Sterlite Technologies Limited. — Annual Report 2019

Apr 23, 2019

Sterlite Technologies Limited

Godrej Millennium, 9, Koregoan Road, Pune 411 001, Maharashtra, India Phone: +91-20-30514000 Fax: +91-20-30514113 www.sterlitetech.com

April 23, 2019

BSE Limited Corporate Relations Department pt Floor, New Trading Ring, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001

Scrip Code: 532374; Scrip ID: STRTECH

National Stock Exchange of India Ltd Exchange Plaza, 5th Floor, Plot. C/1, G-Block, Bandra-Kurla Complex, Sandra (East), Mumbai 400 051

Symbol: STRTECH

Dear Sirs,

Sub: Intimation under Regulations 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations. 2015, as amended

With reference to our letter dated April 11, 2019 we wish to inform you that the Board of Directors (the "Board") of Sterlite Technologies Limited (the "Company") at its meeting held on April 23, 2019, has approved, inter alia, the following:

• (a) The Audited Financial Results (Standalone and Consolidated) of the Company for the financial year ended March 31, 2019;
• (b) Recommendation of final dividend of 175% (Rs. 3.5/- per Equity Share of Rs. 2/- each of the Company) for approval by the shareholders of the Company. The final dividend, if declared at the Annual General Meeting (the "AGM") will be paid within the statutory time limits.
• (1:) fnabling approval for issue of Non-Convertible Debentllres of upto Rs.1000 crores.
• (d) Subject to the approval of the shareholders of the Company at the ensuing the AGM, and subject to such regulatory/statutory approvals as may be required, raising of funds, inter alia, by issue of equity shares, any financial instruments and/or security convertible into-equity shares, combirrationufsuch securities by way of one or more public and/or private offerings, qualified institutions placement and/or preferential allotment basis and/or rights offering or any combination thereof or any other method in accordance with the provisions of applicable laws, for an aggregate consideration of up to Rs. 1000 crores.

It is clarified that this is only an annual enabling approval and there is no immediate plan to raise funds. The objective is that this proposal will go to the shareholders at the AGM for approval.

In this regard, please find enclosed:

• (i) Press Release
• (ii) Investors Presentation on Financial Results;
• (iii) Audited Consolidated and Standalone Financial Results; and
• (iv) Independent Auditors' Report on the Statement of Consolidated and Standalone Financial Results
• (v) Statement on Impact of Audit Qualifications.

We request you to take the aforesaid on records.

Thanking you,

Yours sincerely, For Sterlite Technologies Limited

mit Deshpande Company Secretary (ACS 17551)

Enclosures: As above

Registered Address: El, MIDC Area, Waluj, Aurangabad - 431136, Maharashtra, INDIA. CIN - L31300MH2000PLC269261

Sterlite Technologies Limited Godrej Millennium, 9, Koregoan Road, Pune 411 001, Maharashtra, India Phone: +91-20-30514000 Fax: +91-20-30514113 www.sterlitetech.com

PRESS RELEASE FOR IMMEDIATE DISSEMINATION

STL delivers superlative growth with a strong future outlook

Reports stellar FY'19, and an excellent start to FY'20 with an all-time high order book of over Rs 10,500 crore

• Financials at all-time high: PAT up 68%, Revenue up 59%, EBITDA up 48% YOY; ROCE at 34%
• Highest-ever patents filed in a single year
• Strengthened position in Europe with acquisition
• Capacity expansion to 50 million fkm for optical fibre and 33 million fkm for cable on track

Pune, India – April 23, 2019: Sterlite Technologies Ltd - STL [BSE: 532374, NSE: STRTECH], a global data network solutions company, reported another year of solid financial performance. The company's steady growth over the last several quarters is a result of its strategic focus on offering data network solutions to an expanding global market of telcos, cloud companies, citizen networks and large enterprises.

FY'19 – A transformative year

As cloud companies intensified network build, telcos increased fibre deployment with high-impact solutions, defence modernised its networks, and rural and urban broadband accelerated, FY'19 was a transformative year for STL. It acquired new customers and launched end-to-end solutions, on the back of accelerated innovation, an agile supply chain and best-in-class talent.

• 35 new customers: The company won customers across all its customer segments, prominent ones being two of the world's top cloud companies; several tier one telcos, including partnership for network creation for one of the world's largest greenfield rollouts of 4G; and modernising the Indian Navy's digital communications network. With this, India, Europe and LATAM now account for more than 90% of the company's revenues.
• Six new solutions and several partnerships: With its unique silicon-to-software capability, the company designed and launched several network solutions. Some notable launches included FTTx Mantra (fully integrated, ready to implement FTTx solution) and TruRibbon (high-density optical fibre cable for high-capacity networks). The company partnered with industry leaders for some of these, including several partnerships for the Defence, and with open-source consortiums such as O-RAN and TIP.

Sterlite Technologies Limited

Godrej Millennium, 9, Koregoan Road, Pune 411 001, Maharashtra, India Phone: +91-20-30514000 Fax: +91-20-30514113 www.sterlitetech.com

• 271 patents: The company filed its highest-ever patents in a single year, taking its global patent filing count to 271. These filings protect the company's deep technology investment in strategic areas. It also launched SPEL – India's first technology lab for structured networking solutions. This is in addition to its two earlier labs – Centre of Excellence for broadband research and Centre for Smarter Networks for next-generation network applications.
• Capacity expansion and agile delivery: With the acquisition of Metallurgica Bresciana in Italy, the company strengthened its position in Europe and acquired new product and customer portfolios. Meanwhile, its planned expansion with new Industry 4.0 plant at Aurangabad is ready to come online with 50 million fkm fibre capacity by June 2019, while it is on track to deliver its doubled fibre cable capacity of 33 million fkm by June 2020.
• Best-in-class talent: The company continued to strengthen its technology expertise with hiring key talent for optical fibre research, software defined networks, converged networks, connectivity solutions and data science.
• Environment, sustainability and governance: The company's commitment to the environment won its optical fibre cable plant in Silvassa, India the prestigious Intertek Zero Waste to Landfill Certification. It also became a signatory to United Nations Global Compact, the world's largest forum on corporate sustainability.

Consolidated Financials – All-time high

This focus on deep customer engagement, solutions build for hyper-scale networks, ongoing innovation, agile supply and key talent contributed to the company's excellent financial performance.

Q4 FY'19 Financial Highlights

• Highest quarterly Revenues at Rs 1,791 crore
• Highest quarterly EBITDA at Rs 328 crore, up 38% YoY
• Highest quarterly PAT at Rs 165 crore, up 47% YoY

FY'19 Financial Highlights

The company's financials have continued to show superlative growth. Key metrics are:

• Open order book at Rs 10,516 crore, 2.1 times the annual revenue
• Revenues at Rs 5,087 crore, up 59% YoY
• EBITDA at Rs 1,164 crore, up 48% YoY
• PAT at Rs 563 crore, up 68% YoY
• ROCE at all-time-high of 34%

The company continues to stay committed to deliver PAT of US\$ 100 million in FY'20.

With these strong numbers, the Board of Directors has recommended Final Dividend of 175% at Rs 3.5 per equity share for FY'19.

Godrej Millennium, 9, Koregoan Road, Pune 411 001, Maharashtra, India Phone: +91-20-30514000 Fax: +91-20-30514113 www.sterlitetech.com

FY'20 and beyond – An exciting future

As telcos, cloud companies and new digital infrastructure players create hyper-scale networks, STL is at the helm of this network creation opportunity. With its data network solutions for Mobility, Last-mile access, Long-haul connectivity, Network modernisation and Data centres, across large customer segments globally, the company's total addressable market has expanded to a market size of \$75 Billion by FY'23.

