent in 2008/09 while revenues are seen up 35-40 percent on year, a top official said on Wednesday.

"The market is there right now, both in India and overseas, and we have positioned ourselves to further increase market share," Director and CEO Anand Agarwal told Reuters.

"Our focus has to be on executing our projects on time and ensure that our capacity expansion is on schedule."

Last year net profit rose 98 percent to 1.01 billion rupees, while revenues increased 41 percent to 16.9 billion rupees.

The company is starting FY09 with an order book of 10.20 billion rupees of which the exports size is 3.2 billion rupees.

Sterlite Technologies makes optical fibers, fiber optic cables and power transmission conductors. In India it has a market share of 27 percent in power conductors, 34 percent in cables and 46 percent in optical fibers.

The company will spend about $70 million this year to expand its optic fiber cable capacity to 6 million km from 2 million km and raise power conductor capacity to 160,000 tonnes from 115,000 tonnes now, Agarwal said.