Sumary of Sterlite Tech Q1 results: Net profit jumps multi-fold to Rs 116 crore:
- 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.
- We are looking at around a 10 year network building cycle,” Modi said.
- The company also announced acquisition of UK-based network integrator Clearcomm Group for which STL will pay around Rs 125 crore for the first tranche of the transaction to buy 80 per cent stake.
- STL will buy the rest of the 20 per cent in Clearcomm Group in 2023. “The purpose of Clearcomm acquisition is to primarily acquire capabilities.
- The founder and employees of the group will continue to operate Clearcomm as a STL group company.