As the company's focus expands to end-to-end technology solutions for data networks, it is refreshing its identity to reflect a simplified, transformed company that is leading the future of networks.

To know more about the company's strategy and FY'19 results, please log in to the Analyst Call today at 5 pm IST.

About Sterlite Technologies Ltd - STL

STL is a global leader in end-to-end data network solutions.

We design and deploy high-capacity converged fibre and wireless networks. With expertise ranging from optical fibre and cables, hyper-scale network design, and deployment and network software, we are the industry's leading integrated solutions provider for global data networks. We partner with global telecom companies, cloud companies, citizen networks and large enterprises to design, build and manage such cloud-native software-defined networks.

STL has innovation at its core. With intense focus on end-to-end network solutions development, we conduct fundamental research in next-generation network applications at our Centres of Excellence. STL has strong global presence with next-gen optical preform, fibre and cable manufacturing facilities in India, Italy, China and Brazil and two software-development centres.

SterliteTech.com | Twitter | LinkedIn | YouTube

Media Relations	Investor Relations	Corporate Communications
LK Pathak	Vishal Aggarwal	Sumedha Mahorey
+91 9925012059	+91.20. 30514000	+91. 22. 30450404
L.k.pathak@sterlite.com	Vishal.aggarwal@sterlite.com	Sumedha.mahorey@sterlite.com

Forward-looking and cautionary statements: Certain words and statements in this release concerning Sterlite Technologies Limited (STL) and its prospects, and other statements relating to STL's expected financial position, business strategy, the future development of STL's 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 STL, 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 STL present, future business strategies, and the environment in which STL 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 STL 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 STL's 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.

Earnings Call– Q4' FY19

Safe Harbour

Certain words and statements in this communication concerning Sterlite Technologies Limited ("the Company") and its prospects, and other statements relating to the Company's expected financial position, business strategy, the future development of the Company's operations and the general economy in India & global markets, are forward looking statements.

Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company, 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 the Company's present and future business strategies and the environment in which the Company 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 the Company's industry, and changes in general economic, business and credit conditions in India.

The information contained in this presentation is only current as of its date and has not been independently verified. No express or implied representation or warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. None of the Company or any of its affiliates, advisers or representatives accepts any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Please note that the past performance of the Company is not, and should not be considered as, indicative of future results. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company.

The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such revision or changes.

Persons should consult their own financial or tax adviser if in doubt about the treatment of the transaction for themselves

These materials are confidential, are being given solely for your information and for your use, and may not be copied, reproduced or redistributed to any other person in any manner. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any persons in possession of this presentation should inform themselves about and observe any such restrictions

Anand Agarwal

CEO

FY'19 – Transformative Year for STL

Connectivity Solutions (Products)

• Increased Fiber Deployments across Europe (13% Y-o-Y Growth), India (16% Y-o-Y Growth) and other parts of the world such as LATAM and Middle East (7% Y-o-Y Growth)
• Entry into top two Cloud companies of the World, who have intensified their network investments
• Flattish China fiber demand (-1% Y-o-Y Growth) which now accounts for <5% of our overall revenues
• Inroads into new Tier-1 Telcos and markets, backed by high value added product solutions.

Network Services & Software

• Network design and rollout for two of the India's Largest Telco Operators
• National broadband initiatives of "Bharat-Net" along with the State-led initiatives of "Smart Cities"
• Large Enterprises, mainly through the spend on network modernisation by Defence and Power & Utilities
• New customer wins of Tier-1 Telcos for our OSS/BSS Software Platform Services

The Company's focus in FY'19 had been largely in India, Europe and LATAM amounting to nearly 90% of its revenue

Translating into New Customer Wins and Deeper Market Penetration

24%

5,087

4%

7%

65%

FY19

Revenues (Rs. Crores)

• More than 3 x increase in exports revenues in 3 years
• New Tier-1 telco wins across geographies
• Breakthrough into the largest Internet content providers
• Supplying to largest telcos of India & Europe.
• Network creation partner for one of the world's largest greenfield rollouts of 4G networks
• Top 20 customers account for ~ 75% of the revenues

Snapshot of Our New Launches and Partnerships

On the backbone of

271 Patents

3 Innovation Centers | 2 Software Delivery Centers

With Agile Delivery and Supply Chain to Cater to the Evolving Needs of the Customers

EXPANDING PRESENCE

FIBRE AND CABLE

• State of art silicon to fiber plant in Aurangabad
• Fully automated machines with robotic operations ( Industry 4.0)
• World class clean room infrastructure
• Cabling expansion across Italy, India, Brazil

SUPPLY CHAIN LOGISTICS

Sterlite Tech, Italy Bringing production closer to the customers

Integrated Planning with Global Supply Chain

And Strong Talent Profile and Industry Leaders

Sustainability & Governance | Positively Impacting Lives & the Environment

Overall impact since 2006

The Future is Even More Exciting

STL is at an Intersection of Several Mega Trends that are Leading to Creation of Hyperscale Networks

The World is Disrupting…

Digitize Everything becomes Data

Deceptive Collaboration grows exponentially

Demonetize

Increased Productivity Capital Abundance

Dematerialize

Software Artificial Intelligence …Democratized by a Hyper Network for all

Everyone Connected Everywhere Knowledge Everything Data

12

These New Data Centric Networks are Being Built on

And are Being Created by Telcos and New Digital Infrastructure Players in the Ecosystem

© 2019-2020 Sterlite Technologies Limited 14

Leading to an Evolving Network Creation Model by Telcos and New Entrants

Evidenced through the Change in Buying Pattern Due to Increased Complexity

Leading to emergence of new data network focused solution providers in the ecosystem

STL is at the helm of this Data Network Creation Opportunity with its 4 Pronged Strategy

Journey towards Expanding Addressable Market EXPAND SCALE INNOVATE INTEGRATE Into new portfolios and applications With new Customer Acquisition and new Geographies New Value Added Products and Offerings Moving towards an integrated "solutions based" offering \$75 Bn \$20 Bn 2017 2023 1 2 3 4

Our Customer Success Metrics are Changing to Adapt to Changing Customers' Expectations

And So Are Our Solutions

Mobility

• Mobile Backhaul
• Private Networks

Telcos

Access

• FTTx
• Fixed Wireless

Telcos

Long Haul Connectivity

• Rural connectivity
• Long Distance connectivity

Citizen Networks, Telcos

Network Modernisation

• Defence Communication Network

• Network Security

Large Enterprises

Data Centre

• Data Centre connectivity

Internet Content Providers

Thereby Catering to Customer's Deeper Share of Wallet Through our Expanding Offerings over the Years

Leading to Evolved Demand Divers for FY 20 and Beyond

• Increasing penetration of fixed wireline broadband (FTTx) in Europe & India
• 5G roll outs across different geographies are expected to begin in 2020 and pick pace between 2020-25
• Mobile Backhaul fiberization in countries like India, which is amongst the lowest fiber to the tower connectivity
• Increased spending by OTT players leading to DataCentre Interconnect opportunities in US
• New rollouts under the Digital Broadband Initiatives by India to bring Rural connectivity
• Network modernization initiatives by Defence and other larger Enterprises like Railways, Oil & Gas and Power Utilities
• Increased Virtualisation spend by operators for making network agile & scalable

Our Strategic Direction

• Penetration into new geographies opening up new demand centres for our offerings
• Increased network integration and roll out opportunities within India with top telcos & citizen networks
• Enter select international markets taking our network services offering globally within 1-2 years
• Value addition through High Value Added products and solutions for our customers

