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Sterlite Optical announces Q2 net profit at Rs.19.85 Crores, to expand capacity
Posted On : 2006-10-31 01:43:37( TIMEZONE : IST )
Sterlite Optical Technologies Ltd has announced the following Unaudited results for the quarter ended September 30, 2006:
The Company has posted a net profit after tax of Rs 198.50 million for the quarter ended September 30, 2006 where as the same was at Rs 11.70 million for the quarter ended September 30, 2005. Total Income is Rs 3801.30 million for the quarter ended September 30, 2006 where as the same was at Rs 1244.30 million for the quarter ended September 30, 2005.
As approved by the Board of Directors at its meeting dated August 21, 2006 the Company has purchased "Power Transmission Business" from Sterlite Industries (India) Ltd (SIIL) on a going concern basis for a net consideration of Rs 1485.10 million w.e.f. July 01, 2006.
As mentioned above, figures for the quarter ended September 30, 2006 also include figures in respect of Power Transmission Business. Hence, figures for the current period /s are not comparable to figures for the previous period/s.
Sterlite Optical Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on October 30, 2006, inter alia, has approved the following:
1. Change in the Board of Directors:
a. Appointed Mr Anil Agarwal as the Additional Director of the Company. Mr Anil Agarwal will be the Non-Executive Chairman of the Board and Company.
b. Appointed Mr Pravin Agarwal, a Non-Executive Director of the Company, as the Whole-time Director.
2. Expansion of Capacities:
a. Expanding existing Optical Fiber manufacturing capacity at Aurangabad from 4.00 Million FKM pa to 6.00 Million FKM pa.
b. Expanding existing Power Transmission Conductor manufacturing capacity from 75,000 MT pa to 1,15,000 MT pa by setting a new unit at Haridwar, Uttaranchal with the capacity of 40,000 MT pa.
3. Scheme of Arrangement:
The Board also approved the scheme of arrangement to amalgamate the Company’s two wholly owned subsidiaries viz., Sterlite Telecom Ltd and Sterlite Telelink Ltd with the Company.
