Pune, India – April 19, 2017: Sterlite Tech [BSE: 532374, NSE: STRTECH], an end-to-end global technology leader in smarter digital networks, has received CRISIL’s rating upgrade to CRISIL AA-/Positive on its long-term bank facilities while reaffirming the rating at ‘CRISIL AA-’. The rating on the Company’s commercial paper programme has been reaffirmed at ‘CRISIL A1+’.
The outlook revision reflects CRISIL’s belief that Sterlite Tech’s financial risk profile could improve over the medium term on the back of improvement in profitability and net cash accruals, given its healthy business prospects. Elaborating on the business outlook, Anupam Jindal, CFO, Sterlite Tech, said, “Based on our integrated design, build and manage strategy, we are uniquely positioned to cater to the Rs 1.3 lakh-crore opportunities arising across key Digital India initiatives like BharatNet, Smart Cities and Defence space. With the focus of the global telecom industry shifting towards smarter networks that address the challenges of hyper-connectivity and broadband network requirements of 5G and IoT, we are leading the industry with our breakthrough digital technologies.”
With a pure-play telecom focused business that develops and delivers smarter optical communication products, network and system integration services and OSS/BSS software solutions, Sterlite Tech is a global player in enabling the internet economy through the creation of future-proof digital infrastructures for urban and rural areas, last-mile connectivity and monetization requirements across all smarter networks.
More details on the rating upgrade and rationale can be accessed on:
About Sterlite Technologies:
Sterlite Technologies Ltd [BSE: 532374, NSE: STRTECH], is a global technology leader in smarter digital networks. With a pure-play telecom focused business that develops & delivers optical communication products, network & system integration services and OSS/BSS software solutions, Sterlite Tech has a sales network in six continents. The Company has manufacturing presence in India, China & Brazil, and aims to transform everyday living by delivering smarter networks. With a strong portfolio of over 130 patents, Sterlite Tech is home to India’s only Centre of Excellence for broadband research. Projects undertaken by the company include intrusion-proof smarter data network for the Armed Forces, rural broadband for BharatNet, Smart Cities’ development, and establishing high-speed Fibre-to-the-Home (FTTH) networks.
Forward-looking and cautionary statements: Certain words and statements in this release concerning Sterlite Technologies Limited and its prospects, and other statements relating to Sterlite Technologies' expected financial position, business strategy, the future development of Sterlite Technologies' operations and the general economy in India, are forward looking statements. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of Sterlite Technologies Limited, or industry results, to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Sterlite Technologies' present, future business strategies, and the environment in which Sterlite Technologies Limited will operate in the future. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, changes in government policies or regulations of India and, in particular, changes relating to the administration of Sterlite Technologies' industry, and changes in general economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Sterlite Technologies' control, include, but are not limited to, those risk factors discussed in Sterlite Technologies' various filings with the National Stock Exchange, India and the Bombay Stock Exchange, India. These filings are available at www.nseindia.com and www.bseindia.com.