Our Outlook

1	Market Opportunity	• Growing TAM of \$75 Bn by 2023; Out of this, STL current Market share <1% • Data network capex investments forecasted to grow across customer segment • Strongly positioned to generate new customer wins and deepen share of wallet
2	Strategy	• Four pronged strategy of Expand, Innovate, Scale and Integrate • Deliver value to customers through agility, speed and technology prowess • Organic growth coupled with alliances and strategic acquisitions
3	Value Proposition	• Offering end-to-end solutions for data network applications • Strong Global experience across data network creation • Business operating model aligned with key customer segments
4	Financial Profile	• Double-digit y-o-y growth • ROCE > 25% • Consistent return to shareholders • Strong Balance Sheet to fuel growth

With Focussed Customer Segments, Solutions Centric Approach and Built on The Foundation of Five Pillars

Starting FY'20 with an All Time High Order Book & Strong Visibility

Order Book at an all time high of Rs. 10,516 Crore

Anupam Jindal

CFO

Q4'FY19 Highlights

₹ 1,791Cr Revenue 112% Y-o-Y increase

₹ 328 Cr EBITDA 38% Y-o-Y increase

₹ 165 Cr PAT

47% Y-o-Y increase

Customer Engagement

• Entry to one of the biggest cloud providers through a innovative solution for data centre connectivity
• Secured large order for Rural broadband connectivity in state of Maharashtra

Technology

• Patent Portfolio up from 234 to 271
• Launched next-gen products for data centre, enterprise network, Power over Ethernet (PoE) & outdoor applications
• Alliance with O-Ran to build a near real-time controller and distributed units, with white box hardware

Global Delivery and Execution Engine

• Execution of Naval project picks pace, running ahead of a schedule
• Cable expansion initiated in Italy and India towards 33 mn capacity by June, 2020

Demonstrated Growth on Q-o-Q basis

• Highest ever Revenue of Rs. 1,791 Cr (112% y-o-y growth)
• Highest ever EBITDA of Rs. 328 Cr (38% y-o-y growth)
• Highest ever PAT of Rs. 165 Cr (47% y-o-y growth)

Increasing TAM and Evolving Business Profile

Driven by double digit growth in profits with increasing ROCE profile

2010-2014

Offerings: Telecom Products (Optical Fiber and Cable)

Customers: Telcos

Capital Intensity: High

2014 Revenue : Rs. ~1100 Cr

2014-2017

\$5Bn

Offerings: Design, Build & Manage (Optical Fiber and Cable, System Integration and OSS/BSS Software)

Customers: Telcos, Defence, Citizen Networks

Capital Intensity: Medium

2017 Revenue : Rs. ~2600 Cr

\$20 Bn \$5Bn \$20 Bn \$75 Bn

2019 & Beyond

Offerings : Global Data Network Solutions (Mobility, Access, Long Haul Connectivity and N/W Modernisation)

Customers: Telcos, Internet Content Providers, Citizen Networks, Large Enterprises (Defence, Railway, Oil&Gas, etc.)

Asset Light

Expected Normalised ROCE: > 25%

Expected Normalised EBITDA %: > 18-20%*

2019 Revenue : Rs. ~5100 Cr

Creating Value for our shareholders

20% 21% 30% 34% FY 16 FY17 FY18 FY19 ROCE

We remain committed to our strategic aspiration communicated in July 2017 of \$ 100 Mn PAT in FY'20

Growth

• Profitable Organic Growth
• EPS accretive strategic acquisitions
• Commitment to R&D and Talent

Earnings

• Drive sustainable EPS growth
• Attain earning objectives across economic cycles
• ROCE > 25%

Capital Allocation

• Focus on Free Cash Flow Generation
• Sound Leverage and Working Capital Ratio
• Stated dividend policy with consistent returns to shareholders

Strong Corporate Governance

Financial Performance

P&L (INR Cr.)	FY18	FY19	Growth (%)
Revenue	3,205	5,087	59%
EBIDTA	789	1,164	48%
EBITDA %	25%	23%
Depreciation	182	195
EBIT	606	969	60%
Interest	104	105
PBT	503	864	72%
Tax	133	278
Net Income (After Minority Interest)	334	563	68%
ROCE %	30%	34%

Balance Sheet (INR Cr.)	FY18	FY19
Net Worth	1,257	1,815
Net Debt	884	1,733
Total	2,141	3,548
Fixed Assets	1,512	2,356
Goodwill	74	107
Net Working Capital	555	1,085
Total	2,141	3,548

Debt Profile and Cash Flows

The business continues to generate strong operational cash flow

The increase in debt is on account of organic & inorganic investments done for future growth

The benefits of these investments will start getting visible from FY20 onwards

beyond tomorrow

STl! www.sterlitetech.com

STERLITE TECHNOLOGIES LIMITED (CIN: L31300MH2000PLC269261) CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2019

Particulars Mer11 (Unaudttadl IR•r N• 3) Revenue from operations 1,791.16 Olher mcome 13.20 Total lncomo uoue Total expenditure 1,588~ Cost of materials consumed 1,221 ,37 Purchase of stock-in-trade 6.Q6 (Inc)/ Dec in finished goods, sleek-in-trade & WIP (1:!&.73) Excise duty on sale of goods , Employee benefits expense 13S.02 Finance Costs 30.67 Depreciation and amortisation expense 49,79 Other exoenses 251.39 Profit before tax & share of net profits of Investments 247.71 accounted uslna eaultv method Share of Profit / (Loss) of Joint Venture and Associate Company - Prent before tax ZA7.71 Tax expense : 12.15 Current tax 80.02 Deferred tax 22.13 f"et Profit after Tax & Share in Profit/ (Loss! of Joint 181.M Venture and Associate Comoanv Loss from discontinued ooorations IRefer Note 81 - Net Profit for the oerlod Other Comprehensive Income A. I) Items that will be reclassified to Profit or Loss 66.13 fll Income lax relating these items {16.79 B. Jl lterns that will nol be recless)~ed to Profit or Loss l7 84 II.! Income lax relaUn11 to the these llerns 2.7-4 Other comorehenslve Income 34.24 Total comprehensive Income for the period 117.41 Net Profit attributable to ~w:- . a) Owners of the Company 111.17 b) Non controtlira Interest (2..ou Othor Comprehensive Income attributable to a) Owners of the Comoanv 32.72 b) Non conlrollma Interest ,.- Total comorehensive Income attributable to ,. a) Owners or lhe Company ' bl Non controllinc Interest Pald·UD Eauitv Capital Cface value Rs_2 per share} Other equity including debenture redemption reserve • Earning Per Share !Rs.}- Basic Earnlna Per,Share (Rs.)• DIiuted (Rs. in Crores except earning per share) Ouarutr ended Dec18 Mar11 Mar11 Mar11 (UnaudltHJ (Unaudttad) (Audbd) (Audttad) 1,334,87 846.64 5,087.26 3.205.49 10.43 17.17 36.86 39.27 1 345.30 863.81 5,124.12 ;.'Z:-'-:."' 3244.78 1,1 19.59 704.07 4,260.58 2,7'2.18 661 63 376.37 2,591 .32 1.22215 16,72 9.19 30 58 32." (48.39) (55.55) (1 34.67) 1S.93 - - - 28.38 149.34 90.49 511 .23 34472 27.40 25.28 105.49 103.83 51.24 52 49 194.98 182.21 261 .65 205.80 961 .65 811.97 225.71 159.74 863.54 IIOUI - - (0.92) 226.71 159.74 863.54 IIOU8 76.00 36.20 278.16 1~11 99.63 33.23 288.97 135.18 (23.63) 2<n (10.81) {2.03) 149.71 123.54 585.38 seas, (2.101 (4.38 17.591 14.38 147.61 119.16 577.79 384.1S 80.61 (18.12 '"00- (32.91) 11.72 (46.39 . - 13.10) 17.84 - (0.25 2.74 042 47.70 19.75 79.57 11.071 195.31 109.41 657.36 315.01 145.60 112.42 562.75 S3U3 2.01 6.74 15.04 211.110 51 .44 (13.5c 8040 (15 ,38} (3.74 3 82 (0.83) &c31 197.04 98.85 643.15 318.115 (1.73 10.56 14 21 36.11 80,48 80.20 80 51 80.20 1,638.79 1095.12 3.62 2.82 14.00 8,38 3.59 2.77 13,83 w.~. 8.25 ~

