Telco
We help Telcos become future-ready

For connecting each customer with latest
digital applications and ensuring better
user experience

Cloud
We help Cloud Companies innovate
with intelligent edge

For enabling future applications and
immersive content by bringing compute,
storage and connectivity to the edge

Opticonn
Optical Connectivity Solutions

In this era of digitization, data has the power to change the world.
While data continues to fuel innovation and technological
advancement, the world has started to witness unprecedented
growth in internet connectivity.

Lead 360
Hyper-Scale Networks

The world is going hyperscale. Hyperscale networks will create
superfast digital highways, fuel digital revolution and connect
billions of humans and devices. Hyperscale networks demand
massive fiberization.

Fttx Mantra
Next-Generation Scalable Network

With an aim to create multi-gigabit access networks, Telcos and
Enterprises across the globe are looking to build converged data
networks that are reliable, scalable, resilient, and can support
wireless and wired connectivity

Netmode
Future–Generation Enterprise Networks

Aging networks create several challenges - including lesser revenue,
higher failure rates, lack of standardisation, interoperability, and
compromised network security. Legacy networks severely limit the
ability to respond to changing customer expectations, and hence
reduce the business opportunities.

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In this report

Strategic Overview


22 Financial
Discussion
and Analysis
24 Management
Discussion
and Analysis
36 Leadership
Team
38 Risk
Management
44 Responsible
Corporate
Citizenship
72 DQSIndependent
Assurance
Statement
74 GRI Index
and UNGC
Principles



Governance Reports


76 Directors'
Report
112Corporate
Governance
Report
129Business
Responsibility
Report

Financial Statements


139Standalone
Financials
222Consolidated
Financials


Behold the future

STL is an integrator of Digital Networks

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Chairman's Message

The future of Digital Networks has arrived


Dear Shareholders,
It is with great pleasure that I bring to you the Annual Report of STL - Sterlite Technologies Limited. During FY20, STL launched end-to-end solutions and delivered value to customer segments globally to firmly solidify its position as a leading integrator of digital networks.
The digital connectivity reached greater heights last year, accelerated even further by the global lockdowns, and led to technological breakthroughs that have the potential to transform humankind. These breakthroughs are a result of high-capacity networks backed by deep fibreisation and network value chain. STL is leading this front by integrating digital networks for customers – global telcos, cloud companies, large enterprises, and citizen networks.

Enabling digital inclusion for millions
STL’s continuous pursuit of transforming lives with digital networks only grew further in the last financial year. Through strategic collaborations and initiatives, the Company has enabled the digital inclusion of millions of people worldwide.
In India, STL connected holy caves of Amarnath from Pahalgam as well as Baltal to provide 4G services to everyone during the pilgrimage. STL delivered a comprehensive network design for Mahanet, an initiative to bring digital connectivity in the state of Maharashtra. Garv, the rural-connectivity platform of STL, is using the power of technology to provide a multitude of communitycentred services in many Indian villages. STL was also recently awarded the mandate to create a high-speed rural broadband network from Telangana Fibre Grid Corporation Ltd. (T-Fiber) to provide affordable and high-speed broadband connectivity to 6 million rural citizens in Telangana, India.
In South Africa, STL partnered with Frogfoot to provide Fibre To The Home (FTTH) infrastructure, enabling affordable, reliable broadband connectivity to up to 20,000 homes and lower income groups in the Protea Glen East and West areas of the South African township of Soweto.

Strengthening the power of Digital
STL is working with large enterprises to build and modernise their digital networks, enabling them to leverage the technologies of future. The Company is tirelessly working on Varun, a project to develop the Indian Navy's communications network.
This next-gen network would link multiple Indian naval sites and India-administered islands, along with setting up of a highly secure data centre ecosystem. In another large scale project, STL also connected 16 Indian Army sites in Kashmir, India for national security purposes
STL also recently transformed Kakinada, a city in Andhra Pradesh, India, into a smart city with technologies for mobility, situational awareness, traffic control, smart lighting, public safety and security.

Navigating a pandemic
Towards the end of FY20, we came across a global pandemic that transformed the way we live, work, and interact. COVID-19 created a cloud of uncertainty surrounding several socioeconomic aspects across the globe. While we continue to navigate the pandemic, I am extremely pleased to see the way STL has been responding to the crisis.
The Company undertook all necessary steps to ensure the safety and wellbeing of its people. STL continued to interact with its customers and partners and ensured its promises were delivered on time.
While employee wellbeing and customer engagement were STL’s priorities during the crisis, I am glad to share with you that the Company went above and beyond their call of duty to help the community. From creating disinfectants in-house to organising online awareness sessions for thousands of people through Project Savdhaan, STL made sure it became a valiant soldier in the fight against COVID-19.

