Sterlite Technologies Limited. - Annual Report 2021

www.stl.tech

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April 29, 2021

BSE Limited

Corporate Relations Department 1[st] Floor, New Trading Ring, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001

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

Scrip Code: 532374; Scrip ID: STLTECH Symbol: STLTECH

Dear Sirs,

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

With reference to our letter dated April 20, 2021, we wish to inform you that the Board of Directors of Sterlite Technologies Limited (the “Company”), at its meeting held on April 29, 2021, has approved, inter alia, the following:

(a) The Audited Financial Results (Standalone and Consolidated) of the Company for the financial year ended March 31, 2021;

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The Statutory Auditors of the Company, M/s. Price Waterhouse Chartered Accountants LLP, have issued an Audit Report on the Audited Financial Results of the Company (Standalone and Consolidated) for the year ended March 31, 2021, with unmodified opinion.

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(b) Recommendation of final dividend of 100% (Rs. 2/‐ 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.

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In this regard, please find enclosed herewith:

a) Press Release
b) Investors Presentation on Financial Results;
c) Audited Consolidated and Standalone Financial Results;
d) Independent Auditors’ Report on the Statement of Consolidated and Standalone Financial Results; and
e) Declaration on unmodified opinion, pursuant to Regulation 33(3)(d) of the Listing Regulations.

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We request you to take the aforesaid on records. Thanking you.

Yours sincerely,

For Sterlite Technologies Limited

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Amit Deshpande

Company Secretary & Corporate General Counsel

Enclosures: As above

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Sterlite Technologies Limited

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Godrej Millennium, 9 Koregoan Road, Pune 411001, Maharashtra, India Registered office: E1, MIDC Industrial Area, Aurangabad - 431 136, Maharashtra, India . CIN - L31300MH2000PLC69261

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

STL records strong sustained growth, strengthens position with long-term orders

Continued investments in 5G Wireless, ORAN, and Optical solutions
Order book of over Rs.10,700 crore with diversified global wins
Enhanced addressable market to $40 Bn

Pune, India – 29 April 2021 : STL [NSE: STLTECH], an industry-leading integrator of digital networks, today announced the consolidated financial results for its fourth quarter and financial year ending March 31, 2021. The company reported Rs. 4,825 crore in revenue and an order book of over Rs. 10,700 crore, backed by large global deals.

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FY21- Beginning of the next decade of digital network creation

2020 witnessed telcos committing billions of dollars towards strengthening digital networks. The need for high bandwidth and low latency added impetus to 5G and FTTx plans. This accelerated the shift towards Open Networking with multiple global trials for Open RAN. 2021 is set to usher in the decade of network creation; with 5G, FTTx and O-RAN at the centre stage. These mega trends are expected

to boost the optical demand, early signs of which are already visible.

STL built capabilities and won global deals

As investments in digital networks accelerated in 2020, STL continued to perform and grow by delivering robust optical, system integration and virtualised access solutions. Fuelled by global expansion and new product launches, STL enhanced its addressable market to $40bn.

In Q4 FY’21, STL demonstrated sequential QoQ revenue growth, while strengthening its core optical solutions and expanding its wireless footprint.

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

Some key highlights:

Won marquee deals - STL won multi-year, multi-million global deals, such as:
A three-year strategic collaboration with Openreach to provide millions of kms of optical fibre cable to help connect UK with a full-fibre network
~$100Mn deals in the MEA region - for building future-ready digital networks
Partnership with Airtel to build optical network across 10 circles
Exhibited strong growth in OFC volume and Optical Interconnect business - STL grew its OFC volume by more than 35% in FY’21. Optotec’s interconnect products are now integrated into its Opticonn solution
Grew Patent portfolio by 105% - With 191 filings in FY’21, STL’s global patents reached 569, also adding the first 5G patent
Developed 5G and Open source products - STL developed hardware plus software offerings including Garuda indoor small cells and 5G radios and tested programmable FTTx with a large Asian telco
Delivered exponentially despite the pandemic - With technology excellence, STL took Project Varun (Navy Communication Network) and Mahanet (Rural broadband) to 92% and 98% completion, respectively
Hired industry stalwarts globally - across the US, the UK, Singapore and India

Achieved glowing industry recognition for disruptive technologies

Recognized by BCG - Top 100 Tech Challengers for the next generation of innovation in emerging countries
Featured in STL Partners’ prestigious lists - ' 10 next-gen RAN solutions providers’ and ‘ 60 Edge computing companies ’ to watch out for
Awarded by DuPont - Safety & Sustainability for zero waste to landfill

Demonstrated revenue growth and robust financials

STL closed the year with 27% YoY revenue growth, and exports at 42%. Here are some key financial highlights:

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

Three levers will fuel future growth

Going forward, our three levers will drive growth; leveraging the continued success of Optical Connectivity solutions, Networks Services and building a new Access Solutions business

Growing OFC volume and Optical Interconnect business
Building a strong portfolio of open-source Access Solutions
Taking the System Integration business global while scaling in India

“In current times, our topmost priority is keeping our employees and communities safe while continuing to engage deeply with our customers,'' said Dr. Anand Agarwal, Group CEO, STL . “The next decade of network creation has begun, with accelerated investments towards 5G, FTTx, and O-RAN. STL has used this momentum as a springboard to enhance its capabilities and deliver. Going forward, we will continue to create value for our customers and deliver growth for our shareholders with a razor-sharp focus on technology innovation, global expansion, and deep customer engagement.”

To know more about the company’s strategy and Q4FY’21 results, please log in to Earnings Call today at 18.00 IST

About STL - Sterlite Technologies Ltd:

STL is an industry-leading integrator of digital networks.

Our fully 5G ready digital network solutions help telcos, cloud companies, citizen networks, and large enterprises deliver enhanced experiences to their customers. STL provides integrated 5G ready end-to-end solutions ranging from wired to wireless, design to deploymenùt, and connectivity to compute. Our core capabilities lie in Optical Interconnect, Virtualised Access Solutions, Network Software, and System Integration.

We believe in harnessing technology to create a world with next-generation connected experiences that transform everyday living. With a global patent portfolio of 569 to our credit, we conduct fundamental research in next-generation network applications at our Centre of Excellence. STL has a strong global presence with next-gen optical preform, fibre, cable, and interconnect subsystem manufacturing facilities in India, Italy, China, and Brazil, along with two software-development centers across India and a data centre design facility in the UK.

For more details, visit: www.stl.tech, Twitter, LinkedIn, YouTube

For more details, visit:www.stl.tech,Twitter,LinkedIn,YouTube	For more details, visit:www.stl.tech,Twitter,LinkedIn,YouTube	For more details, visit:www.stl.tech,Twitter,LinkedIn,YouTube
Media Relations	Agency Contact	Investor Relations
Khushboo Chawla Phone: +91-9711619114 Email: [email protected]	Guneet Kaur Phone: +91-8968909392 Email: [email protected]	Pankaj Dhawan Phone: +91-8130788887 Email: [email protected]

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Earnings Call Q4 FY’21

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

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Dr. Anand Agarwal

Group CEO and Whole Time Director

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1 Digital Networks see continued investments

2 3 4 5 STL enhanced Three levers will Creating Q&A capabilities to drive future sustainable value deliver growth for shareholders

Last quarter witnessed continued investments in digital networks

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TELECOM OPERATORS
PE INVESTMENTS
Mar 2021 Mar 2021 Mar 2021
Jan 2021 Mar 2021
Airtel to Invest in 30,000+ China Telecom earmarks $13 US telcos plan higher
Cell Sites, fiber and FTTH bn. for 2021 CAPEX; $6 bn. for capex in 2021 than
rollout this Year 5G CAPEX 2020 An investor consortium Dutch pension fund ABP is
picks up 50% stake in investing €400 mn. in
Orange France’s fiber infra fibre optic rollout venture
with KPN
CLOUD COMPANIES LARGE ENTERPRISES CITIZEN NETWORKS
March 2021 Q4 FY 21 Q4 FY 21 Mar 2021
Plans to spend $200 mn. in Major Private network $100 bn. broadband
MetroFibre raised R 2.5
building two data centers just deployments include Fujtsu (for infrastructure plan over 8 years
bn. from Investec to
outside Chicago at a former manufacturing plant), ABP (Port for high speed broadband
expand its fiber network
AT&T campus of Southampton), AccessParks connectivity in USA
(for high speed Pvt networks in
parks)
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FY21 marked the beginning of a decade of network creation cycle powered by large scale investments

Sources: Public News, Industry reports

Key technology drivers for new age digital networks

the fastest technology

to reach 400 million subscribers

Over 163 5G commercial networks deployed globally
Operators add Capex globally AT&T and Verizon increased their capex plan by $2+ bn. (initial guidance of ~$17 bn.)
630 5G enabled handsets announced globally as per GSMA

FTTH

Deployments pick up pace across India, Europe & US.

EU Telcos plan 2+ mm FTTH Deutsche Telekom plans 2 mn. new FTTH connections in 2021; Telefonica Germany plans 2.2 million rural FTTH connections over six years.
India budgets Rs. 14,200 Cr. 6.5 lakh FTTH connections in FY22, 6.7 kms of OFC, 1.2 lakh Wi-fi points
US: AT&T plans 3 mn. FTTP Deploy fiber-to-the-premises to 3+ mn. residential and business locations across 90 metros in 2021.

O-RAN Major operators start trials or deployments

Verizon to start deploying "We're 100% behind the idea, and that's why we're pushing it," Verizon’s Kyle Malady
Telefonica, IBM start trial open RAN in Argentina.
Operators partner for O-RAN o Etisalat partner with Rakuten o Deutsche Telekom, Orange, Telefónica, and Vodafone join forces to support ORAN rollout
Germany earmarks $300 mn . for O-RAN research specifically.