For STERLITE TECHNOLOGIES LIMITED

DR. A IAND AGARWAL CEO & WHOLE TIME DIRECTOR

STl! www.sterlitetech.com

STERLITE TECHNOLOGIES LIMITED (CIN : L31300MH2000PLC269261) STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2019

					(Rs. in Crores except earning per share)
		Quarter ended		Year ended
Particulars	Mar 19 (Unaudited) (Refer Note 3)	Dec 18 (Unaudited)	Mar 18 (Unaudited)	Mar 19 (Audited)	Mar 18 (Audited)
Revenue from operations	1,788.66	1,231.19	768.31	4,862.63	2,893.57
Other income	12.27	10.06	16.85	34.84	37.03
Total Income	1,800.93	1,241.25	785.16	4,897.47	2,930.60
Total Expenditure	1,507.69	1,042.97	654.81	4.086.15	2,563.36
Cost of materials consumed	1,254.58	619.90	349.11	2,583.40	1,131.10
Purchase of stock-in-trade	1.53	13.92	9.19	30.58	32.99
(Inc) / Dec in finished goods, stock-in-trade & WIP	(160.33)	(24.31)	(54.48)	(110.47)	16.68
Excise duty on sale of goods					28.46
Employee benefits expense	123.79	118.96	81.75	439.55	316.10
Finance Costs	2773	23.31	27.10	95.25	102.68
Depreciation and amortisation expense	41.23	42.43	49.36	167.79	170.14
Other expenses	219.16	248.76	192.78	880.05	765.21
Profit before tax	293.24	198.28	130.35	811.32	367.24 $\tilde{M}_{\rm{NN}}$
Tax expense :	100.20	68.61	31.55	276.09	112.56
Current tax	67.87	89.70	28.44	270.99	113.68
Deferred tax	32.33	(21.09)	3.11	5.10	(1.12)
Net profit for the period	193.04	129.67	98.80	535.23	254.68
Other Comprehensive income
A. i) Items that will be reclassified to Profit or Loss	4.723338106	94.18	(33.41)	13277	(49.03)
ii) Income tax relating these items	第二是未通信日子(9)	(32.91)	11.72	(46.39)	17.12.
B. i) Items that will not be reclassified to Profit or Loss	BASK 7 BA	۰	(3.10)	(7.84)	(201)
ii) Income tax relating to the these items			(0.25)	2.74	(0.42) 朝后会长
Other comprehensive income	S18 126 17	61.27 190.94	(25.04) 73.76	81.28 616.51	(34, 32)
Total comprehensive income for the period Paid-up Equity Capital (Face value Rs 2 per share)	219.21 And ALBOARD	80.48	80.20	80.51	220.36 80.20
Earning Per Share (Rs.)- Basic	SPR 1989 4 80	3.23	2.48	13.32	6.38
Earning Per Share (Rs.)- Diluted	$\frac{1}{2}$ and $\frac{1}{2}$ (Fig.	3.19	2.44	13.16	6,28
Debenture Redemption Reserve				75.00	75.00
Other equity including debenture redemption reserve				1,507.70	989.79
Debt equity ratio (Refer note 10)				0.96	1,09.
Debt service coverage ratio (Refer note 10)	101.3244.22			5.04	2.9.6
Interest Service coverage ratio (Refer note 10)	$160 - 21$			9.52	4.58

For STERLITE TECHNOLOGIES LIMITED

DR. ANAND AGARWAL

CEO & WHOLE TIME DIRECTOR

STl! www.sterlitetech.com

STERLITE TECHNOLOGIES LIMITED (CIN: L31300MH2000PLC269261) CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2019

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			Rs. In Crores)
		Yearer,ded	Yearl!flilffll
Particulars			-, U C I'
ASSETS
I. Non-current assets
(a) Property Planl & Equipment		2,a11,_46	1,135.10
(b) Capital work in progress {c) Investment Property		418.~	357.02 8.66
{d) Goodwill {Refer note 7 & 9)		f07.35	73.93
{e) Other Intangible Assets		4:l.06	16.17
(f) Financial Assets
{i) Investments		35,SO	19.60
{n) Trade Receivables		1,76 42.69	4.09
(iii) Loans (iv) Other Non-current Financial Assets		-4 240	35.01 7.69
(g) Other Non-current Assets		7-4	98.05
Total Non-current Assets		:S,OU.20	1,755.54
II. Current Assets
(a) Inventories		589.&5	337.85
(b) Financial Assets (Q Investments		100.17	155.00
(iQ Trade receivables		1,35'_.llG	867.19
(iii) Cash and cash equivalents		1,8!211	119.56
{iv) Other bank balances		90.3&	16.92
(v) Other current financial assets		119.32	69.41
(c) Contract Assets (d) Other current assets		1,093.51 383.07	- 271.86
(e) Assets classified as held for sale		11:1.82	116.41
Total Current Assets		3,871.08	1,966.20
Total Assets		7012.21	3.;711.74
EQUITY AND LIABILITIES
Equity
Equity share capital		80.51	80.20
Other Equity Equity attributable to shareholders		1.838:7& 1 711-30	1,095,12 1,175.32
Non-Controlling Interest	~	96.40	81 .95
Total Equity		t 11,.10	1,257.27
	For STERLITE TECHNOLOGIES LIMITED
Liablllties
I. Non-current llablliUes
(a) Financial Liabiltties	DR. ANAND AGARWAL
(Q Borrowings	CEO & WHOLE TIME DIRECTOR	934.84	630.54
(ii) Other financial liabilities		14.88	64.82
(b) Employee benefit obligations (c) Provisions		32.35 1.01	7.86 25.12
(d) Deferred tax liabilities (net)		7'.39	22.16
Total Non-current Liabilities		1,0S7A7	750.50
II. Curren1 Llablllties
(a) Financial Liebiltties (Q Borrowings		882.1111	462.74
(u) Trade payables
(A) total outstanding dues of micro enterprises and smell enterprises	(B) total outstanding dues of aeditors other than micro enterprises end sman enterprises	92.M 1,820.31	15.14 641 .04
(iii) Other financial liabilities		"708.54	290.76
(b) Contract liebiltties		270.38	-
(c) Other current liabilities	----- chartered 4c. o'e co	et.n	146.44
(d) Employee benefit obligations (e) Provisions	'f'\N A.AC~~ 6(,-:, .,,_o \,,\; 0 7 .,. <'"	22.34 11.48	22.77 28.07
(f) Current Tax Liabilities (Net)	) j {J ~ <s< td="">	55.38	-	55.38	-
(g) Liabilrties directly associated with assets classified es held for s1 ~	~ l:' .lb	~,82	97.01
Total Current Liabilities	~ ~ ) l::l" <(\ '// ~ .::>__. ,1-01~-.•• MINDI)~	4,140.11	1,703.97
Total Equity & LiablllUes	., .// ~ 'f7' v	7012211	3,711 .74
	~ ~ .t'UDt:;