Building networks of the future
With the spread of COVID-19, the Internet connectivity has become the lifeline for billions of people around the world. Also, emerging technologies such as artificial intelligence, machine learning, and 5G are now being adopted everywhere. This presents us with a perfect opportunity to truly transform everyday living by delivering smarter networks.
I am extremely excited for STL to play a role in building this future! I look forward to your continued support and encouragement in this journey – to become world’s leading integrator of digital networks.

Letter to the Shareholders

STL is ready for a decade long network creation cycle


Dear Shareholders,
We are delighted to share that FY20 was a milestone year for STL. The Company was able to record its highest ever revenue of C 5,154 crores and maintain a solid order book of over C 10,000 crores with diversified global wins

FY20: A Transformative Year for STL
This year saw STL taking giant strides towards becoming a leading integrator of digital networks for its customers. This was due to the Company’s sharp focus on innovation, strategic investments and collaborations, and key account management. At the same time, STL continued to maintain its intensity towards environmental sustainability for a better world beyond tomorrow.
New global wins built a robust order book for STL across all customer segments—global telcos, cloud companies, citizen networks and large enterprises—and key deals included T-Fiber for rural broadband in Telangana, Telekom Albania digital transformation and multi-million dollar contracts in India, Europe and the Middle East
Strategic transformation to solutions-driven account-based organisation with end-to-end solutions that integrate optical interconnect products, virtualised access products, network software products and system integration services. This has expanded the total addressable market, including large-scale transformational projects

Leading a Strong Ecosystem for Next-Gen Solutions
The technology landscape is changing fairly quickly and networks will have to be ready to adapt to the rapid evolution. STL has made key investments and collaborations to enhance its expertise to provide future-ready network solutions.
STL invested in Cloud and Data Centre technologies with acquisition of Impact Data Solutions (IDS), a UK-based company that provides infrastructure for hyperscale data centres. The acquisition solidified STL’s position in the cloud and data centre markets, as well as giving it access to two of the top global cloud providers.
The Company strengthened its capabilities in 5G network rollouts by investing in ASOCS Ltd., a pioneer in virtual Radio Access Networks (vRAN) and a provider of fully virtualised base station solutions for enterprises and telco networks.
Over the last year, STL assembled a strong ecosystem of partners in hardware manufacturing, cloud computing and academia. STL partnered with VVDN Technologies Pvt. Ltd. for design and manufacturing ‘Make in India 5G’ solutions, and technology advancements with IIT Chennai. STL also partnered with VMware, a leading innovator in enterprise software, to deliver 5G Access Solutions for telcos and largeenterprise customers. This ecosystem is a true testament to Atmanirbhar Bharat.

Innovation is in STL’s DNA
STL aims to create world-class solutions that can provide nextgeneration connected experiences. Last year, STL launched 4 End-to-end solutions, including Opticonn for integrated Optical Connectivity and Netmode, for overall network upgrade and modernisation. It also added 93 global patents to its credit, taking the total tally to a very impressive 358* as of FY20.
STL Academy is also playing a key role in nurturing knowledge and innovation. The Academy is working tirelessly to create a certified talent pool of smarter network professionals. STL also undertakes several initiatives where it collaborates with startups and innovators to brainstorm and come up with breakthrough technologies to handle digital network needs of the future.

Zero Waste to Landfill
STL’s commitment to sustainable manufacturing recently won us a ‘Zero Waste to Landfill’ Certification by Intertek (US), a leading Total Quality Assurance provider to industries worldwide. The Company’s manufacturing plants in India—Rakholi and Dadra, Silvassa and Shendra, Aurangabad—became the world’s first integrated Optical Fibre Cables, Speciality Cables, and Optical Fibre manufacturing facilities to win the international certification.
Pravin Agrawal
Extensive recycling programmes were implemented in all STL facilities where the by-products generated are recycled for industries that can further use them as inputs for their manufacturing processes. These sustainability initiatives have also ensured proactive action towards global issues like water management and climate change.
FY21: The Future Beholds a Permanent Shift towards Digital
We are witnessing a paradigm shift towards digital in every walk of life. Technology adoption has found a new momentum during the COVID-19 crisis where new normal now includes virtual ways to work, interact and entertain. As the world adapts to these changes, we are seeing substantial shifts in usage patterns and traffic in five key ways:
a) from predominantly entertainment to enterprises and cloud use cases
b) from download only to symmetric uploads and downloads – boosted by video conferencing
c) from asynchronous to real-time use cases, requiring instantaneous response time
d) from office networks to ever increasing home networks usage
e) an increase in traffic by 60-70% in the past few months
The businesses are also identifying the right mix of virtual collaboration tools to be able to work with employees and partners. The digital strategies have been revamped and new investments are being made to adapt to the changing needs to employees, customers and partners.
358
Patents as part of portfolio, creating world-class solutions that can provide next-generation connected experiences
ZeroWastetoLandfill
Certification by Intertek (US), a leading Total Quality Assurance provider to industries worldwide.