Sources: Public News, Industry reports

OFC demand is showing sustained long-term growth

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INDIA
19%
Growth driven by
FTTH deployments
and Bharatnet
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Global Optical fiber cable demand
showing sustained growth
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565
534
500
470
2020 2021 2022 2023
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EUROPE
7%
Growth driven by
buoyant FTTH deployments
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Source: CRU
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Units: Mn. fkm

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N. AMERICA 8% Growth driven by Tier 2/3 carriers deployments

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CHINA
4%
Growth driven by
600,000 to 1mn.
5G base station deployments
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1 2 3 4 5 Digital Networks STL enhanced Three levers will Creating Q&A see continued capabilities to drive future sustainable value investments deliver growth for shareholders

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Enhanced our Addressable Market to $40 bn.
Virtualised Access
Addressable Optical System Integration
Market &
Interconnect Products Services
Network Software
~ $18-20 B ~ $15 B ~ $7B
~$40B
Telco (India) ~ $2 B
Open & Virtualised RAN
Optical Fibre Cable ~ $7 - 8 B
Small cells ~ $5 -6 B Citizen Networks (India) ~$1-1.5 B
Optical Interconnect Kits Network Software ~ $10-11 B Defence (India) ~$1.5 - $2 B
~ $10 - 12 B
Cloud (India + Europe) ~ $1.5 B
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Sources: CRU, BCG, Technavio, Grand view research, IHS markit, Omdia, STL estimates

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Customers: Elevated engagement and won marquee deals

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Customer Engagement Multi-year Five year, strategic Multi-year Digital multi million Multi-year LOI partnership to contract for transformation contract for dual for fiber roll out help build new Opticonn for a leading band and tri across 10 circles UK full-fiber solution telco in Africa band radio units network

Portfolio: Advanced optical interconnect portfolio through Optotec

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Technology Portfolio

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Central Office Outside Plant Distribution & Access
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Outside Plant Distribution & Access Customer Premises
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Technology: Developed value added products & tech led solutions

STL Portfolio of Offerings Optical Interconnect Virtualised Access Products Products & Network Software Products Technology Portfolio New Launches & Portfolio additions in FY21

System Integration Services

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Innovation: Filed 191 patents in FY21

First 5G Patent

569 Patents

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STL got its first 5G
patent granted
“System and method for configuring photonic
components using photonic abstraction interface.”
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Technology Portfolio

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191 patents filed in FY21

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R&D spent at 3.1% of revenues in FY21

Delivery: Executed despite pandemic

Network Modernisation

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Project Varun 92% Completed (Indian Navy Project):

Impeccable Delivery

Futuristic SDN ready state wide network

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Bharatnet Projects 26% T-Fibre (A) Completed 18% T-Fibre (B) Completed

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Transformative
digital inclusion
Bharatnet Projects
98%
Mahanet (A)
Completed
61%
Mahanet (B) Completed
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Modern Optical Inside Datacentre Network Connectivity

Fiber roll out 41% (Large Indian telco) Completed

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Delivery: On target to increase OFC plant capacity to 33 mn. fkm
OFC capacity expansion to 33 mn Optical fibre cable capacity
33
18
Impeccable
8
Delivery
Mn. Fkm
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OFC expansion project is on track for time & cost

Talent : Industry leading talent drives ambitious vision

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Top Talent

Virtualised Access US Market UK Services Governance Key Accounts Chris Stephan Keith Mihir Sandeep Rice Szymanski Rowley Modi Girotra Chief Executive Officer, Regional Chief Delivery Officer, Chief Financial Officer, Global Sales Head, Access Solutions, STL Sales Head, America Network Services, UK STL STL 25 years of experience 25+ years of experience 20+ years of experience in 20 years of career 25 years of experience in the communication in the communications the communications spanning finance, strategy in the communications industry Industry Industry across large companies industry and startups. driving multiyear driving business dev and driving transformation building Key Accounts technology strategy at product management at programs as CDO at Cofounded digital startup and driving 10x growth AT&T Prysmian , N.Am Flomatic Network Svcs led Zee Ent CBO+CFO at Nokia

Focussed on ESG

Environment | Social | Governance

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Eco-friendly &
Responsible
Operations
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CSR World’s 1 [st]
Initiatives ZWL Certified
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Caring for our people & the environment

Driving Sustainability

Enabling millions using tech & connectivity

134,000+ MT Waste diverted from landfills

1.43M+

Policies &

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lives impacted

Systems

94%

on Human Rights, Labour Practises, Fair Wages

Signatory

of our industrial waste does not go into landfill

To the UNGC & UN WEP**

Sustainability & Governance

93%

3,500+

1M+ m[3]

Of waste recycled and reused

Rural women Empowered

Water recycled and reused at STL and replenished in surrounding communities

3R

1,400+

Approach to reduce, reuse, recycle

Individuals digitally empowered

7,000+ tCO2e

Reduced through in-plant initiatives and plantations in surrounding communities

*All figures are cumulative (up to FY 21)

2030: Towards a Cleaner & Greener Future

100%

Manufacturing locations to be ZWL certified
Water Positivity globally
Sustainable Sourcing
Products families covered under LCAs

50%

R d ctio i STL’s carbo footprint

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ESG
Goals
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2025: Facilitating a More Inclusive Society

5 Million

Impacting 5M lives
Undertaking 5M plantations
Replenishing 5M cubic meters of water in communities

**UNGC – United Nations Global Compact | UN WEP – United Nations Women Empowerment Principles

STL responds to help communities

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Sustainability
& Governance
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Continuing support to local communities

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Digital Networks see continued investments

2 STL enhanced capabilities to deliver

3 4 5 Three levers will Creating Q&A drive future sustainable value growth for shareholders

1. Grow OFC Volume and Optical Interconnect business

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5.1%
OFC Global
1.3% Market Share
Q4 FY16 (A) Q4 FY21 ( Est.)
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STL OFC market share grew 4 times in last 20 quarters
In FY21, our OFC volume grew by more than 35% despite a flat global Industry
Going forward, we shall continue to penetrate newer markets e.g. USA
Expand optical interconnect business by leveraging existing customer relationships in EMEA
Offer Optotec products integrated as Opticonn Solutions - a compelling value proposition

Q4 FY21 Industry volume is estimated at 125 mn. fkm.

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2. Take System Integration business global & Scale in India

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Long haul network Network modernisation
roll out in India at Nationwide scale
FY17-18 FY19-20
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Design & deploy fibre network in metropolitan cities TAKE GLOBAL PROJECTS & SCALE in Datacentre Solutions INDIA

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Inside datacentre connectivity
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FY22-Onwards
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FY20-21
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© 2021-2022 Sterlite Technologies Limited
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3. Build a strong Access Solutions business, based on disruptive open-source products

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Building a World class team

Leverage a team of exceptional professionals and ecosystem partnerships to develop network solutions, with disaggregated hardware and software. Current team strength at 200 nos.

Product of Choice for large Scale O-RAN Deployments

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To become a product of choice in 5G networks based on Open RAN technology.

Currently product trials are being conducted at customer premises.

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These 3 validated levers will drive growth for STL
1 2 3
Grow Optical fibre Take System Build a strong
cable volume and Integration Access Solutions
Optical business global business, based
interconnect and scale in India on disruptive
business
open-source
products
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1 2 3 4 5 Digital Networks STL enhanced Three levers will Creating Q&A see continued capabilities to drive future sustainable value investments deliver growth for shareholders

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Mihir Modi

Chief Financial Officer

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Continued growth in participation across geographies
Key Opportunities
Open Participation Funnel (Rs. Cr.)
LARGE US
LARGE EUROPEAN
~11,500
HYPERSCALER
TELCO
OPTICONN OPTICONN
~7,000
LARGE EUROPEAN EUROPEAN Q4 FY20 Q4 FY21
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LARGE EUROPEAN LARGE INDIAN
TELCO ENTERPRISE
OPTICAL INTERCONNECT FIBER ROLLOUT
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Leading to a stable order book

Open Order Book (Rs. Cr.)

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10,754
10,037
Q4 FY20 Q4 FY21
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Open Order Book Customer Segment wise

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Enterprises
16%
54% Telcos
29%
Citizen networks
0.3%
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Cloud
© 2021-2022 Sterlite Technologies Limited
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Order Book Spread (Rs. Cr.)

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~ 5,470
~ 5,284
FY22 FY23 and Beyond
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Open Order Book Split

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O&M
25%
75%
Capex
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Revenue mix is well diversified
Customer Segments
Geographical Distribution
Key Order Wins
Revenues (Rs. Cr.)
Q4 FY21 Revenues (Rs. Cr.)
5,154 4,825 5,154 4,825
• 2% 2% 1% 3% 2% 4% 1% 2%
Strategic partnership with Openreach to
help build its new UK full fibre network 25% 22%
with STL Opticonn solution 29%
37%
11%
•
Multi million-dollar digital partnership 23%
transformation for a leading north
African Telco
• A large-scale deal with a leading UAE 65% 65%
56%
Telco for Opticonn solution to advance 50%
its 4G, 5G and FTTx network
infrastructure
FY20 FY21 FY20 FY21
Telcos Citizen Networks India EMEA Americas
Enterprises Cloud
China RoW
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Our revenues grew by 12% QoQ and 27% YoY
1,475 273
1,314 238
226
1,160 1,160 212
876
131
Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21
Revenue (INR Cr.) EBITDA (INR Cr.)
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124
87
80
58
6
Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21
PAT (INR Cr.)
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Our OF & OFC capacity utilization continued to grow QoQ in FY21 and it shall further grow in FY22.
Inline with earlier expectation, Our H2 FY21 revenue grew by 18% over H2 FY20.
We expect to maintain QoQ growth momentum going forward.

We continue to invest in capabilities

2,410 122 138 Free Cash Flow @ consolidated level – FY21 Rs. Cr. 1,970 266 Cash Profit after Tax 539 541 455 (Increase) / Decrease in working Capital 2 Operating Cash Flow 541 CAPEX (455) Free Cash Flow 86 Net Debt Operating Capex Inorganic Dividend Buyback Net Debt 31-Mar-20 Cash Flow growth 31-Mar-21 investments

The business continues to generate positive free cash flow.