	STERLITE TECHNOLOGIES LIMITED (CIN: L31300MH2000PLC269261) STANDALONE BALANCE SHEET AS AT MARCH 31, 2019
		Yearended	Rs. In Croresl Yeatended
Partlculars
		. ~·	•••1111, ~· = -
ASSETS
I. Non-current assets
(a) Property Plant & Equipment		1,750,31	990.88
(b) Capital work in progress		413,87 -	225.84
(c) Investment Property (d) Goodwill (Refer Note 7)		« ,28	8.88 73.93
(e) Other Intangible Assets		14.00	14.71
(f) Financial Assets
{i) Investments (ii) Trade Receivables		16446 176	120.98 4.09
(iii) Loans		11-563	90.02
(iv) Other Non-current Financial Assets		42.37	7.69
(g) Other Non-current Assets		20.62	97.74
Total Non-current Assets		2,567.31	1,634.76
II. Current Assets
(a) Inventories		38101	306.04
(b) Financial Assets {i) Investments		10000
(ii) Trade receivables		1178.77	155.00 862.46
(iii) Cash and cash equivalents		68.43	6920
(iv) Other bank balances (v).other current financial assets		88.93 97,95	6.22
(c) Contract Assets		1,093 02	68.20
(d) Other current assets		3322<>	261 .20
(e) Assets classified as held for sale		28.27	.2D.77
Total Current Assets		3,HU8	1,749.09
Total Assets		1,128.89	3,383.85
EQUITY AND LIABILITIES
Equity
Equity share capltal		80.51	80.20
Other Equity		1.5d7 70	989.79
Total Equity		1.188.21	1,069.99
Llabllltles	~
I. Non-current llabllltles			-	-
(a) Financial Liabillties
(i) Borrowings (ii) Other financial liabilities	For STERLITE TECHNOLOGIES LIMITED	681.71 14.88	616.2, 64.8,	/0 IS'
(b) Employee benefit obligations		32.35	7.87 «>	C.
(c) Provisions		0,72	24 96'	3 ~
(d) Deferred tax liabilities (net)		'72,13	30.21 '	~ -: ~
	DR. ANAND AGARWAL CEO & WHOLE TIME DIRECTOR			□ * / ,S'
Total Non-current Llabllltles		701.79	744.08
II. Current Llabllltles
(a) Financial Liabilities (i) Borrowings		797.48	462.74
(ii) Trade payables
(A) total outstanding dues of micro enterprises ahd small enterprises		92.30	15.11
(Iii) Other financial liabilities	(B) total outstanding dues of creditors other than micro enterprises and small enterprises	1,717.89 829.66	618.39 287.53
(b) Contract liabilities		.269.31	-
(c) Other current liabilities		49.59	136.43
(d) Employee benefit obligations (e) Provisions		14.52 9.96	22.75 26.83
(f) Current Tax Liabillties (Net)		55-38
Total Current Llabllltles		3.6311.89	1,569.78

Notes:

1 The above results have been reviewed by the Audit Committee The Board of Directors al its meeling held on April 23. 2019 have approved lhe above results

2 The above slalemenl has been prepared in accordance wilh the Companies (Indian Accounling Standards) Rules. 2015 (Ind-AS) prescribed under section 133 of lhe Co"'!)anie• Act, 2013 and other recognised accounting practices and policies to the exlenl applicable

3 The Stalulory auditors have canied oul the audIl for lhe year ended March 31, 2019 The figures for lhe fourth quarter are lhe balancing figures between the audited figures In respect of the full financial year and published figures uplo lhe third quarter of lhe currenl financial year which were subjected lo limited review

4 The Company has only one operaling segment which is Telecom Products and Solutions Accordingly. separale segment information is nol required to be disclosed

6 During the year 2005-06, lhe CESTAT had upheld a demand of Rs 168 crore (including penalties but exduding interest thereon) in a disputed Excise matter The Company is CO(llestlng this case and the matter Is pending for decision with the Hon'ble Supreme Court The auditors have qualified their audit report w1lh respect lo this matter stating their Inability to quantify lhe amount of expected liability

6 Effective Apnl 1, 2018, the Company has adopled Ind AS 115 "Revenue from Contracts with Customers· using the cumulative catch-up transition method, applied to contracts the woro not completed as of April 1 2018 In acccrdance with the cumulative catch-up transition method, the comparatives have not been retrospectively adjusted The cumulaUve clmct of applying Ind AS 115 has been adjusted to the opening balance of relained earnings resulling In reduction of Rs 12 72 crores (nel of tax) The Revenue and related cost fa, the year ended March 31 , 2019 is lower by Rs 22 64 crores and Rs 37 31 crores. respectively Therefore numbers of the current period are not comparable to the previous pcnods disclosed

7 During the year 201f>.16, lhe Company had acquired 100% of the paid up equity share capital of Elitecore Technologies Private Limited ('ETPL'), a global telecom sojlwara ~roduet company ETPL has been merged with the Company with the appointed date of September 29. 2015 under a scheme of amalgamation approved by Hon'ble Bombay High Coun and Gujarat High Court (lhe "Scheme")

Goodwill (excess of purchase consideration over the aggregate book value of the nel assets acquired) Is being amortised over a period of five years. a• per the Scheme Ind-AS does not allow amortisalion of goodwill, which amounted to Rs 7 31 and Rs 29 64 crore for the quarter and year ended respectively Consequently, the audilors have included an ernpl\asls of matter paragraph in regards to this matter

8. Loss from discontinued operations pertain to Maharashtra Transmission Communication Infrastructure Limited, a subsidiary of the company D.Jring the year marwgoment received a letter from Department of Telecommunication rejecting company's applicalion for transfer of entity The company has filed a letter seeking justification for such re)ect,on Pending response from the department. the company is committed to the sale of MTCIL post requisite regulatory approvals

9 The company, on 20th July 2018 (the "Acquisilion date"). through its subsidiary Stertite Technologies Sp A, acquired 100% equity of Metallurgica Bresciana Sp A (Metallurg1ca) for a purchase consideralion of Euro 4 65 crores and recognised a provisional goodwill of Euro 1 47 crores In lhe previous quarters pending completion of purchase pnce allocation In !he currenl quarter, the Company has substantially compleled the allocation of purchase pnce to identified assets and habl!Wes as at acquisilion date fair value as per Ind AS 100 - Business Combinations Accordingly amount of goodwill has reduced to Euro o 77 crores on acccunl of increase In the value of tangible assets. inventories and ldenlified intangible assets In consolidated balance sheel Consequential impact on profit for lhe previous quarters Is not malerial and recognised in current quarter The Management does not expect any further significant changes LIii the end of measurement period to the goodwill amount recognised The financial information of Metallurgica has been consblldatad up!o its reporting period ended as on December 31 2018 which Is the most recent audiled financial information available with the Management Due to acquisilion, the numbers of fho current period are not comparable lo the previous periods disclosed

IQ Formulae for computation of ralios are based on standalone financial resull.5 and balance sheet which are as follows:

Debt Service Coverage Ralio = Earnings before interest and tax/ (interest expense + principal lerm loan repaymenl)

Interest Service Coverage Ratio= Earnings before lnleresl and Tax Nnterest Expense

For Debt Service Coverage Ratio and Interest Service Coverage Ralio computalion: - Earnings before interest and tax includes Profit Before Tax+ Interest expense

• Interest expenses include finance cosls as per standalone Ind AS financial statements

For paid up debt capital and deb! equity ra~o computation:

• Debt indudes long-term bom:>wings + 5ha11erm borrowings+ currenl maturities of tong--term.bO!Tt>lfffigS • Equrty includes equity share capital and olher equity as per standalone Ind AS financial s11!1ements

11 Credit raling for the existing Non- Convertible Redeemable Debenlures (NCO) is ICRA AA Stable

1. The Company has maintained minimum required assets cover ratio of 1 1 times as per debenture issue terms of non convertible debenture carrying interest@845% p,a and @ 8.7M. p.a. Which signifies adequate secunly Debentures are secured by way of firs! pan passu charge on enlire movable fixed assets (both present and future) and mortgage ot cenaIn 1rrrnovable fixed assets of tho Ccmpany

2. The Company has paid the interest on NCO on due dales Details of previous and nexl due date of payment of interest and principal of NCDs are as follow:-

5.No. S~tur1ty Description	ISIN	Previous due date for nayment			Nl!tN t due d•ttt (at payment
1 845% NCDs		Principal llntcrul		Interest IPrindpal
a, Series 1	INEC119C07075 N,A		I 22-Mar-19 20.Mar-20120-Mar-20
b Serie.s 2	INEC89C07083 NA		I zz-Mar-19 20-Mar-20122-Seo-20
2870NCOs	INEIE9C07091 NA		I27-Mar-19 27-Mar-20I 27-Apr-21

14 In accordance with lhe requirements of Ind AS, revenue for lhe quarter and year ended March 2019 is net of Goods and Services Tax ('GST') However, revenue for the year ondod March 2018 is inclusive of excise duty

15 The board of directors in ils meeting held on April 23, 2019, has recommended final dividend or Rs 3 5 per equity share of Rs 2 each for the year 2018-19, subject lo sharehOlders approval

16 Previous period figures have been regrouped/ rearranged wherever considered necessary

Place: Pune Date: April 23, 2019

Regislered office: Slertite TechnolOQies Limited, E 1, MIDC lnduslrial Area. Waluj, Aurangabad, Maharashtra. India - 431 136 www. slerfiletech com TelephOne · +91-240-2558400 Fax +91-240-2564598

For STERLITE TECHNOLOGIES LIMITED

~

DR. ANAND AGARWAL CEO & WHOLE TIME DIRECTO~

The Board of Directors Sterlite Technologies Limited Godrej Millennium, 9, Koregaon Road, Pune, 411 001.

Independent Auditor's Report on the Statement of consolidated financial results

1. We have audited the accompanying Statement containing the annual audited consolidated financial results of Sterlite Technologies Limited (hereinafter referred to as "the Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") (refer below list) and its jointly controlled entity for the year ended March 31, 2019 together with the notes thereon (hereinafter referred to as the "Statement"), which we have signed under reference to this report.

Sr. No.	Name of the entity	Relationship
1.	Soeedon Network limited	Subsidiary
2.	Maharashtra Transmission Communication Infrastructure Limited	Subsidiary
3.	Sterlite Telesystems Limited	Subsidiary
4.	Sterlite Global Ventures (Mauritius) Limited	Subsidiary
5.	Jiangsu Sterlite and Tonirn:uang Fibre Co. Ltd	Subsidiary
6.	Sterlite (Shanghai) Trading Company Limited	Subsidiary
7.	Sterlite Technologies UK Ventures Limited	Subsidiary
8 .	Sterlite Technologies Europe Ventures Limited Oiquidated w.e.fMay 16, 2018)	Subsidiary
g.	Elitecore Technologies (Mauritius) Limited	Subsidiary
10.	Elitecore Technologies SDN. BHD	Subsidiary
11.	Sterlite Tech Holding Inc (USA)	Subsidiary
12.	Sterlite Technologies Inc (USA)	Subsidiary
13.	Sterlite Technologies S.o.A (Italv)	Subsidiary
14.	Metallurgica Bresciana S. o.A (Italv)	Subsidiary
15.	Sterlite Innovative Solutions Limited	Subsidiary
16.	Sterlite Tech Connectivity Solutions Limited	Subsidiary
17.	Sterlite Conduspar Industrial Ltda	Jointly Controlled Entity

Management's Responsibility for the consolidated financial results

1. Management of the Holding Company is responsible for the preparation of the accompanying Statement. The Management is also responsible for the preparation of the annual statutory consolidated financial statements in accordance with the Accounting Standards specified under Section 133 of the Companies Act, 2013 (the "accounting principles generally accepted in India"), basis which the above Statement containing the annual audited consolidated financial results has been prepared. The responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the Statement that is free from material misstatement, whether due to fraud or error.

Registered office and Head office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi 110 002

Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect rrom July 25, 2014. Post its conversion lo Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)

Sterlite Technologies Limited Audit report on the Statement of consolidated financial results For the year ended as on March 31, 2019 Page 2 of 4

Auditors' Responsibility

• 1. Our responsibility is to express an opinion on the Statement based on our audit. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 ("the Act") and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
• 1. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Statement. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the Statement.
• 1. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.

Basis for Qualified Opinion

1. We draw your attention to Note 5 to the Statement, which states that the Company in earlier year received an order of CESTAT upholding a demand of Rs. 188 crores (including penalties but excluding interest) (Rs.188 crores as at March 31, 2018) in relation to an excise/customs matter. The Company's appeal against this order with the Honourable Supreme Court has been admitted. Based on the current status and legal advice received, the management has recognised a provision amounting to Rs. 4.5 crores as on March 31, 2019 (Rs-4-5 crores as on March 31, 2018) in respect of this matter based on its best estimate. Pending disposal of the matter by the Honourable Supreme Court, we are unable to comment on the adequacy of the provision made towards the amount of excise/ customs duty payable.

Qualified Opinion

• 1. In our opinion and to the best of our information and according to the explanations given to us, except for indeterminate effect of the matter described in the Basis for Qualified Opinion paragraph,
• (i) the Statement, together with the notes thereon are presented in the format prescribed under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and
• (ii) the Annual audited consolidated financial results for the year ended March 31, 2019 as set out in the Statement gives a true and fair view of the consolidated total comprehensive income (comprising of consolidated profit and consolidated other comprehensive income), and other financial information, of the Group and its jointly controlled entity for the year ended March 31, 2019 in accordance with the accounting principles generally accepted in India.

Sterlite Technologies Limited Audit report on the Statement of consolidated financial results For the year ended as on March 31, 2019 Page3 of 4

Emphasis of Matter

• 1. We draw your attention to Note 3 of the Statement regarding the figures for the quarter ended March 31, 2019, which are the balancing figures between audited figures in respect of the full financial year and the published year-to-date figures upto the third quarter of the current financial year.
• 1. We draw your attention to Note 7 to Statement which describes that the Group had recognised Goodwill on amalgamation during the financial year ended March 31, 2016, which is being amortised over a period of five years from the appointed date of September 29, 2015, in accordance with the accounting treatment prescribed under the Scheme of amalgamation approved by the Gujarat High Court.

Our conclusion is not qualified in respect of these matters.