An Exceptional Opportunity: Emergence of Next-Gen Digital Network
The impact of exponential data consumption rise and advent of 5G and other emerging technologies on STL’s customer segment is significant.
Global telcos are looking at hyper-scale networks that are denser, deeply fiberised and software-defined with computing at the edge. It is estimated that telcos will invest $1.1 trillion in their networks globally in the next five years and ~80% (~$800 billion) will be in 5G.
Enterprises are also looking to strengthen or modernise their digital networks to ride new-age applications for real-time situational awareness and faster decision-making.
Cloud companies are looking to advance their data centre hyperscale connectivity to come up with comprehensive solutions for communication, collaboration and business process, while ensuring security and privacy
Citizen networks are making heavy investments in expanding the broadband footprints to drive Internet penetration to nearly 50% global population that is still digitally disconnected.
The next generation of networks are shifting towards network densification, edge compute, open source and virtualisation. We are at the center of this massive digital transformation, and we have a great opportunity to deliver the Next-Gen Digital Network - by being the world's leading integrator of digital networks.
Thank you, shareholders, for your ongoing support and we assure you we will continue to strive to transform everyday lives by delivering smarter networks.

358

Patents as part of portfolio, creating world-class solutions that can provide next-generation connected experiences

ZeroWastetoLandfill

Certification by Intertek (US), a leading Total Quality Assurance provider to industries worldwide.

Innovating for Next-Gen Technologies

STL, a leading global integrator of digital networks, has innovation, technology and transformation at its core. The Company’s capabilities and solutions span all network layers from Optical Interconnect, Virtualised Access Solutions to Network Software and System Integration. STL is constantly innovating in the field of digital networks, thereby creating unique value for its customers, shareholders, communities and the nation at large.

DIGITAL NETWORKS AS A FOUNDATION

Designing and integrating digital networks is at the very core of STL’s business. The Company is partnering with governments, defence and telecom companies to create transformational impact in areas such as digital inclusion, homeland security and next-gen telecom networks.

Defence-grade smart networks

With STL’s success in delivering an intrusion-proof network (Project NFS - Network for Spectrum) for the Indian Army, it is now building a highly resilient, secure, converged and modern MPLS network for the Indian Navy. This network will strengthen India’s naval defence capabilities, as well as homeland security and lay the foundation for a digitally supreme Indian Navy

Nation-wide rural connectivity

BharatNet, one of the most critical step towards Digital India, aims to provide on-demand, affordable broadband connectivity to 250,000 Gram Panchayats across the country. With STL’s technology-led network rollouts using innovative applications such as drone-based surveys, augur drilling, robotic ducting and blowing, the Company is creating transformational impact through projects such as MahaNet and T-Fiber. These digital inclusion initiatives reach 50+ million rural Indians over 80,000 kms of optical fibre network and will pave the way to rural growth and prosperity.

Next-gen telecom networks

STL’s journey to make India the world's largest data consuming nation brought it to a key client who wanted to roll-out a hyperscale fibre network that would lay the foundation for future technologies such as 5G, Industry 4.0 and smart homes. The Company’s solution designed and built for the client the world’s first deeply fiberised carrier grade exabyte network spanning 25,000 fkm and took fibre to over 20,000 homes with speed and simplicity.