We invested in increasing plant capacities and acquiring new capabilities . The debt is expected to peak in FY22 and post that Debt/Equity shall start to go down

Financials: Abridged Version P&L (INR Cr.) Q4 FY20 Q4 FY21 FY20 FY21 Revenue 1,160 1,475 5,154 4,825 EBIDTA 226 273 1,104 854 *EBITDA %* 19% 19% 21% 18% Depreciation 77 61 290 285 EBIT 150 212 813 568 Interest 59 53 221 203 Exceptional Item 51 PBT 90 158 542 365 Tax 13 50 109 111 Net Income (Adjusted for exceptional item net of tax) 80 124 472 275	Financials: Abridged Version P&L (INR Cr.) Q4 FY20 Q4 FY21 FY20 FY21 Revenue 1,160 1,475 5,154 4,825 EBIDTA 226 273 1,104 854 *EBITDA %* 19% 19% 21% 18% Depreciation 77 61 290 285 EBIT 150 212 813 568 Interest 59 53 221 203 Exceptional Item 51 PBT 90 158 542 365 Tax 13 50 109 111 Net Income (Adjusted for exceptional item net of tax) 80 124 472 275	Financials: Abridged Version P&L (INR Cr.) Q4 FY20 Q4 FY21 FY20 FY21 Revenue 1,160 1,475 5,154 4,825 EBIDTA 226 273 1,104 854 *EBITDA %* 19% 19% 21% 18% Depreciation 77 61 290 285 EBIT 150 212 813 568 Interest 59 53 221 203 Exceptional Item 51 PBT 90 158 542 365 Tax 13 50 109 111 Net Income (Adjusted for exceptional item net of tax) 80 124 472 275	Financials: Abridged Version P&L (INR Cr.) Q4 FY20 Q4 FY21 FY20 FY21 Revenue 1,160 1,475 5,154 4,825 EBIDTA 226 273 1,104 854 *EBITDA %* 19% 19% 21% 18% Depreciation 77 61 290 285 EBIT 150 212 813 568 Interest 59 53 221 203 Exceptional Item 51 PBT 90 158 542 365 Tax 13 50 109 111 Net Income (Adjusted for exceptional item net of tax) 80 124 472 275	Financials: Abridged Version P&L (INR Cr.) Q4 FY20 Q4 FY21 FY20 FY21 Revenue 1,160 1,475 5,154 4,825 EBIDTA 226 273 1,104 854 *EBITDA %* 19% 19% 21% 18% Depreciation 77 61 290 285 EBIT 150 212 813 568 Interest 59 53 221 203 Exceptional Item 51 PBT 90 158 542 365 Tax 13 50 109 111 Net Income (Adjusted for exceptional item net of tax) 80 124 472 275	Balance Sheet (INR Cr.) FY20 FY21 Net Worth 2,023 2,085 Net Debt 1,970 2,410 Total 3,993 4,495 Fixed Assets 2,536 2,664 Goodwill 122 292 Net Working Capital 1,335 1,540 Total 3,993 4,495	Balance Sheet (INR Cr.) FY20 FY21 Net Worth 2,023 2,085 Net Debt 1,970 2,410 Total 3,993 4,495 Fixed Assets 2,536 2,664 Goodwill 122 292 Net Working Capital 1,335 1,540 Total 3,993 4,495	Balance Sheet (INR Cr.) FY20 FY21 Net Worth 2,023 2,085 Net Debt 1,970 2,410 Total 3,993 4,495 Fixed Assets 2,536 2,664 Goodwill 122 292 Net Working Capital 1,335 1,540 Total 3,993 4,495
P&L (INR Cr.)	Q4 FY20	Q4 FY21	FY20	FY21	Balance Sheet (INR Cr.)	FY20	FY21
					Net Worth	2,023	2,085
Revenue	1,160	1,475	5,154	4,825
EBIDTA	226	273	1,104	854
					Net Debt	1,970	2,410
*EBITDA %*	19%	19%	21%	18%
					Total	3,993	4,495
Depreciation	77	61	290	285
EBIT	150	212	813	568
					Fixed Assets	2,536	2,664
Interest	59	53	221	203
					Goodwill	122	292
Exceptional Item			51
PBT	90	158	542	365
					Net Working Capital	1,335	1,540
Tax	13	50	109	111
					Total	3,993	4,495
Net Income (Adjusted for exceptional item net of tax)	80	124	472	275

STL poised to grow; using momentum in the digital networks

==> picture [267 x 407] intentionally omitted <==

Network creators accelerated the pace of investments ,

accepting and implementing new technologies such as 5G, FTTH and O-RAN. These implementations have resulted in OFC demand soaring across the world.

STL used this momentum as a springboard to enhance its capabilities and won marquee deals across the globe

by enhancing its addressable market, advancing the product portfolio, elevating customer engagement, welcoming new talent and delivering despite the pandemic.

.
STL has three validated growth levers

First, to grow OFC volume and the Optical interconnect business.

Second, to take System Integration business to global markets along with scaling it in India. Third, to build a strong Access Solutions business, based on disruptive open-source products.

We expect the growth momentum to continue in FY22 ,

while continue to invest in R&D and capabilities, generating RoCE in excess of 20%, while moving towards our target debt/equity.

==> picture [87 x 34] intentionally omitted <==

Digital Networks see continued investments

2 3 4 5 STL enhanced Three levers will Creating Q&A capabilities to drive future sustainable value deliver growth for shareholders

==> picture [178 x 70] intentionally omitted <==

beyond tomorrow





(CIN : L31300MH2000PLC269261) CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2021 STERLITE TECHNOLOGIES LIMITED
	(Rs. In Crores)
Particulars	Year ended	Year ended
	31 Mar 2021 (Audited)	31 Mar 2020 (Audited)
ASSETS I. Non-current assets (a) Property Plant & Equipment (b) Capital work in progress (c) Goodwill (Refer note 6 & 16) (d) Other Intangible Assets (e) Deferred Tax Assets (f) Financial Assets (i) Investments (ii) Trade Receivables (iii) Loans (iv) Other Non-current Financial Assets (g) Other Non-current Assets Total Non-current Assets II. Current Assets (a) Inventories (b) Financial Assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Other bank balances (v) Loans (vi) Other current financial assets (c) Contract Assets (d) Other current assets (e) Assets classified as held for sale Total Current Assets	2,782.82 227.19 292.08 99.11 17.79 122.30 - 17.16 7.08	2,840.28 132.78 121.79 97.52 14.47 100.28 - 24.70 14.95 82.05
	39.07

	3,604.60	3,428.82
	626.35	451.81 233.04 1,563.12 149.60 94.94 11.89 52.80 744.26 368.75 109.97
	180.90 1,451.42 192.79 55.58 9.60 27.34 1,321.46 430.89 171.68
	4,468.01	3,780.18

Total Assets	8,072.61	7,209.00
EQUITY AND LIABILITIES Equity Equity share capital Other Equity Equity attributable to shareholders Non-Controlling Interest Total Equity Liabilities I. Non-current liabilities (a) Financial Liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities (b) Employee benefit obligations (c) Provisions (d) Deferred tax liabilities (net) Total Non-current Liabilities II. Current Liabilities (a) Financial Liabilities (i) Borrowings (ii) Trade payables (A) total outstanding dues of micro and small enterprises (B) total outstanding dues of creditors other than micro and small enterprises (iii) Lease liabilities (iv) Other financial liabilities (b) Contract liabilities (c) Other current liabilities (d) Employee benefit obligations (e) Provisions (f) Current tax liabilities (Net) (g) Liabilities directly associated with assets classified as held for sale Total Current Liabilities	79.33 1,908.06	80.79 1,838.99
	1,987.39	1,919.78
	98.07	103.18
	2,085.46	2,022.96
	1,255.72 78.68 25.17 53.42 0.74 103.30	969.99 95.23 22.55 47.24 0.89 71.72
	1,517.03	1,207.62
	1,233.99	1,230.57 30.67 1,399.63 34.07 950.89 135.94 76.07 14.53 10.02 - 96.03
	74.71
	1,868.95 25.90 908.46 71.27 73.81 13.37 10.23 29.81 159.62
	4,470.12	3,978.42

Total Equity & Liabilities	8,072.61	7,209.00

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STERLITE TECHNOLOGIES LIMITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 (CIN : L31300MH2000PLC269261)
	(Rs. in Crores except earning per share)
Particulars	Quarter ended			Year ended
	Mar 21 (Unaudited) (Refer note 18)	Dec 20 (Unaudited)	Mar 20 (Unaudited)	Mar 21 (Audited)	Mar 20 (Audited)
Revenue from operations Other income	1,475.01	1,314.44 7.65	1,160.06 10.40	4,825.18	5,154.40 34.30
	16.45			42.97
Total Income	1,491.46	1,322.09	1,170.46	4,868.15	5,188.70
Total Expenditure Cost of materials consumed Purchase of stock-in-trade (Inc) / Dec in finished goods, stock-in-trade & WIP Employee benefits expense Finance Costs Depreciation and amortisation expense Other expenses	1,333.15	1,202.37 698.36 - (35.41) 164.33 49.79 68.20 257.10	1,080.17 515.99 0.41 22.65 152.04 59.31 76.82 252.95	4,502.79	4,596.39 2,367.74 2.12 97.63 629.80 221.04 290.28 987.78
	854.05			2,534.14
	-			0.69
	(117.77)			(139.90)
	179.08			647.42
	53.39			203.00
	61.23			285.26
	303.17			972.18
Profit before tax & share of net profits of investments accounted using equity method	158.31	119.72	90.29	365.36	592.31
Share of Profit / (Loss) of Joint Venture and Associate Company	14.86	-	-	14.86	-
Profit before exceptional item and tax	173.17	119.72	90.29	380.22	592.31
Exceptional Item(Refer note 5)	-	-	-	-	50.71
Profit before tax	173.17	119.72	90.29	380.22	541.60
Tax expense : Current tax Deferred tax	50.34	33.26 25.40 7.86	13.12 7.19 5.93	111.27	108.88 120.00 (11.12)
	38.14			93.51
	12.20			17.76
Net Profit after Tax & Share in Profit / (Loss) of Joint Venture and Associate Company	122.83	86.46	77.17	268.95	432.72
Loss from discontinued operations(Refer Note 7)	(0.90)	(0.49)	(3.36)	(3.59)	(8.28)
Net Profit for theperiod	121.93	85.97	73.81	265.36	424.44
Other Comprehensive income
A. i)Items that will be reclassified to Profit or Loss	9.72	6.76	3.65	37.33	(58.47)
ii)Income tax relatingto these items	(1.48)	1.52	0.73	1.73	20.20
B. i)Items that will not be reclassified to Profit or Loss	3.29	-	0.35	3.29	1.70
ii)Income tax relatingto these items	(0.83)	-	(0.09)	(0.83)	(0.09)
Other comprehensive income	10.70	8.28	4.64	41.52	(36.66)
Total comprehensive income for theperiod	132.63	94.25	78.45	306.88	387.78
Net Profit attributable to
a) Owners of the Company	124.40	86.64	80.33	275.47	433.90
b)Non controllingInterest	(2.47)	(0.67)	(6.52)	(10.11)	(9.46)
Other Comprehensive income attributable to
a)Owners of the Company	11.24	4.40	1.56	35.61	(39.70)
b)Non controllingInterest	(0.54)	3.88	3.08	5.91	3.04
Total comprehensive income attributable to
a)Owners of the Company	135.64	91.04	81.89	311.08	394.20
b)Non controllingInterest	(3.01)	3.21	(3.44)	(4.20)	(6.42)
Paid-upEquityCapital(Face value Rs.2per share)	79.33	79.25	80.79	79.33	80.79
Other equityincludingdebenture redemption reserve				1,908.06	1,838.99
EarningPer Share(Rs.)- Basic	3.13	2.18	1.99	6.93	10.76
EarningPer Share(Rs.)- Diluted	3.10	2.15	1.97	6.85	10.64