Other Matter

• 1. We did not audit the financial statements of two subsidiaries whose financial statements reflect total assets of Rs. 686.29 Crores as at March 31, 2019, total revenues of Rs. 468.73 Crores and net cash flows amounting to Rs. 29.52 Crores for the year then ended and financial statement of one subsidiary whose financial statement reflect total assets of Rs. 451.22 as at December 31, 2018, total revenues of Rs. 169.14 Crores and net cash flows amounting to Rs. 4.43 Crores for the year then ended, as considered in the consolidated financial statements. These financial statements have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and our report in terms of sub-sections (3) and (11) of Section 143 of the Act, insofar as it relates to the aforesaid subsidiaries is based solely on the reports of the other auditors.
• 1. We did not audit the financial statements of nine subsidiaries and one jointly controlled entity, whose financial statements reflect total assets of Rs. 677.79 Crores as at 31st March, 2019, total revenues of Rs. 8.9 Crores and net cash flows amounting to Rs. 0.43 Crores for the year ended on that date, as considered in the consolidated financial statements. These financial statements are unaudited and have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and jointly controlled entity and our report in terms of sub-sections (3) and (11) of Section 143 of the Act in so far as it relates to the aforesaid subsidiaries and jointly controlled entity is based solely on such unaudited financial statements. In our opinion and according to the information and explanations given to us by the Management, these financial statements are not material to the Group.
• 1. The Statement dealt with by this report has been prepared for the express purpose of filing with SEBI. This Statement is based on and should be read with the audited consolidated financial statements of the group, and its jointly controlled entity, for the year ended March 31, 2019 on which we issued qualified audit opinion vide our report dated April 23, 2019.

Sterlite Technologies Limited Audit report on the Statement of consolidated financial results For the year ended as on March 31, 2019 Page4of 4

Restriction on Use

1. This report is addressed to the Board of Directors of the Holding Company and has been prepared for and only for the purposes set out in paragraph 12 above. This report should not be otherwise used by any other party for any other purpose.

For Price Waterhouse Chartered Accountants LLP Firm Registration No: 012754N/N500016 9~

Neeraj Sharma Partner Membership No: 108391

Place: Pune Date: April 23, 2019

The Board of Directors Sterlite Technologies Limited Godrej Millennium, 9, Koregaon Road, Pune, 411 001.

Independent Auditor's Report on the Statement of standalone financial results

1. We have audited the accompanying Statement containing the annual audited standalone financial results of Sterlite Technologies Limited (the "Company") for the year ended March 31, 2019 together with the notes thereon (hereinafter referred to as the "Statement"), which we have signed under reference to this report.

Management's Responsibility for the standalone financial results

1. Management is responsible for the preparation of the accompanying Statement. The Management is also responsible for the preparation of the annual statutory financial statements in accordance with the Accounting Standards specified under Section 133 of the Companies Act, 2013 (the "accounting principles generally accepted in India"), basis which the above Statement containing the annual audited standalone financial results has been prepared. The responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the Statement that is free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

• 1. Our responsibility is to express an opinion on the Statement based on our audit. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 (the "Act") and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
• 1. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Statement. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the Statement.
• 1. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.

Basis for qualified opinion

1. We draw your attention to Note 5 to the Statement, which states that the Company in earlier year received an order of CESTAT upholding a demand of Rs. 188 crores (including penalties but excluding interest) (Rs.188 crores as at March 31, 2018) in relation to an excise/customs matter. The Company's appeal against this order with the Honourable Supreme Court has been admitted. Based on the current status and legal advice received, the management has recognised a provision amounting to Rs. 4.5 crores as on March 31, 2019, (Rs.4.5 crores as on March 31, 2018) in respect of this matter based on its best estimate. Pending disposal of the matter by the Honourable Supreme Court, we are unable to comment on the adequacy of the provision made towards the amount of excise/ customs duty payable.

Price Waterhouse Chartered Accountants LLP, 7th Floor, Tower A - Wing 1, Busi Yerwada, Pune - 411 006 T: +91 (20) 41004444, F: +91 (20) 41006161

Registered office and Head office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi 110 002

Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership w, AAC-5001) with effect from July 25, 2014 Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)

Sterlite Technologies Limited Audit report on the Statement of standalone financial results For the year ended as on March 31, 2019 Page 2 of2

Qualified Opinion

• 1. In our opinion and to the best of our information and according to the explanations given to us, except for indeterminate effect of the matter described in the Basis for Qualified Opinion paragraph:
• (i) the Statement, together with the notes thereon are presented in the format prescribed under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and
• (ii) the Annual audited standalone financial results for the year ended March 31, 2019 as set out in the Statement gives a true and fair view of the total comprehensive income (comprising of profit and other comprehensive income) and other financial information of the Company for the year ended March 31, 2019 in accordance with the accounting principles generally accepted in India.

Emphasis of Matter

• 1. We draw your attention to Note 3 of the Statement, regarding the figures for the quarter ended March 31, 2019, which are the balancing figures between audited figures in respect of the full financial year and the published year-to-date figures upto the third quarter of the current financial year.
• 1. We draw your attention to Note 7 to Statement which describes that the Company had recognised Goodwill on amalgamation during the financial year ended March 31, 2016, which is being amortised over a period of five years from the appointed date of September 29, 2015, in accordance with the accounting treatment prescribed under the Scheme of amalgamation approved by the Gujarat High Court.

Our conclusion is not qualified in respect of these matters.

Other Matter

1. The Statement dealt with by this report has been prepared for the express purpose of filing with stock exchanges. This Statement is based on and should be read with the audited financial statements of the company for the year ended March 31, 2019 on which we issued a qualified audit opinion vide our report dated April 23, 2019.

Restriction on Use

1. This report is addressed to the Board of Directors of the Company and has been prepared for and only for the purposes set out in paragraph 10 above. This report should not be otherwise used by any other party for any other purpose.

For Price Waterhouse Chartered Accountants LLP Firm r t stration No: 012754N/N500016

~ l

Neeraj Sharma Partner Membership No: 108391

Place: Pune Date: April 23, 2019

		Consolidated Financials [Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016)
I.	SI. No.	Particulars	Audited Figures (as reported before adjusting for qualifications) (Rs. In Crores)	Adjusted Figures (audited figures after adjusting for qualifications)*
	1.	Turnover/ Total income	5,124.12	NA
	2.	Total Expenditure	4,260.58	NA
	3.	Net Profit/(Loss) (Profit after Tax ) (Before amounts attributable to Non controlling interest)	577.79	NA
	4.	Earnings Per Share (Basic)	14.00	NA
	5.	Tota I Assets	7,012.28	NA
	6.	Total Liabilities (including amounts attributable to Shareholders & Non controlling interest)	7,012.28	NA
	7.	Net Worth (including Non-controlling interest)	1,814.70	NA
	8.	Any other financial item(s) (as felt appropriate by the management)	NA	NA
		that the Company in earlier year received an order of CESTAT upholding a demand of Rs. 188 crores (including penalties but excluding interest) (Rs. 188 crores as at March 31, 2018) in relation to an excise/customs matter. The Company's appeal against this order with the Honorable Supreme Court has been admitted. Based on the current status and legal advice received, the management has recognised a provision amounting to Rs. 4.5 crores as on March 31, 2019 (Rs. 4.5 crores as on March 31, 2018) in respect of this matter based on its best estimate. Pending disposal of the matter by the Honorable Supreme Court, we are unable to comment on the adequacy of the provision made towards the amount of excise/ customs duty payable.
		Qualified opinion In our opinion and to the best of our information and according to the explanation given to us, except for the indeterminate effect of the matter described in the Basis for Qualified Opinion paragraph, the aforesaid consolidated financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity a,1~;,,, ~~ with the accounting princ ~It"~~\~ of the Group and its joint	0 d in India of the consolidated state of affairs ssociate as at March 31, 2019, and their