250,000

Gram Panchayats provided on-demand, affordable broadband connectivity under BharatNet

50MN+

Rural Indians impacted under digital inclusion initiatives

NETWORK SOFTWARE AS A KEY VALUE ENABLER

STL’s Network Software products bring greater agility and scalability to help telcos gain definitive edge in challenging markets.
Decongest networks seamlessly
With a huge number of devices connected to cellular networks and most of the world working from home during the COVID-19 pandemic, cellular network bandwidth was severely choked. STL introduced dSmartMobility, its smart WiFi offloading solution, as a trial offer for the Europe region. dSmartMobility seamlessly decongests networks while helping gain meaningful insights from strategic locations with advanced edge analytics.

dSmartMobility

Seamlessly decongesting networks during the COVID-19 pandemic

Build an online marketplace fit for 5G
As the industry undergoes massive transformation and with 5G bringing in unique opportunities that render traditional models obsolete, a digital marketplace model holds the key to unlock potential. Telcos have to rapidly adopt new business models that allow the flexibility to perform realtime content changes, and launch product offerings and promotions quickly. Recently, STL’s digital marketplace solution was implemented as a Proof of Concept in one of Japan’s largest e-commerce players. The Company’s continued focus on creating value for telecom companies is spurring a wave of innovative software offerings for our customers.

DATA CENTRES AS A BUILDING BLOCK

Next-generation data centres to power network use cases of tomorrow.
Data centre space is evolving at a rapid pace and consumption paradigms such as on-demand, multi-cloud and new imperatives such as densification and energy efficiency are changing the way data centres are being designed and built. With STL way of design and execution, the Company is focused on creating next-gen data centres. Its differentiated capabilities include design, end-to-end build-outs and networking, and interconnect services. With STL’s capability acquisition of Impact Data Solutions, UK, it has made headway into key areas like containment and inside data centre connectivity.
STL is a trusted technology partner to two of the world’s leading cloud companies for their hyper-scale data networks. One of its clients wanted to set up a top tier data centre infrastructure within stringent budget and delivery timelines. The Company’s experience in design consulting and installing hyperscale data centres across 2,500+ data centre projects, enabled it to deliver a purpose-engineered solution spanning data centre set-up and hot & cold aisle containment services, including seamless onboarding on client’s colocation facilities.

2,500+

Projects as part of the Company's experience, in terms of design consulting and installation of hyperscale data centres

Driving Business Value Optically

The Internet connectivity has become the 4th basic need of humankind. Optical Interconnect solutions form the backbone that connects people, homes and businesses around the world.

With 25+ years of experience in optical fibre innovation, STL's end-to-end connectivity solutions build tomorrow’s network infrastructure through reliability, scalability, flexibility and manageability.

OPTICAL INTERCONNECT

Essential technology for high-bandwidth data connections.

Global data usage is growing at unprecedented rates and the global COVID-19 situation has accelerated this further. As cities go into lockdown and working from home becomes the norm data traffic is becoming more distributed and traffic patterns more symmetric leading to new enterprise and consumer use cases. This new connectivity dependent reality needs solutions driven by the convergence of wired and wireless networks - all powered by high capacity optical digital networks.

As a global leader in optical interconnect solutions, we leverage our fully backward integrated value chain to offer customised solutions that deliver comprehensive value to our customers. In FY20, our research teams spread across the 4 innovation centres, developed cutting-edge technology products for our customers across the globe.

This year, we also started our state-of-the-art production facility at Dadra for fibre termination products, ODF shelves and closures.

25+

Years of experience as a leading solutions provider for optical networks

4

Innovation centres to design and develop cutting-edge technology products

STELLARTM - WORLD'S 1ST LEGACY NETWORK COMPATIBLE G.657.A2 FIBRE

STL is ready to enter the next-gen ultra-high definition future with its Stellar fibre.

By leveraging expertise in advanced photonics, material science and precision manufacturing, STL innovation has brought a solution that adapts to the lightning pace of change. We have set a new benchmark in product innovation with Stellar the world's first installer's fibre, a fibre that bends like magic and blends like magic. It is easy to deploy; integrates seamlessly with legacy networks and is future-ready. It helps in easier, faster rollouts that save time and money.
Stellar is a revolutionary product that not only turns the economics for dense and deep fiberisation in favour of ISPs and telecom operators but also addresses deployment challenges, making the solution an installer’s delight.

Stellar

World's first installer's fibre, easy to deploy; integrates seamlessly with legacy networks and is future-ready

TUFFbit - SOLUTION FOR ALL INDUSTRIAL NETWORKING NEEDS

A range of outdoor cabling solutions with customised designs for different environmental conditions.

During FY20, STL achieved another milestone with the launch of TUFFbit range of structured cabling solutions designed for specialised outdoor LAN applications.

The advent of Industry 4.0 has revolutionised industrial networks with an ever increasing number of connected devices. In such a scenario, Ethernet in a challenging industrial environment requires more rugged connectors and cables.