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(Rs. in crores,unless otherwise stated) STERLITE TECHNOLOGIES LIMITED (CIN : L31300MH2000PLC269261) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021	(Rs. in crores,unless otherwise stated) STERLITE TECHNOLOGIES LIMITED (CIN : L31300MH2000PLC269261) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021	(Rs. in crores,unless otherwise stated) STERLITE TECHNOLOGIES LIMITED (CIN : L31300MH2000PLC269261) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
Particulars	For the year ended March 31, 2021 (Audited)	For the year ended March 31, 2020 (Audited)
A. Operating activities Profit/(Loss) before tax From continuing operations From discontinued operation Adjustments to reconcile profit before tax to net cash flows Depreciation and impairment of property, plant & equipment Amortization & impairment of intangible assets Provision for doubtful debts and advances Bad debts / advances written off (Profit) / Loss on sale of property, plant and equipment, net including gain on termination of lease Rental income Share of profit from associate Change in Fair Value of Investment Employees stock option expenses Finance costs (including interest pertaining to Ind AS 116) Finance income Unrealized exchange difference Operating profit before working capital changes Working capital adjustments: Increase/(decrease) in trade payables Increase/(decrease) in long-term provisions Increase/(decrease) in short-term provisions Increase/(decrease) in other current liabilities Increase/(decrease) in contract liabilities Increase/(decrease) in other current financial liabilities Increase/(decrease) in other non-current financial liabilities Increase/(decrease) in current employee benefit obligations Increase/(decrease) in non-current employee benefit obligations Decrease/(increase) in current trade receivable Decrease/(increase) in non current trade receivable Decrease/(increase) in inventories Decrease/(increase) in loans given to related parties Decrease/(increase) in short-term loans Decrease/(increase) in other current financial assets Decrease/(increase) in other non-current financial assets Decrease/(increase) in other current assets Decrease/(increase) in contract assets Decrease/(increase) in other non-current assets Change in working capital Cash generated from operations Income tax paid (net of refunds) Net cash flow from operating activities	380.22 (3.59) 376.63 255.57 36.01 4.36 0.92 (2.91) (0.06) (14.86) (7.00) 11.42 203.00 (9.90) (8.97) 467.58 844.21 460.92 (0.69) 0.21 (4.24) (65.34) (50.87) (4.45) (1.41) 2.89 180.05 - (112.56) 7.93 2.61 24.11 7.87 (36.48) (577.20) 4.77 (161.88) 682.33 (43.85)	541.60 (8.28) 533.32 245.04 45.24 16.13 5.05 (2.56) (0.28) - - 9.86 221.04 (8.97) (6.69) 523.86 1,057.18 (387.07) (0.17) (1.44) (9.47) (134.43) 41.20 2.81 (7.81) 15.24 (222.72) 1.76 144.65 21.89 0.00 (13.45) 18.64 19.60 353.51 (26.64) (183.90) 873.28 (176.86)
	638.48	696.42

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STERLITE TECHNOLOGIES LIMITED (CIN : L31300MH2000PLC269261) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021	STERLITE TECHNOLOGIES LIMITED (CIN : L31300MH2000PLC269261) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021	STERLITE TECHNOLOGIES LIMITED (CIN : L31300MH2000PLC269261) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
Particulars	For the year ended March 31, 2021 (Unaudited)	For the year ended March 31, 2020 (Audited)
B. Investing activities Purchase of property, plant and equipments Purchase of intangible assets Proceeds from sale of property, plant and equipments Investment in Associates/JVs Investment in subsidiaries, net of cash acquired Purchase of current investments Proceeds from current investments Proceeds from sale of investment Net movement in other bank balance Unpaid dividend Rental income Interest received (finance income) Net cash flow used in investing activities C. Financing activities Proceeds from long term borrowings Repayment of long term borrowings Proceeds/(repayment) from/of short term borrowings (net) Proceeds from issue of shares against employee stock options Interest paid (including interest pertaining to Ind AS 116) Principal elements of leases payments Dividend paid on equity shares Buy-back of equity shares Tax on Buy-back Tax on equity dividend paid Net cash flow used in financing activities	(446.20) (9.47) 1.44 (31.43) (234.13) (180.86) 233.00 - 39.35 - 0.06 9.67 (618.57) 838.87 (331.60) (4.29) 0.30 (202.22) (18.15) (137.77) (99.78) (22.16) - 23.20	(383.30) (37.13) 37.06 (33.71) (82.29) (233.00) 100.00 1.35 (3.73) (0.79) 0.28 8.69 (626.57) 388.08 (289.75) 242.06 0.28 (221.35) (17.13) (141.08) - - (29.01) (67.90)
Net increase/(decrease) in cash and cash equivalents 43.11 1.95 Foreign exchange relating to cash and cash equivalents of Foreign operations 3.28 2.52 Cash and cash equivalents as at beginning of year 153.48 149.01 Cash and cash equivalents as at year end 199.87 153.48 Components of cash and cash equivalents: March 31, 2021 March 31, 2020 Balances with banks 192.76 149.56 Cash in hand 0.03 0.04 Total cash and cash equivalents 192.79 149.60 Cash & cash equivalents from discontinued operation 7.08 3.88 Total cash and cash equivalents 199.87 153.48

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STANDALONE BALANCE SHEET AS AT MARCH 31, 2021 (CIN : L31300MH2000PLC269261) STERLITE TECHNOLOGIES LIMITED
	(Rs. In Crores)
Particulars	Year ended	Year ended
	31 Mar 2021 (Audited)	31 Mar 2020 (Audited)
ASSETS I. Non-current assets (a) Property Plant & Equipment (b) Capital work in progress (c) Goodwill (Refer Note 6) (d) Other Intangible Assets (e) Financial Assets (i) Investments (ii) Trade Receivables (iii) Loans (iv) Other Non-current Financial Assets (f) Other Non-current Assets Total Non-current Assets II. Current Assets (a) Inventories (b) Financial Assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Other bank balances (v) Loans (vi) Other current financial assets (c) Contract Assets (d) Other current assets (e) Assets classified as held for sale Total Current Assets		2,213.30 127.52 14.66 33.64 289.10 - 80.72 20.41 48.94
	2,167.03 146.83 - 36.58 323.72 - 218.78 10.53
	8.23

	2,911.70	2,828.29
	363.36	285.38 233.00 1,413.16 76.53 93.92 11.89 58.55 735.15 331.97 28.27
	180.00 1,376.11 76.14 55.17 7.80 43.10 1,311.17 378.95 32.37
	3,824.17	3,267.82

Total Assets	6,735.87	6,096.11
EQUITY AND LIABILITIES Equity Equity share capital Other Equity Total Equity Liabilities I. Non-current liabilities (a) Financial Liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities (b) Employee benefit obligations (c) Provisions (d) Deferred tax liabilities (net) Total Non-current Liabilities II. Current Liabilities (a) Financial Liabilities (i) Borrowings (ii) Trade payables (A) total outstanding dues of micro and small enterprises (B) total outstanding dues of creditors other than micro and small enterprises (iii) Lease liabilities (iv) Other financial liabilities (b) Contract liabilities (c) Other current liabilities (d) Employee benefit obligations (e) Provisions (f) Current tax liabilities (Net) Total Current Liabilities	79.33 1,747.03	80.79 1,728.78
	1,826.36	1,809.57
	753.16 59.11 10.08 48.32 0.74 93.40	519.83 83.33 12.80 41.16 0.89 63.89
	964.81	721.90
	1,155.81	1,105.17 30.66 1,335.81 16.43 875.23 133.40 43.52 14.40 10.02 -
	72.70
	1,796.96
	19.17 757.26 64.35 39.98 13.36 10.23
	14.88

	3,944.70	3,564.64

Total Equity & Liabilities	6,735.87	6,096.11

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STERLITE TECHNOLOGIES LIMITED (CIN : L31300MH2000PLC269261) STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
	(Rs. in Crores except earning per share)
Particulars	Quarter ended			Year ended
	Mar 21 (Unaudited) (Refer note 18)	Dec 20 (Unaudited)	Mar 20 (Unaudited)	Mar 21 (Audited)	Mar 20 (Audited)
Revenue from operations Other income	1,304.22	1,193.25 6.13	1,040.54 8.66	4,142.01	4,760.50 32.94
	34.24			57.67
Total Income	1,338.46	1,199.38	1,049.20	4,199.68	4,793.44
Total Expenditure Cost of materials consumed Purchase of stock-in-trade (Inc) / Dec in finished goods, stock-in-trade & WIP Employee benefits expense Finance Costs Depreciation and amortisation expense Other expenses	1,181.19	1,090.86 663.64 - (17.32) 125.64 45.71 49.76 223.43	965.80 481.43 0.41 9.12 124.41 52.23 59.31 238.89	3,833.99	4,200.52 2,273.96 2.12 65.43 519.82 204.46 232.42 902.31
	686.15			2,115.32
	-			0.69
	(33.97)			(30.11)
	142.41			491.97
	53.62			189.71
	49.26			215.10
	283.72			851.31
Profit before exceptional item and tax	157.27	108.52	83.40	365.69	592.92
Exceptional Item(Refer note 5)	-	-	-	-	50.71
Profit before tax	157.27	108.52	83.40	365.69	542.21
Tax expense : Current tax Deferred tax	48.07	29.13 23.30 5.83	12.28 6.07 6.21	104.28	108.69 111.53 (2.84)
	33.23			75.23
	14.84			29.05
Netprofit for theperiod	109.20	79.39	71.12	261.41	433.52
Other Comprehensive income
A. i)Items that will be reclassified to Profit or Loss	11.27	(6.04)	(1.54)	(1.48)	(51.81)
ii)Income tax relatingto these items	(2.84)	1.52	0.73	0.37	20.20
B. i)Items that will not be reclassified to Profit or Loss	3.29	-	0.35	3.29	1.70
ii)Income tax relatingto these items	(0.83)	-	(0.09)	(0.83)	(0.09)
Other comprehensive income	10.89	(4.52)	(0.55)	1.35	(30.00)
Total comprehensive income for theperiod	120.09	74.87	70.57	262.76	403.52
Paid-upEquityCapital(Face value Rs.2per share)	79.33	79.25	80.79	79.33	80.79
EarningPer Share(Rs.)- Basic	2.75	1.99	1.76	6.57	10.75
EarningPer Share(Rs.)- Diluted	2.72	1.97	1.74	6.50	10.63
Debenture Redemption Reserve				37.50	56.25
Other equityincludingdebenture redemption reserve				1,747.03	1,728.78
Debt equityratio(Refer note 8)				1.18	1.03
Debt service coverage ratio(Refer note 8)				1.26	1.55
Interest Service coverage ratio(Refer note 8)				2.93	3.86