~ ~0 ~ -*

	consolidated other comprehensive income), consolidated changes in equity and their consolidated cash flows for the year then ended.
b.	Type of Audit Qualification: Qualified Opinion/ Disclaimer of Opinion/ Adverse Opinion
c.	Frequency of qualification: V/hether appeared first time / repetitive/ since how long continuing: Appearing since Financial Year 2003-04.
d.	For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views Not Applicable
e.	For Audit Qualification(s) where the impact is not quantified by the auditor: Management Views to the Qualification
	The remark of Auditors at basis for Qualified Opinion paragraph of the Auditor's Report over Note No. 44 in Notes to Accounts to the Consolidated financial statements of the Company regarding demand of excise duty and penalty amounting to Rs. 188 crores is self-explanatory and does not require further comment.
	In the year 2004-05 CESTAT upheld the demand of Rs. 188 crores and interest thereon for alleged breach of norms pertaining to Export Oriented Unit (EOU). The Company had filed an appeal before the Hon'ble High Court of Bombay against this order. The Department had also made an appeal against the same CESTAT order before the High Court of Bombay. The Company's appeal against this order was dismissed by the Hon'ble High Court on the grounds
	that appeal is not maintainable in High Court, however without prejudice to the rights of the Company. Subsequently, the Company had filed a Special Leave Petition (SLP) and appeal before the Supreme Court of India which was admitted by the Court Hon'ble Supreme Court has also maintained the stay granted by Hon'ble High Court.
	The Hon'ble Supreme Court considering that the departmenta1 appeal against the CEST-AT order was still pending before the High Court, disposed of the Special Leave Petition of the Company and directed that the records of the departmental appeal be transferred to the Supreme Court and both the Appeals i.e. Departmental Appeal as well as Civil Appeal of the Company be heard together by the Supreme Court.
	Based on merits of the case and the legal opinion obtained, the management believes that the Company has a strong case and it has been carrying adequate provisions for contingencies in the Books of Account in this matter and does not require any further provisioning.
	The Company has obtained legal opinion from a leading Law firm in India having expertise on Indirect tax matters which states that the Company has a strong case in its favour and the provision made in respect of the above matter is adequate. Given the complexity of the matte and considering the views expressed by the law firm, the Audit Committee considers that th current provisioning in the books is adequate based on the best possible estimate.
(i)	Management's estimation on the impact of audit qualification: Based on merits of the case and the legal opinion obtained, the management believes that the Company has been carrying adequate provisions for contingencies in the Books of Account in this matter and does not require any further provisioning.
(ii)	If management is unable t
	(iii) Auditors' Comments o

Since the matter is pending before the Honorable Supreme Court, we are unable to comment on the adequacy of the provisions made by the management in the books of accounts towards the amount of excise / customs duty payable and the related interest and penalties, if any. Ill. Signatories: Anand ~ Agarwal CEO & Whole-time Director ~----- Anupam Jindal Chief Financial Officer ' L~ ~~ arayanaswamy Audit Committee Chairman For Price Waterhouse Chartered Accountants LLP ICAI Firm Registration Number. 012754N/NS0001-o Qv Neeraj Sharma Partner Membership Number: 108391 Statutory Auditors Place: Pune Date: April 23, 2019

		[Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016)
I.	SI. No.	Particulars	Audited Figures (as reported before adjusting for qualifications) (Rs. In Crores)	Adjusted Figures (audited figures after adjusting for qualifications)*
	1.	Total income	4,897.47	NA
	2.	Total Expenditure	4,086.15	NA
	3.	Net Profit/ (Profit after Tax)	535.23	NA
	4.	Earnings Per Share (Basic)	13.32	NA
	5.	Total Assets	5,925.89	NA
	6.	Total Liabilities (including equity)	5,925.89	NA
	7.	Net Worth	1,588.21	NA
	8.	Any other financial item(s) (as felt appropriate by the management)	NA	NA
	a.	Details of Audit Qualification: Basis for Qualified Opinion We draw your attention to Note 44 to the standalone Ind AS financial statements, which
		states that the Company in earlier year received an order of CESTAT upholding a demand of Rs. 188 crores (including penalties but excluding interest) (Rs. 188 crores as at March 31, 2018) in relation to an excise/customs matter. The Company's appeal against this order with the Honorable Supreme Court has been admitted. Based on the current status and legal advice received, the management has recognised a provision amounting to Rs. 4.5 crores as on March 31, 2019 (Rs. 4.5 crores as on March 31, 2018), in respect of this matter based on its best estimate. Pending disposal of the matter by the Honourable Supreme
		Court, we are unable to comment on the adequacy of the provision made towards the amount of excise/ customs duty payable. Qualified opinion

t( ~ ~ ~ ~ ~ ~~ ... °" <\ j (]) C ,.>t/' -,V 012754N /N50 f-_. ~ ³ ""'19 ;;:- ¥ Pune ¥ ;1'5' ~0 * -

b. Frequency of qualification: \"lhether appeared first time / repetitive / since how long c. continuing: Appearing since Financial Year 2003-04. d. For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views: Not Applicable For Audit Qualification(s) where the impact is not quantified by the auditor: e. Management Views to the Qualification The remark of Auditors at basis for Qualified Opinion paragraph of the Auditor's Report over Note No. 44 in Notes to Accounts to the Standalone financial statements of the Company regarding demand of excise duty and penalty amounting to Rs. 188 crores is self explanatory and does not require further comment. In the year 2004-05 CESTAT upheld the demand of Rs. 188 crores and interest thereon for alleged breach of norms pertaining to Export Oriented Unit (EOU). The Company had filed an appeal before the Hon'ble High Court of Bombay against this order. The Department had also made an appeal against the same CESTAT order before the High Court of Bombay. The Company's appeal against this order was dismissed by the Hon'ble High Court on the grounds that appeal is not maintainable in High Court, however without prejudice to the rights of the Company. Subsequently, the Company had filed a Special Leave Petition (SLP) and appeal before the Supreme Court of India which was admitted by the Court. Hon'ble Supreme Court -has also maintained the stay granted by Hon'ble High Court. The Hon'ble Supreme Court considering that the departmental appeal against the CESTAT order was still penning before the High Court, disposed of the Special leave Petition of the Company and directed that the records of the departmental appeal be transferred to the Supreme Court and both the Appeals i.e. Departmental Appeal as well as Civil Appeal of the Company be heard together by the Supreme Court. Based on merits of the case and the legal opinion obtained, the management believes that the Company has a strong case and it has been carrying adequate provisions for contingencies in the Books of Account in this matter and does not require any further provisioning. The Company has obtained legal opinion from a leading Law firm in India having expertise on Indirect tax matters which states that the Company has a strong case in its favour and the provision made in respect of the above matter is adequate. Given the complexity of the matter and considering the views expressed by the law firm, the Audit Committee considers that the current provisioning in the books is adequate based on the best possible estimate. Management's estimation on the impact of audit qualification: Based on merits of the (i) case and the legal opinion obtained, the management believes that the Company has been carrying adequate provisions for contingencies in the Books of Account in this matter and does not require any further rovisioning. (ii) If management is unable t	Type of Audit Qualification : Qualified Opinion/ Disclaimer of Opinion/ Adverse Opinion
(iii) Auditors' Comments on

Since the matter is pending before the Honorable Supreme Court, we are unable to comment on the adequacy of the provisions made by the management in the books of accounts towards the amount of excise/ customs duty payable and the related interest and penalties, if any. Ill. Signatories: Anand ~ Agarwal CEO & Whole-time Director (Z:::J~_/ Chief Financial Officer t~ .,,... ~ ,, A.R.Narayanaswamy Audit Committee Chairman f-or Prke Waterhouse Chartered Account:ants llP ICAI Firm Registration Number: 012754N/NS00016 Q,w Neeraj Sharma Partner Membership Number: 108391 Statutory Auditors Place: Pune Date: April 23, 2019