TUFFbit provides customised cable design to fit different field conditions, meeting project-specific application requirements. With unique protection layers, TUFFbit is the ideal choice for a range of outdoor applications, including plant automation, transportation, city surveillance and WiFi hotspots.

Customised

Cable design to fit different field conditions, meeting the projectspecific application requirements

Best suited

For outdoor applications, including plant automation, transportation, city surveillance and WiFi hotspots

Transforming Lives at Scale

Amidst COVID-19, STL's priority was to ensure the wellbeing of its ecosystem: employees, customers and partners. It was one of the first companies in India to announce Work from Home.

The Company sent out continuous customer communications to build transparency and set expectations on fulfilling commitments. Through improvised use of technologies and establishing key partnerships with different organisations, STL is doing its best to help the society at large. It created PPE gear in our plants and spread awareness among people through Garv, its innovation-led digital kiosk, and other initiatives like Project Savdhaan.

As we continue to navigate the pandemic, STL has prepared a strategy to move forward without letting its guard down when it comes to safety of everyone in its ecosystem. While many of STL’s people continue to Work from Home, the Company has re-opened its plants while making sure it follows the Company’s 3S model - Safety first, Social distancing, Strict adherence to local guidelines.

STL ACADEMY: CREATING THOUSANDS OF TECH LEADERS FOR TOMORROW

The last financial year saw STL Academy taking large strides in growing its outreach to more professionals as well as ecosystem partners, and created several milestones.
STL signed a Memorandum of Understanding (MoU) with Common Services Centres (CSC) Academy in October 2019 to skill 1,00,000 Village Level Entrepreneurs (VLEs) across the country in Optical Fibre Network.
To build trained and certified fibre ecosystem, STL Academy organised F-Tech 2.0, an online workshop on fibre optics on 22nd and 23rd October 2019 in Bhopal, Madhya Pradesh. Over 10,000 students from various engineering colleges across Madhya Pradesh participated in the event. In March 2020, STL Academy won the coveted Asia Book of Records for conducting F-Tech 2.0, the largest online workshop on optical fibre technology in Telangana. Conducted in association with T-Fiber, TASK and CMR Group of Institutions, the workshop was broadcast from CMR College in Hyderabad, with over 40,000 students from 45+ engineering colleges participating.

10,000+

Students from various engineering colleges across Madhya Pradesh participated in F-Tech 2.0, Bhopal

Asia Book of Records

Won by STL Academy for conducting F-Tech 2.0, the largest online workshop on optical fibre technology in Telangana

STL GARV: SHAPING THE DIGITAL LIFE OF RURAL INDIA

STL Garv, a rural-connectivity platform of STL, is using the power of technology to bridge the gap between urban and rural India. The last financial year saw Garv making digital inroads through numerous initiatives:
Enrolled students under PMG DISHA programme to improve the digital literacy
Issued Ayushman Bharat Card
Helped people in applying for Karz Maafi Yojna
Conducted primary health check-ups
Alotted PM Kissan Cards to people, helping them to directly benefit from the Central Sector scheme
Enrolled people under state governments’ employment exchange programme
Provided basic digital services like electricity bill payment, mobile recharge, DTH recharge
Started the services of providing goods through Amazon
Applied successfully for the scholarship of students
Helped people in applying online for government jobs

Board of Directors

Creating sustainable value for business


Board Of Directors

Anil Agarwal

Non-Executive Chairman
Anil Agarwal founded the Group in 1976. In over three decades, the Group, under his leadership and with his strategic guidance, has grown into a pioneering global conglomerate with a world-class portfolio of large, diversified, structurally low-cost assets. His entrepreneurial style of identifying and turning around companies has led the Group’s expansive and profitable growth. He is also known for his commitment to ensuring that the growth and profitability of the Group aids the eradication of poverty through development initiatives within the communities in which the Group operates.

Pravin Agarwal

Vice Chairman and Whole-time Director
Pravin Agarwal is the Vice Chairman and Whole-time Director of STL, and the Non-Executive Chairman of Sterlite Power Transmission Limited. He has been closely involved with Sterlite Group’s operations in India since its inception in 1979. He has been the driving force behind the expansion of Sterlite Group’s telecom and power businesses into multiple markets and the Company’s continued growth momentum. He is an astute businessman and a leader with almost four decades of experience.