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(Rs. in crores,unless otherwise stated) STERLITE TECHNOLOGIES LIMITED (CIN : L31300MH2000PLC269261) STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021	(Rs. in crores,unless otherwise stated) STERLITE TECHNOLOGIES LIMITED (CIN : L31300MH2000PLC269261) STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021	(Rs. in crores,unless otherwise stated) STERLITE TECHNOLOGIES LIMITED (CIN : L31300MH2000PLC269261) STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
Particulars	For the year ended March 31, 2021 (Audited)	For the year ended March 31, 2020 (Audited)
A. Operating activities Profit before tax Adjustments to reconcile profit before tax to net cash flows Depreciation and impairment of property, plant & equipment Amortization & impairment of intangible assets Provision for doubtful debts and advances Bad debts / advances written off (Profit) / Loss on sale of property, plant and equipment, net including gain on termination of lease Rental income Employees stock option expenses Change in Fair Value of Investment Finance costs (including interest pertaining to Ind AS 116) Expected credit loss for loan given to related parties Impairment provision for investment in subsidiaries Finance income Unrealized exchange difference Operating profit before working capital changes Working capital adjustments: Increase/(decrease) in trade payables Increase/(decrease) in long-term provisions Increase/(decrease) in short-term provisions Increase/(decrease) in other current liabilities Increase/(decrease) in other current financial liabilities Increase/(decrease) in contract liabilities Increase/(decrease) in other non-current financial liabilities Increase/(decrease) in non current employee benefit obligations Increase/(decrease) in current employee benefit obligations Decrease /(increase) in current trade receivable Decrease /(increase) in non current trade receivable Decrease /(increase) in inventories Decrease/ (increase) in long-term loans Decrease/(increase) in short-term loans Decrease/(increase) in other current financial assets Decrease/(increase) in contract assets Decrease /(increase) in other non-current financial assets Decrease /(increase) in other current assets Decrease/(increase) in other non-current assets Change in working capital Cash generated from operations Income tax paid (net of refunds) Net cash flow from operating activities	365.69 192.09 23.01 3.83 0.92 (21.55) (0.06) 11.42 (7.00) 189.71 - 7.00 (14.35) (8.09)	542.21 196.06 36.36 15.32 5.05 (2.57) (0.28) 9.86 - 204.46 15.00 - (11.67) (6.69)
	376.93 742.62 507.18 (0.15) 0.21 (3.54) (47.75) (69.05) (2.66) 3.87 (1.03) 44.58 - (77.97) 7.66 4.09 15.53 (576.03) 8.40 (46.99) 0.72	460.89 1,003.11 (330.47) 0.17 0.06 (6.07) 45.59 (135.91) 2.81 9.17 (0.13) (271.12) 1.76 95.62 18.21 - (20.91) 357.87 18.63 0.24 2.63
	(232.93)	(211.85)
	509.69 (41.60)	791.26 (168.57)
	468.09	622.69

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(Rs. in crores,unless otherwise stated) STERLITE TECHNOLOGIES LIMITED (CIN : L31300MH2000PLC269261) STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021	(Rs. in crores,unless otherwise stated) STERLITE TECHNOLOGIES LIMITED (CIN : L31300MH2000PLC269261) STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021	(Rs. in crores,unless otherwise stated) STERLITE TECHNOLOGIES LIMITED (CIN : L31300MH2000PLC269261) STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
Particulars	For the year ended March 31, 2021 (Audited)	For the year ended March 31, 2020 (Audited)
B. Investing activities Purchase of property, plant and equipment Purchase of intangible assets Proceeds from sale of property, plant and equipment Investment in subsidiaries Purchase of non- current investments Purchase of current investments Proceeds of current investments Loan given to subsidiaries Repayment received from subsidiaries Proceeds from sale of investment Net movement in other bank balance Unpaid Dividend Rental income Interest received (finance income) Net cash flow used in investing activities C. Financing activities Proceeds from long term borrowings Repayment of long term borrowings Proceeds/(repayment) from/of short term borrowings (net) Proceeds from issue of shares against employee stock options Interest paid (including interest pertaining to Ind AS 116) Principal elements of leases payments Dividend paid on equity shares Buy-back of equity shares Tax on Buy-back DDT on equity dividend paid Net cash flow used in financing activities	(365.79) (11.29) 21.42 (37.87) - (180.00) 233.00 (160.98) 14.37 - 38.75 - 0.06 14.27	(310.29) (26.37) 37.06 (119.63) (5.01) (233.00) 100.00 - - 1.35 (4.21) (0.79) 0.28 11.72
	(434.06)	(548.89)
	623.82 (252.31) 50.65 0.30 (184.31) (12.86) (137.77) (99.78) (22.16) -	315.54 (289.75) 307.69 0.28 (204.77) (14.60) (141.08) - - (29.01)
	(34.42)	(55.70)
Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents as at beginning of year Cash and cash equivalents as at year end Components of cash and cash equivalents: Balances with banks: Cash in hand Total cash and cash equivalents	(0.39) 18.10 76.53 58.43 76.14 76.53 March 31, 2021 March 31, 2020 76.12 76.51 0.02 0.02 76.14 76.53

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Notes: 7. Loss from discontinued operations pertains to Maharashtra Transmission Communication Infrastructure Limited, a subsidiary of the Company. Management had filed a fresh application with Department of Telecommunication for transfer of the entity after its earlier application had been rejected. The Department of Telecommunication has currently closed the application citing lack of clarity with respect to certain aspects in the application. Management is working towards resolving the concerns and is committed to the sale of MTCIL post resolving the concerns and obtaining requisite regulatory approvals. 4. Management has made an assessment of the impact of COVID 19 in preparation for these financial statements. Management has considered all relevant external and internal factors in the measurement of assets and liabilities including recoverability of carrying values of its assets, its liquidity position and ability to repay debts. No adjustment to key estimates and judgements that impact the financial statements have been identified. Since telecom networks have been identified as an essential service, the Group is operating at its normal operating capacity at all locations. However, the impact assessment of COVID19 will be a continuing process given the uncertainties associated with its nature and duration and no significant impact is envisaged on the operations. Further due to the ongoing lockdown restrictions, independent confirmations of balances of 5 bank accounts having a cumulative book balance of Rs. 0.07 crores and balance with LIC of Rs. 5.08 crores with respect to the Company's funded Gratuity plan assets could not be obtained as at March 31, 2021 from the respective parties. Management has prepared the financials based on the latest available statements available with Management, which fairly represent the respective balances. For balance with LIC, the statement available is for balance as at December 31, 2020 and for the 5 bank balances, the statements are for balances as at March 31, 2021. The Auditors have relied on these statements and performed alternative testing procedures as considered appropriate. Goodwill (excess of purchase consideration over the aggregate book value of the net assets acquired) is being amortised over a period of five years, as per the Scheme. Ind-AS does not allow amortisation of goodwill, which amounted to Rs. Nil and Rs. 14.65 crores for the quarter and year ended March 31, 2021, respectively. Goodwill has been fully amortised as at the end of the quarter ended September 30, 2020. Consequently, the auditors have included an emphasis of matter paragraph in regards to this matter in their report. 1.The above results have been reviewed by the Audit Committee. The Board of Directors at its meeting held on April 29, 2021 have approved the above results. 2.The above statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind-AS) prescribed under section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. 3. The Company has only one operating segment which is Connectivity and Network Solutions (earlier known as "Telecom Products and Solutions"). Accordingly, separate segment information is not required to be disclosed. 6. During the year 2015-16, the Company had acquired 100% of the paid up equity share capital of Elitecore Technologies Private Limited ('ETPL'), a global telecom software product 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 Court and Gujarat High Court (the "Scheme"). 5. During the previous year ended March 31, 2020, the Company made an application under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS), for settlement of the disputed excise matter of Rs. 188 crores demanded by CESTAT in 2005-06 which the Company was contesting at Honourable Supreme Court, and also some other litigations under Central Excise Act, 1944 and Chapter V of Finance Act, 1994 which were pending as of June 30, 2019. Based on the provisions of SVLDRS, Management determined and paid duty in respect of all matters offered for settlement under the scheme and accordingly recognised expense of Rs. 50.71 crores in the previous year which has been disclosed as exceptional item in the Statement of profit and loss. 8. Formulae for computation of ratios are based on standalone financial results and balance sheet which are as follows: Debt Service Coverage Ratio = Earnings before interest and tax/ (interest expense + principal term loan repayment) Interest Service Coverage Ratio = Earnings before Interest and Tax /Interest Expense For Debt Service Coverage Ratio and Interest Service Coverage Ratio computation: - Earnings before interest and tax includes Profit Before Tax after exceptional item + Interest expense - Interest expenses include finance costs as per standalone Ind AS financial statements For paid up debt capital and debt equity ratio computation: - Debt includes long-term borrowings + short term borrowings + current maturities of long-term borrowings. - Equity includes equity share capital and other equity as per standalone Ind AS financial statements 9. Credit rating for the existing Non- Convertible Redeemable Debentures (NCD) is ICRA AA Stable and CRISIL AA Stable. Credit rating for the outstanding commercial papers ICRA A1+ and CRISIL A1+. 10. The Company has maintained minimum required assets cover ratio of 1.1 times as per debenture issue terms of non convertible debenture carrying interest @ 8.70% p.a. and non covertible debentures carrying interest @ 7.30% p.a. and assets cover ratio of 1.25 times of non covertible debentures carrying interest @ 8.25% which signifies adequate security. Debentures are secured by way of first pari passu charge on entire movable fixed assets (both present and future) and mortgage of certain immovable fixed assets of the Company. 11. The Company has paid the interest on NCD on due dates. Details of previous and next due date of payment of interest and principal of NCD is as follow:- S.No. Security Description ISIN Principal Interest Principal Interest 1 8.70% NCDs INE089C07091 N.A. 30-Mar-21 27-Apr-21 27-Apr-21 2 8.25% NCDs INE089C07109 N.A. N.A. 24-Mar-28 25-Mar-22 3 7.30% NCDs INE089C07117 N.A. N.A. 29-Mar-24 31-Mar-22 Previous due date for Next due date for	Notes: 7. Loss from discontinued operations pertains to Maharashtra Transmission Communication Infrastructure Limited, a subsidiary of the Company. Management had filed a fresh application with Department of Telecommunication for transfer of the entity after its earlier application had been rejected. The Department of Telecommunication has currently closed the application citing lack of clarity with respect to certain aspects in the application. Management is working towards resolving the concerns and is committed to the sale of MTCIL post resolving the concerns and obtaining requisite regulatory approvals. 4. Management has made an assessment of the impact of COVID 19 in preparation for these financial statements. Management has considered all relevant external and internal factors in the measurement of assets and liabilities including recoverability of carrying values of its assets, its liquidity position and ability to repay debts. No adjustment to key estimates and judgements that impact the financial statements have been identified. Since telecom networks have been identified as an essential service, the Group is operating at its normal operating capacity at all locations. However, the impact assessment of COVID19 will be a continuing process given the uncertainties associated with its nature and duration and no significant impact is envisaged on the operations. Further due to the ongoing lockdown restrictions, independent confirmations of balances of 5 bank accounts having a cumulative book balance of Rs. 0.07 crores and balance with LIC of Rs. 5.08 crores with respect to the Company's funded Gratuity plan assets could not be obtained as at March 31, 2021 from the respective parties. Management has prepared the financials based on the latest available statements available with Management, which fairly represent the respective balances. For balance with LIC, the statement available is for balance as at December 31, 2020 and for the 5 bank balances, the statements are for balances as at March 31, 2021. The Auditors have relied on these statements and performed alternative testing procedures as considered appropriate. Goodwill (excess of purchase consideration over the aggregate book value of the net assets acquired) is being amortised over a period of five years, as per the Scheme. Ind-AS does not allow amortisation of goodwill, which amounted to Rs. Nil and Rs. 14.65 crores for the quarter and year ended March 31, 2021, respectively. Goodwill has been fully amortised as at the end of the quarter ended September 30, 2020. Consequently, the auditors have included an emphasis of matter paragraph in regards to this matter in their report. 1.The above results have been reviewed by the Audit Committee. The Board of Directors at its meeting held on April 29, 2021 have approved the above results. 2.The above statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind-AS) prescribed under section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. 3. The Company has only one operating segment which is Connectivity and Network Solutions (earlier known as "Telecom Products and Solutions"). Accordingly, separate segment information is not required to be disclosed. 6. During the year 2015-16, the Company had acquired 100% of the paid up equity share capital of Elitecore Technologies Private Limited ('ETPL'), a global telecom software product 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 Court and Gujarat High Court (the "Scheme"). 5. During the previous year ended March 31, 2020, the Company made an application under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS), for settlement of the disputed excise matter of Rs. 188 crores demanded by CESTAT in 2005-06 which the Company was contesting at Honourable Supreme Court, and also some other litigations under Central Excise Act, 1944 and Chapter V of Finance Act, 1994 which were pending as of June 30, 2019. Based on the provisions of SVLDRS, Management determined and paid duty in respect of all matters offered for settlement under the scheme and accordingly recognised expense of Rs. 50.71 crores in the previous year which has been disclosed as exceptional item in the Statement of profit and loss. 8. Formulae for computation of ratios are based on standalone financial results and balance sheet which are as follows: Debt Service Coverage Ratio = Earnings before interest and tax/ (interest expense + principal term loan repayment) Interest Service Coverage Ratio = Earnings before Interest and Tax /Interest Expense For Debt Service Coverage Ratio and Interest Service Coverage Ratio computation: - Earnings before interest and tax includes Profit Before Tax after exceptional item + Interest expense - Interest expenses include finance costs as per standalone Ind AS financial statements For paid up debt capital and debt equity ratio computation: - Debt includes long-term borrowings + short term borrowings + current maturities of long-term borrowings. - Equity includes equity share capital and other equity as per standalone Ind AS financial statements 9. Credit rating for the existing Non- Convertible Redeemable Debentures (NCD) is ICRA AA Stable and CRISIL AA Stable. Credit rating for the outstanding commercial papers ICRA A1+ and CRISIL A1+. 10. The Company has maintained minimum required assets cover ratio of 1.1 times as per debenture issue terms of non convertible debenture carrying interest @ 8.70% p.a. and non covertible debentures carrying interest @ 7.30% p.a. and assets cover ratio of 1.25 times of non covertible debentures carrying interest @ 8.25% which signifies adequate security. Debentures are secured by way of first pari passu charge on entire movable fixed assets (both present and future) and mortgage of certain immovable fixed assets of the Company. 11. The Company has paid the interest on NCD on due dates. Details of previous and next due date of payment of interest and principal of NCD is as follow:- S.No. Security Description ISIN Principal Interest Principal Interest 1 8.70% NCDs INE089C07091 N.A. 30-Mar-21 27-Apr-21 27-Apr-21 2 8.25% NCDs INE089C07109 N.A. N.A. 24-Mar-28 25-Mar-22 3 7.30% NCDs INE089C07117 N.A. N.A. 29-Mar-24 31-Mar-22 Previous due date for Next due date for	Notes: 7. Loss from discontinued operations pertains to Maharashtra Transmission Communication Infrastructure Limited, a subsidiary of the Company. Management had filed a fresh application with Department of Telecommunication for transfer of the entity after its earlier application had been rejected. The Department of Telecommunication has currently closed the application citing lack of clarity with respect to certain aspects in the application. Management is working towards resolving the concerns and is committed to the sale of MTCIL post resolving the concerns and obtaining requisite regulatory approvals. 4. Management has made an assessment of the impact of COVID 19 in preparation for these financial statements. Management has considered all relevant external and internal factors in the measurement of assets and liabilities including recoverability of carrying values of its assets, its liquidity position and ability to repay debts. No adjustment to key estimates and judgements that impact the financial statements have been identified. Since telecom networks have been identified as an essential service, the Group is operating at its normal operating capacity at all locations. However, the impact assessment of COVID19 will be a continuing process given the uncertainties associated with its nature and duration and no significant impact is envisaged on the operations. Further due to the ongoing lockdown restrictions, independent confirmations of balances of 5 bank accounts having a cumulative book balance of Rs. 0.07 crores and balance with LIC of Rs. 5.08 crores with respect to the Company's funded Gratuity plan assets could not be obtained as at March 31, 2021 from the respective parties. Management has prepared the financials based on the latest available statements available with Management, which fairly represent the respective balances. For balance with LIC, the statement available is for balance as at December 31, 2020 and for the 5 bank balances, the statements are for balances as at March 31, 2021. The Auditors have relied on these statements and performed alternative testing procedures as considered appropriate. Goodwill (excess of purchase consideration over the aggregate book value of the net assets acquired) is being amortised over a period of five years, as per the Scheme. Ind-AS does not allow amortisation of goodwill, which amounted to Rs. Nil and Rs. 14.65 crores for the quarter and year ended March 31, 2021, respectively. Goodwill has been fully amortised as at the end of the quarter ended September 30, 2020. Consequently, the auditors have included an emphasis of matter paragraph in regards to this matter in their report. 1.The above results have been reviewed by the Audit Committee. The Board of Directors at its meeting held on April 29, 2021 have approved the above results. 2.The above statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind-AS) prescribed under section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. 3. The Company has only one operating segment which is Connectivity and Network Solutions (earlier known as "Telecom Products and Solutions"). Accordingly, separate segment information is not required to be disclosed. 6. During the year 2015-16, the Company had acquired 100% of the paid up equity share capital of Elitecore Technologies Private Limited ('ETPL'), a global telecom software product 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 Court and Gujarat High Court (the "Scheme"). 5. During the previous year ended March 31, 2020, the Company made an application under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS), for settlement of the disputed excise matter of Rs. 188 crores demanded by CESTAT in 2005-06 which the Company was contesting at Honourable Supreme Court, and also some other litigations under Central Excise Act, 1944 and Chapter V of Finance Act, 1994 which were pending as of June 30, 2019. Based on the provisions of SVLDRS, Management determined and paid duty in respect of all matters offered for settlement under the scheme and accordingly recognised expense of Rs. 50.71 crores in the previous year which has been disclosed as exceptional item in the Statement of profit and loss. 8. Formulae for computation of ratios are based on standalone financial results and balance sheet which are as follows: Debt Service Coverage Ratio = Earnings before interest and tax/ (interest expense + principal term loan repayment) Interest Service Coverage Ratio = Earnings before Interest and Tax /Interest Expense For Debt Service Coverage Ratio and Interest Service Coverage Ratio computation: - Earnings before interest and tax includes Profit Before Tax after exceptional item + Interest expense - Interest expenses include finance costs as per standalone Ind AS financial statements For paid up debt capital and debt equity ratio computation: - Debt includes long-term borrowings + short term borrowings + current maturities of long-term borrowings. - Equity includes equity share capital and other equity as per standalone Ind AS financial statements 9. Credit rating for the existing Non- Convertible Redeemable Debentures (NCD) is ICRA AA Stable and CRISIL AA Stable. Credit rating for the outstanding commercial papers ICRA A1+ and CRISIL A1+. 10. The Company has maintained minimum required assets cover ratio of 1.1 times as per debenture issue terms of non convertible debenture carrying interest @ 8.70% p.a. and non covertible debentures carrying interest @ 7.30% p.a. and assets cover ratio of 1.25 times of non covertible debentures carrying interest @ 8.25% which signifies adequate security. Debentures are secured by way of first pari passu charge on entire movable fixed assets (both present and future) and mortgage of certain immovable fixed assets of the Company. 11. The Company has paid the interest on NCD on due dates. Details of previous and next due date of payment of interest and principal of NCD is as follow:- S.No. Security Description ISIN Principal Interest Principal Interest 1 8.70% NCDs INE089C07091 N.A. 30-Mar-21 27-Apr-21 27-Apr-21 2 8.25% NCDs INE089C07109 N.A. N.A. 24-Mar-28 25-Mar-22 3 7.30% NCDs INE089C07117 N.A. N.A. 29-Mar-24 31-Mar-22 Previous due date for Next due date for	Notes: 7. Loss from discontinued operations pertains to Maharashtra Transmission Communication Infrastructure Limited, a subsidiary of the Company. Management had filed a fresh application with Department of Telecommunication for transfer of the entity after its earlier application had been rejected. The Department of Telecommunication has currently closed the application citing lack of clarity with respect to certain aspects in the application. Management is working towards resolving the concerns and is committed to the sale of MTCIL post resolving the concerns and obtaining requisite regulatory approvals. 4. Management has made an assessment of the impact of COVID 19 in preparation for these financial statements. Management has considered all relevant external and internal factors in the measurement of assets and liabilities including recoverability of carrying values of its assets, its liquidity position and ability to repay debts. No adjustment to key estimates and judgements that impact the financial statements have been identified. Since telecom networks have been identified as an essential service, the Group is operating at its normal operating capacity at all locations. However, the impact assessment of COVID19 will be a continuing process given the uncertainties associated with its nature and duration and no significant impact is envisaged on the operations. Further due to the ongoing lockdown restrictions, independent confirmations of balances of 5 bank accounts having a cumulative book balance of Rs. 0.07 crores and balance with LIC of Rs. 5.08 crores with respect to the Company's funded Gratuity plan assets could not be obtained as at March 31, 2021 from the respective parties. Management has prepared the financials based on the latest available statements available with Management, which fairly represent the respective balances. For balance with LIC, the statement available is for balance as at December 31, 2020 and for the 5 bank balances, the statements are for balances as at March 31, 2021. The Auditors have relied on these statements and performed alternative testing procedures as considered appropriate. Goodwill (excess of purchase consideration over the aggregate book value of the net assets acquired) is being amortised over a period of five years, as per the Scheme. Ind-AS does not allow amortisation of goodwill, which amounted to Rs. Nil and Rs. 14.65 crores for the quarter and year ended March 31, 2021, respectively. Goodwill has been fully amortised as at the end of the quarter ended September 30, 2020. Consequently, the auditors have included an emphasis of matter paragraph in regards to this matter in their report. 1.The above results have been reviewed by the Audit Committee. The Board of Directors at its meeting held on April 29, 2021 have approved the above results. 2.The above statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind-AS) prescribed under section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. 3. The Company has only one operating segment which is Connectivity and Network Solutions (earlier known as "Telecom Products and Solutions"). Accordingly, separate segment information is not required to be disclosed. 