Dr. Anand Agarwal

Group CEO and Whole-time Director
Dr. Anand Agarwal has been the CEO of STL since 2003. Under his leadership, the Company has grown from a leading provider of optical fibre to an industry-leading integrator of digital networks. He serves as a Whole-time Director on the Board of STL. A PhD in Materials Engineering from Rensselaer Polytechnic Institute and BTech from IIT Kanpur, he is a handson technologist on advanced photonics and programmable networks. He was honoured with the prestigious ‘Pathbreaker of the Year’ award in 2019 at the Telecom Leadership Forum for transforming India’s digital infrastructure. He is a firm believer in empowering and transforming lives through innovations in technology. He envisions to enable affordable internet for India by building next-gen digital networks and under his leadership, STL has established an ecosystem for Make in India 5G solutions. He joined STL in 1995, and this year marks his 25th work anniversary with the Company.

A.R. Narayanaswamy

Non-Executive and Independent Director
A.R. Narayanaswamy is a commerce graduate from Sydenham College, Mumbai and a Fellow Member of the Institute of Chartered Accountants of India (ICAI). He joined the Board of STL in 2007. He is inter alia an Independent Director at Hindustan Zinc Limited and Sterlite Power Grid Ventures Limited. He brings extensive financial, strategic, and Boardroom experience to STL. He is also a management consultant with over four decades of consulting experience across accounting, financial management and information technology.

STL has an illustrious Board, with significant global experience across cutting-edge technology, telecom, finance and largescale entrepreneurship.


board-director

Sandip Das

Non-Executive and Independent Director
Sandip Das is one of Asia’s most respected telecommunications professionals and an acclaimed Chief Executive. He was listed among the top 100 Globally Most Powerful Leaders in Telecom by Global Telecom magazine for four years. He is currently an independent Board Director for Greenlam Industries, Advisor to a UK-based investment company, a reputation management firm Astrum, besides consulting for international banks and investment companies. He was formerly the MD & CEO of Reliance Jio, Group CEO and Executive Director of Maxis Communications Berhad, Malaysia and CEO & Board Director of Hutchison Essar Telecom, India (Orange, Hutch). He holds a BE degree in Mechanical Engineering from NIT Rourkela, an MBA in Marketing from Faculty of Management Studies (FMS), University of Delhi and an AMP from Harvard Business School.

Arun Todarwal

Non-Executive and Independent Director
Arun Todarwal is a fellow member of the Institute of Chartered Accountants of India and has been practising as a Chartered Accountant for more than 40 years. He is a Managing Partner of Arun Todarwal & Associates LLP. During his years of practice, he has handled various professional assignments, including management consultancy, statutory audits, internal audits, management and systems audits, due diligences, taxation, international taxation, etc. in India, Dubai and several other countries. He is well-versed in tax matters and has travelled abroad on several occasions to deliver talks on Indian taxation. He has carried out professional assignments in more than 25 countries. He is also the Global Chairman of IAPA, an association of Chartered Accountants in more than 75 countries. He is an independent director in several companies.

Kumud Srinivasan

Non-Executive and Independent Director
Kumud Srinivasan is Vice President and Director of Non-Volatile Memory Fab Manufacturing and Automation Systems at Intel Corporation. She has spent 30+ years at Intel USA, leading multiple global functions, prominent being digital transformation and industrial automation. She is a seasoned leader, skilled at mobilising resources across organisation levels. Her management experience includes leading large teams in matrix, geo-dispersed organisations in the US, China and India. From 2012 to 2016, she served as President for Intel India. She joined the STL Board in 2018, and her experience in key industry domains such as Internet of Things, R&D, manufacturing and semi-conductors is invaluable to the Company and its global customers.

Pratik Agarwal

Non-Executive Director
Pratik Agarwal is a Non-executive Director of the Company and is the Managing Director of Sterlite Power Transmission Limited. A Wharton graduate and an MBA from London Business School, he has over 10 years of experience in building core infrastructure assets in India. He founded the Group’s infrastructure business in 2009 and built it up to levels where it now has significant investments in ports, power transmission and broadband networks. He is the Chairman of Confederation of Indian Industry (CII) core committee on Transmission, and also in the Advisory Board of India Brazil Chamber of Commerce (IBCC).

Executive Leadership

Leading with experience and foresight


Leadership

Dr. Anand Agarwal

Group CEO and Whole-time Director
Recognising the exponential growth in data consumption and shifts in the global technology landscape, Anand has navigated STL from an optical connectivity company to an industryleading integrator of digital networks. A PhD in Materials Engineering from Rensselaer Polytechnic Institute and B.Tech from IIT Kanpur, Anand is a hands-on technologist on advanced photonics and programmable networks. He is a firm believer in empowering and transforming lives through innovations in technology. He joined STL in 1995, and this year marks his 25th work anniversary with the Company.

Ankit Agarwal

CEO, Connectivity Solutions
As a deep believer in Innovation and Customer-first approach, Ankit leads the Connectivity Solutions Business in developing next-gen solutions to address the evolving network and communication opportunities of our clients. He plays a crucial role in STL’s global expansion; he helped establish STL’s presence in over 100 countries and executed Joint Ventures, Mergers & Acquisitions and Greenfield projects across Brazil, China and Italy.

KS Rao

CEO, Network Services and Software
KS Rao heads STL’s Network Services and Software business unit. Under his leadership STL expanded into digital infrastructure projects in segments like Defence, Citizen Networks, Smart Cities & Telcos. He is also spearheading STL’s foray into disruptive software technology products in areas such as customer/partner management, customer care & billing, network operations and wireless & spectrum management. Under his leadership STL successfully delivered mega projects like Navy Communication Network and Mahanet. He is also incubating newer businesses like Data Centre and Enterprise IoT

Dr. Badri Gomatam

Group Chief Technology Officer
A photonics expert, Badri leads core research in optical communications products and network solutions. With a view on emerging network technologies, Badri guides the Company’s technology vision. Under his leadership, the Company today has over 370 patents to its credit. Badri has an MS and Ph.D. from the University of Massachusetts, Amherst, and a BS from the Birla Institute of Technology. He joined STL in 2011.

Our leadership team brings immense global, functional and management expertise, enabling us to respond to challenges and tap into emerging opportunities effectively


leadership

Gaurav Basra

Chief Strategy Officer
With significant international consulting experience, Gaurav works closely with the leadership team to develop long-term strategies for growth. He has 25 years’ experience in corporate strategy development and transformation, innovation management and investment portfolio management at Booz & Company, Lucent Technologies, Nokia, Siemens and Mobily. He has an engineering degree from the University of Pune and an MBA from Imperial College, London.

Manish Sinha

Chief Marketing Officer
Manish has donned many hats – from consultant at McKinsey & Co. and Infosys and leading operations at WNS and Capital One to being a ‘start-up guy’ at Quikr Homes and Common Floor. He is an engineering graduate from IIT Delhi and MBA from IIM Calcutta. Manish leads customer engagement at a time when the Company is growing exponentially. An enthusiastic culture champion, he joined STL in 2017, and soon became the face of change internally.

Anjali Byce

Chief Human Resources Officer
As STL grows exponentially, Anjali and her team are building an agile and culturally strong organisation by running strong programmes on talent, culture, values and diversity. Anjali has extensive experience in organisational development, learning and development and industrial relations. She has also worked at SKF, Tata Motors, Bajaj Allianz Life Insurance, Cummins and Thermax. She has a Master’s in Human Resources from the Symbiosis Centre for Management and HRD, and in Applied Psychology from the University of Delhi.

Akanksha Sharma

Head CSR and Sustainability
STL is committed to the community, and Akanksha spearheads the Company’s vision for Social Impact and Sustainability. She drives a portfolio of community programs that contribute towards transforming everyday living of many lives. She also leads the Sustainability portfolio of the Company and is building organisational capabilities on Responsible Business Practices across the value chain. Akanksha brings extensive experience in the Social Impact space from diverse organisations such as UNICEF, Jubilant Food Works and Vedanta. Post her MBA, she has done an advanced program from Harvard Business School.

Advisory Board

Leveraging trusted insights

STL’s Advisory Board includes eminent industry leaders from the global telecom and data networking industry who guide our decision-making.


Advisory Board

Sandip Das

Sandip Das is one of Asia’s most respected telecommunications professionals and an acclaimed Chief Executive. He was listed among the top 100 Globally Most Powerful Leaders in Telecom by Global Telecom magazine for four years. He is currently an independent Board Director for Greenlam Industries, Advisor to a UKbased investment company, a reputation management firm Astrum, besides consulting for international banks and investment companies. He was formerly the MD & CEO of Reliance Jio, Group CEO and Executive Director of Maxis Communications Berhad, Malaysia and CEO & Board Director of Hutchison Essar Telecom, India (Orange, Hutch). He holds a BE degree in Mechanical Engineering from NIT Rourkela, an MBA in Marketing from Faculty of Management Studies (FMS), University of Delhi and an AMP from Harvard Business School.