6. During the year 2015-16, the Company had acquired 100% of the paid up equity share capital of Elitecore Technologies Private Limited ('ETPL'), a global telecom software product 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 Court and Gujarat High Court (the "Scheme"). 5. During the previous year ended March 31, 2020, the Company made an application under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS), for settlement of the disputed excise matter of Rs. 188 crores demanded by CESTAT in 2005-06 which the Company was contesting at Honourable Supreme Court, and also some other litigations under Central Excise Act, 1944 and Chapter V of Finance Act, 1994 which were pending as of June 30, 2019. Based on the provisions of SVLDRS, Management determined and paid duty in respect of all matters offered for settlement under the scheme and accordingly recognised expense of Rs. 50.71 crores in the previous year which has been disclosed as exceptional item in the Statement of profit and loss. 8. Formulae for computation of ratios are based on standalone financial results and balance sheet which are as follows: Debt Service Coverage Ratio = Earnings before interest and tax/ (interest expense + principal term loan repayment) Interest Service Coverage Ratio = Earnings before Interest and Tax /Interest Expense For Debt Service Coverage Ratio and Interest Service Coverage Ratio computation: - Earnings before interest and tax includes Profit Before Tax after exceptional item + Interest expense - Interest expenses include finance costs as per standalone Ind AS financial statements For paid up debt capital and debt equity ratio computation: - Debt includes long-term borrowings + short term borrowings + current maturities of long-term borrowings. - Equity includes equity share capital and other equity as per standalone Ind AS financial statements 9. Credit rating for the existing Non- Convertible Redeemable Debentures (NCD) is ICRA AA Stable and CRISIL AA Stable. Credit rating for the outstanding commercial papers ICRA A1+ and CRISIL A1+. 10. The Company has maintained minimum required assets cover ratio of 1.1 times as per debenture issue terms of non convertible debenture carrying interest @ 8.70% p.a. and non covertible debentures carrying interest @ 7.30% p.a. and assets cover ratio of 1.25 times of non covertible debentures carrying interest @ 8.25% which signifies adequate security. Debentures are secured by way of first pari passu charge on entire movable fixed assets (both present and future) and mortgage of certain immovable fixed assets of the Company. 11. The Company has paid the interest on NCD on due dates. Details of previous and next due date of payment of interest and principal of NCD is as follow:- S.No. Security Description ISIN Principal Interest Principal Interest 1 8.70% NCDs INE089C07091 N.A. 30-Mar-21 27-Apr-21 27-Apr-21 2 8.25% NCDs INE089C07109 N.A. N.A. 24-Mar-28 25-Mar-22 3 7.30% NCDs INE089C07117 N.A. N.A. 29-Mar-24 31-Mar-22 Previous due date for Next due date for	Notes: 7. Loss from discontinued operations pertains to Maharashtra Transmission Communication Infrastructure Limited, a subsidiary of the Company. Management had filed a fresh application with Department of Telecommunication for transfer of the entity after its earlier application had been rejected. The Department of Telecommunication has currently closed the application citing lack of clarity with respect to certain aspects in the application. Management is working towards resolving the concerns and is committed to the sale of MTCIL post resolving the concerns and obtaining requisite regulatory approvals. 4. Management has made an assessment of the impact of COVID 19 in preparation for these financial statements. Management has considered all relevant external and internal factors in the measurement of assets and liabilities including recoverability of carrying values of its assets, its liquidity position and ability to repay debts. No adjustment to key estimates and judgements that impact the financial statements have been identified. Since telecom networks have been identified as an essential service, the Group is operating at its normal operating capacity at all locations. However, the impact assessment of COVID19 will be a continuing process given the uncertainties associated with its nature and duration and no significant impact is envisaged on the operations. Further due to the ongoing lockdown restrictions, independent confirmations of balances of 5 bank accounts having a cumulative book balance of Rs. 0.07 crores and balance with LIC of Rs. 5.08 crores with respect to the Company's funded Gratuity plan assets could not be obtained as at March 31, 2021 from the respective parties. Management has prepared the financials based on the latest available statements available with Management, which fairly represent the respective balances. For balance with LIC, the statement available is for balance as at December 31, 2020 and for the 5 bank balances, the statements are for balances as at March 31, 2021. The Auditors have relied on these statements and performed alternative testing procedures as considered appropriate. Goodwill (excess of purchase consideration over the aggregate book value of the net assets acquired) is being amortised over a period of five years, as per the Scheme. Ind-AS does not allow amortisation of goodwill, which amounted to Rs. Nil and Rs. 14.65 crores for the quarter and year ended March 31, 2021, respectively. Goodwill has been fully amortised as at the end of the quarter ended September 30, 2020. Consequently, the auditors have included an emphasis of matter paragraph in regards to this matter in their report. 1.The above results have been reviewed by the Audit Committee. The Board of Directors at its meeting held on April 29, 2021 have approved the above results. 2.The above statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind-AS) prescribed under section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. 3. The Company has only one operating segment which is Connectivity and Network Solutions (earlier known as "Telecom Products and Solutions"). Accordingly, separate segment information is not required to be disclosed. 6. During the year 2015-16, the Company had acquired 100% of the paid up equity share capital of Elitecore Technologies Private Limited ('ETPL'), a global telecom software product 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 Court and Gujarat High Court (the "Scheme"). 5. During the previous year ended March 31, 2020, the Company made an application under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS), for settlement of the disputed excise matter of Rs. 188 crores demanded by CESTAT in 2005-06 which the Company was contesting at Honourable Supreme Court, and also some other litigations under Central Excise Act, 1944 and Chapter V of Finance Act, 1994 which were pending as of June 30, 2019. Based on the provisions of SVLDRS, Management determined and paid duty in respect of all matters offered for settlement under the scheme and accordingly recognised expense of Rs. 50.71 crores in the previous year which has been disclosed as exceptional item in the Statement of profit and loss. 8. Formulae for computation of ratios are based on standalone financial results and balance sheet which are as follows: Debt Service Coverage Ratio = Earnings before interest and tax/ (interest expense + principal term loan repayment) Interest Service Coverage Ratio = Earnings before Interest and Tax /Interest Expense For Debt Service Coverage Ratio and Interest Service Coverage Ratio computation: - Earnings before interest and tax includes Profit Before Tax after exceptional item + Interest expense - Interest expenses include finance costs as per standalone Ind AS financial statements For paid up debt capital and debt equity ratio computation: - Debt includes long-term borrowings + short term borrowings + current maturities of long-term borrowings. - Equity includes equity share capital and other equity as per standalone Ind AS financial statements 9. Credit rating for the existing Non- Convertible Redeemable Debentures (NCD) is ICRA AA Stable and CRISIL AA Stable. Credit rating for the outstanding commercial papers ICRA A1+ and CRISIL A1+. 10. The Company has maintained minimum required assets cover ratio of 1.1 times as per debenture issue terms of non convertible debenture carrying interest @ 8.70% p.a. and non covertible debentures carrying interest @ 7.30% p.a. and assets cover ratio of 1.25 times of non covertible debentures carrying interest @ 8.25% which signifies adequate security. Debentures are secured by way of first pari passu charge on entire movable fixed assets (both present and future) and mortgage of certain immovable fixed assets of the Company. 11. The Company has paid the interest on NCD on due dates. Details of previous and next due date of payment of interest and principal of NCD is as follow:- S.No. Security Description ISIN Principal Interest Principal Interest 1 8.70% NCDs INE089C07091 N.A. 30-Mar-21 27-Apr-21 27-Apr-21 2 8.25% NCDs INE089C07109 N.A. N.A. 24-Mar-28 25-Mar-22 3 7.30% NCDs INE089C07117 N.A. N.A. 29-Mar-24 31-Mar-22 Previous due date for Next due date for	Notes: 7. Loss from discontinued operations pertains to Maharashtra Transmission Communication Infrastructure Limited, a subsidiary of the Company. Management had filed a fresh application with Department of Telecommunication for transfer of the entity after its earlier application had been rejected. The Department of Telecommunication has currently closed the application citing lack of clarity with respect to certain aspects in the application. Management is working towards resolving the concerns and is committed to the sale of MTCIL post resolving the concerns and obtaining requisite regulatory approvals. 4. Management has made an assessment of the impact of COVID 19 in preparation for these financial statements. Management has considered all relevant external and internal factors in the measurement of assets and liabilities including recoverability of carrying values of its assets, its liquidity position and ability to repay debts. No adjustment to key estimates and judgements that impact the financial statements have been identified. Since telecom networks have been identified as an essential service, the Group is operating at its normal operating capacity at all locations. However, the impact assessment of COVID19 will be a continuing process given the uncertainties associated with its nature and duration and no significant impact is envisaged on the operations. Further due to the ongoing lockdown restrictions, independent confirmations of balances of 5 bank accounts having a cumulative book balance of Rs. 0.07 crores and balance with LIC of Rs. 5.08 crores with respect to the Company's funded Gratuity plan assets could not be obtained as at March 31, 2021 from the respective parties. Management has prepared the financials based on the latest available statements available with Management, which fairly represent the respective balances. For balance with LIC, the statement available is for balance as at December 31, 2020 and for the 5 bank balances, the statements are for balances as at March 31, 2021. The Auditors have relied on these statements and performed alternative testing procedures as considered appropriate. Goodwill (excess of purchase consideration over the aggregate book value of the net assets acquired) is being amortised over a period of five years, as per the Scheme. Ind-AS does not allow amortisation of goodwill, which amounted to Rs. Nil and Rs. 14.65 crores for the quarter and year ended March 31, 2021, respectively. Goodwill has been fully amortised as at the end of the quarter ended September 30, 2020. Consequently, the auditors have included an emphasis of matter paragraph in regards to this matter in their report. 1.The above results have been reviewed by the Audit Committee. The Board of Directors at its meeting held on April 29, 2021 have approved the above results. 2.The above statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind-AS) prescribed under section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. 3. The Company has only one operating segment which is Connectivity and Network Solutions (earlier known as "Telecom Products and Solutions"). Accordingly, separate segment information is not required to be disclosed. 6. During the year 2015-16, the Company had acquired 100% of the paid up equity share capital of Elitecore Technologies Private Limited ('ETPL'), a global telecom software product 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 Court and Gujarat High Court (the "Scheme"). 5. During the previous year ended March 31, 2020, the Company made an application under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS), for settlement of the disputed excise matter of Rs. 188 crores demanded by CESTAT in 2005-06 which the Company was contesting at Honourable Supreme Court, and also some other litigations under Central Excise Act, 1944 and Chapter V of Finance Act, 1994 which were pending as of June 30, 2019. Based on the provisions of SVLDRS, Management determined and paid duty in respect of all matters offered for settlement under the scheme and accordingly recognised expense of Rs. 50.71 crores in the previous year which has been disclosed as exceptional item in the Statement of profit and loss. 8. Formulae for computation of ratios are based on standalone financial results and balance sheet which are as follows: Debt Service Coverage Ratio = Earnings before interest and tax/ (interest expense + principal term loan repayment) Interest Service Coverage Ratio = Earnings before Interest and Tax /Interest Expense For Debt Service Coverage Ratio and Interest Service Coverage Ratio computation: - Earnings before interest and tax includes Profit Before Tax after exceptional item + Interest expense - Interest expenses include finance costs as per standalone Ind AS financial statements For paid up debt capital and debt equity ratio computation: - Debt includes long-term borrowings + short term borrowings + current maturities of long-term borrowings. - Equity includes equity share capital and other equity as per standalone Ind AS financial statements 9. Credit rating for the existing Non- Convertible Redeemable Debentures (NCD) is ICRA AA Stable and CRISIL AA Stable. Credit rating for the outstanding commercial papers ICRA A1+ and CRISIL A1+. 10. The Company has maintained minimum required assets cover ratio of 1.1 times as per debenture issue terms of non convertible debenture carrying interest @ 8.70% p.a. and non covertible debentures carrying interest @ 7.30% p.a. and assets cover ratio of 1.25 times of non covertible debentures carrying interest @ 8.25% which signifies adequate security. Debentures are secured by way of first pari passu charge on entire movable fixed assets (both present and future) and mortgage of certain immovable fixed assets of the Company. 11. The Company has paid the interest on NCD on due dates. Details of previous and next due date of payment of interest and principal of NCD is as follow:- S.No. Security Description ISIN Principal Interest Principal Interest 1 8.70% NCDs INE089C07091 N.A. 30-Mar-21 27-Apr-21 27-Apr-21 2 8.25% NCDs INE089C07109 N.A. N.A. 24-Mar-28 25-Mar-22 3 7.30% NCDs INE089C07117 N.A. N.A. 29-Mar-24 31-Mar-22 Previous due date for Next due date for	Notes: 7. Loss from discontinued operations pertains to Maharashtra Transmission Communication Infrastructure Limited, a subsidiary of the Company. Management had filed a fresh application with Department of Telecommunication for transfer of the entity after its earlier application had been rejected. The Department of Telecommunication has currently closed the application citing lack of clarity with respect to certain aspects in the application. Management is working towards resolving the concerns and is committed to the sale of MTCIL post resolving the concerns and obtaining requisite regulatory approvals. 4. Management has made an assessment of the impact of COVID 19 in preparation for these financial statements. Management has considered all relevant external and internal factors in the measurement of assets and liabilities including recoverability of carrying values of its assets, its liquidity position and ability to repay debts. No adjustment to key estimates and judgements that impact the financial statements have been identified. Since telecom networks have been identified as an essential service, the Group is operating at its normal operating capacity at all locations. However, the impact assessment of COVID19 will be a continuing process given the uncertainties associated with its nature and duration and no significant impact is envisaged on the operations. Further due to the ongoing lockdown restrictions, independent confirmations of balances of 5 bank accounts having a cumulative book balance of Rs. 0.07 crores and balance with LIC of Rs. 5.08 crores with respect to the Company's funded Gratuity plan assets could not be obtained as at March 31, 2021 from the respective parties. Management has prepared the financials based on the latest available statements available with Management, which fairly represent the respective balances. For balance with LIC, the statement available is for balance as at December 31, 2020 and for the 5 bank balances, the statements are for balances as at March 31, 2021. The Auditors have relied on these statements and performed alternative testing procedures as considered appropriate. Goodwill (excess of purchase consideration over the aggregate book value of the net assets acquired) is being amortised over a period of five years, as per the Scheme. Ind-AS does not allow amortisation of goodwill, which amounted to Rs. Nil and Rs. 14.65 crores for the quarter and year ended March 31, 2021, respectively. Goodwill has been fully amortised as at the end of the quarter ended September 30, 2020. Consequently, the auditors have included an emphasis of matter paragraph in regards to this matter in their report. 1.The above results have been reviewed by the Audit Committee. The Board of Directors at its meeting held on April 29, 2021 have approved the above results. 2.The above statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind-AS) prescribed under section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. 3. The Company has only one operating segment which is Connectivity and Network Solutions (earlier known as "Telecom Products and Solutions"). Accordingly, separate segment information is not required to be disclosed. 6. During the year 2015-16, the Company had acquired 100% of the paid up equity share capital of Elitecore Technologies Private Limited ('ETPL'), a global telecom software product 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 Court and Gujarat High Court (the "Scheme"). 5. During the previous year ended March 31, 2020, the Company made an application under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS), for settlement of the disputed excise matter of Rs. 188 crores demanded by CESTAT in 2005-06 which the Company was contesting at Honourable Supreme Court, and also some other litigations under Central Excise Act, 1944 and Chapter V of Finance Act, 1994 which were pending as of June 30, 2019. Based on the provisions of SVLDRS, Management determined and paid duty in respect of all matters offered for settlement under the scheme and accordingly recognised expense of Rs. 50.71 crores in the previous year which has been disclosed as exceptional item in the Statement of profit and loss. 8. Formulae for computation of ratios are based on standalone financial results and balance sheet which are as follows: Debt Service Coverage Ratio = Earnings before interest and tax/ (interest expense + principal term loan repayment) Interest Service Coverage Ratio = Earnings before Interest and Tax /Interest Expense For Debt Service Coverage Ratio and Interest Service Coverage Ratio computation: - Earnings before interest and tax includes Profit Before Tax after exceptional item + Interest expense - Interest expenses include finance costs as per standalone Ind AS financial statements For paid up debt capital and debt equity ratio computation: - Debt includes long-term borrowings + short term borrowings + current maturities of long-term borrowings. - Equity includes equity share capital and other equity as per standalone Ind AS financial statements 9. Credit rating for the existing Non- Convertible Redeemable Debentures (NCD) is ICRA AA Stable and CRISIL AA Stable. Credit rating for the outstanding commercial papers ICRA A1+ and CRISIL A1+. 10. The Company has maintained minimum required assets cover ratio of 1.1 times as per debenture issue terms of non convertible debenture carrying interest @ 8.70% p.a. and non covertible debentures carrying interest @ 7.30% p.a. and assets cover ratio of 1.25 times of non covertible debentures carrying interest @ 8.25% which signifies adequate security. Debentures are secured by way of first pari passu charge on entire movable fixed assets (both present and future) and mortgage of certain immovable fixed assets of the Company. 11. The Company has paid the interest on NCD on due dates. Details of previous and next due date of payment of interest and principal of NCD is as follow:- S.No. Security Description ISIN Principal Interest Principal Interest 1 8.70% NCDs INE089C07091 N.A. 30-Mar-21 27-Apr-21 27-Apr-21 2 8.25% NCDs INE089C07109 N.A. N.A. 24-Mar-28 25-Mar-22 3 7.30% NCDs INE089C07117 N.A. N.A. 29-Mar-24 31-Mar-22 Previous due date for Next due date for
S.No.	Security Description	ISIN	Previous due date for		Next due date for
			Principal	Interest	Principal	Interest
1	8.70% NCDs	INE089C07091	N.A.	30-Mar-21	27-Apr-21	27-Apr-21
2	8.25% NCDs	INE089C07109	N.A.	N.A.	24-Mar-28	25-Mar-22
3	7.30% NCDs	INE089C07117	N.A.	N.A.	29-Mar-24	31-Mar-22