BS Shantharaju

BS Shantharaju has over 15 years of experience as CEO across four large enterprises. He retired as CEO of Indus Towers, the world’s largest telecom tower company with an estimated valuation of $12 billion. He was also the CEO of New Delhi International Airports, where he led the organisation’s transformation post privatisation. As Managing Director of Gujarat Gas Company (then subsidiary of British Gas), he led it to a major growth trajectory. He was also the Chief Financial Officer for India and Country Managing Director for Bangladesh of SmithKline Pharmaceuticals Limited. He is a qualified accountant, has an MBA degree from the International Management Institute, New Delhi and is an alumnus of London Business School. He was among the final shortlisted candidates for the CNBC Asia Business Leader Award in 2005. He has also been a speaker at various leadership forums, including at Harvard Business School.

Awards and Accolades

Recognitions that make us proud

Awards recognise the impact of our efforts. STL takes pride in innovation, people initiatives, industry best practices, and sustainability measures. We are honored to be recognised for our success as we continue our journey.

Awards and Accolades

Telecom Leadership Forum Award

STL bagged three awards at the Telecom Leadership Forum (TLF) 2020 for LEAD360 large-scale fibre rollout approach, dTelco digital platform for communication service providers and STL Garv, a digital access point for villages, which enables access to multiple digital infrastructure and services for rural communities.

The key highlight of TLF 2020 was Dr. Anand Agarwal, Group CEO, STL being honoured with the prestigious ‘Pathbreaker of the Year’ for pioneering and path-breaking achievements in the telecom industry.

The jury comprised eminent leaders from the telecom industry and was chaired by Aruna Sundarajan, Former Secretary, DoT

Golden Peacock

STL received the Golden Peacock Award, one of the country’s most prestigious, for creating new benchmarks in the sector and going beyond statutory, ethical and sustainable compliances.

The applications were adjudged by an eminent jury under the Chairmanship of Justice M. N. Venkatachaliah, former Chief Justice of India, Chairman, National Human Rights Commission of India and National Commission for Constitution of India Reforms.

CII-ITC Sustainability Award

For the second time in three years, STL won the coveted CII-ITC Sustainability Award for 'Excellence in CSR'. This award is one of the country's most credible honours and celebrates changemakers who persistently strive to integrate CSR and Sustainability into their business excellence frameworks.

The assessment is done in three phases - desk assessment, site visit by a team of four independent assessors and finally a jury assessment. The entire grading is based on the European Foundation for Quality Management (EFQM) Excellence Framework, which is a widely used quality management tool.

Financial Highlights

Sustaining strong momentum

Guided by our purpose, we are building on our strong fundamentals to deliver into sustained and shared progress for all stakeholders. We are sharpening our financial resilience, to ensure that the business remains nimble, agile-footed and empowered to tap into emerging opportunities.

Revenue

Revenue


Unit FY16 FY17 FY18 FY19 FY20
Consolidated Numbers
Gross Revenues ₹ crores 2,275 2,594 3,205 5,087 5,154
Growth % NA 14 24 59 1
EBITDA ₹ crores 475 542 789 1,164 1,104
EBIT ₹ crores 350 383 606 969 813
PBDT ₹ crores 357 419 685 1,058 883
PAT (After minority interest) ₹ crores 154 201 334 563 472
Capital Employed ₹ crores 1,791 1,844 1,993 2,845 3,770
Diluted EPS 3.82 4.98 8.25 13.83 10.64
             
Net Revenues $ million 320.4 365.3 451.4 716.5 726.0
EBITDA $ million 66.9 76.4 111.1 163.9 155.4
EBIT $ million 49.3 54.0 85.4 136.5 114.6
PBDT $ million 50.2 59.1 96.5 149.1 124.3
PAT (After minority interest) $ million 21.7 28.4 47.1 79.3 66.5
Ratios
Return on Capital Employed % 19.5 20.8 30.4 34.1 21.6
EBITDA Margin % 20.9 20.9 24.6 22.9 21.4
EBIT Margin % 15.4 14.8 18.9 19.0 15.8
PBDT Margin % 15.7 16.2 21.4 20.8 17.1
PAT Margin % 6.8 7.8 10.4 11.1 9.2
Effective Tax Rate % 29.0 15.4 26.5 32.2 20.5
Conversion Rate 1 US$ = 71
The numbers reported above in this section are before considering exception item.
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