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Details of previous and next due date of principal of CPs are as follow:-

S.No.	Security Description	ISIN	Previous due date for	Previous due date for	Next due date for	Next due date for
			Principal	Interest	Principal	Interest
1	CP-5.30%	INE089C14AS6	N.A.	05-Jan-21	29-Jun-21	N.A.
2	CP-5.25%	INE089C14AT4	N.A.	11-Jan-21	08-Apr-21	N.A.
3	CP-5.45%	INE089C14AU2	N.A.	28-Jan-21	28-Apr-21	N.A.
4	CP-5.50%	INE089C14AV0	N.A.	04-Mar-21	02-Jun-21	N.A.
5	CP-5.50%	INE089C14AN7	N.A.	16-Oct-20	12-Apr-21	N.A.

During the current year, Management has aligned the reporting period of Metallurgica Bresciana S.p.A. ("MB Italy") with the reporting period of the parent entity and therefore the consolidated results for the year ended March 31, 2021 include the results of MB Italy for the period from January 1, 2020 to March 31, 2021. Due to the reporting period alignment, the revenue and profit after tax is higher by Rs. 138.75 Crs and Rs. 9.68 Crs respectively, for the year ended March 31, 2021. Therefore numbers for the current year are not comparable to the previous year disclosed to that extent. 14. On March 24, 2020, the Board of Directors had approved the buyback of Equity Shares for a total amount not exceeding Rs. 145 Crores, being 9.95% and 9.32% of the aggregate of the total paid-up equity capital and free reserves (including securities premium) of the Company based on the audited standalone and consolidated financial statements, respectively, of the Company for the financial year ended March 31, 2019. The Company has closed the buy back on August 27, 2020. The Company has bought back 88,67,000 shares for Rs. 99.78 crores (excluding taxes). 15. The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company towards Provident Fund and Gratuity. The draft rules for the Code on Social Security, 2020 have been released by the Ministry of Labour and Employment on November 13, 2020. The Company and its Indian subsidiaries are in the process of assessing the additional impact on Provident Fund contributions and on Gratuity liability contributions and will complete their evaluation and give appropriate impact in the financial statements in the period in which the rules are notified become effective. 16. The Group, through its subsidiary Sterlite Optical Interconnect S.p.A. has acquired 100% of the shares of Optotec S.p.A. (Optotec) including its wholly owned subsidiary, Optotec International S.A for a purchase consideration of EUR 29.9 million as per share purchase agreement dated November 02, 2020 as amended on January 8, 2021.

The purchase price has been allocated to assets and liabilities on a provisional basis as per Ind AS 103 – Business Combinations resulting in provisional goodwill of EUR 18.8 million pending completion of purchase price allocation. Due to acquisition the numbers of the current period are not comparable to the previous periods disclosed. 17. Other Income in the Standalone Financial Results includes Profit on sale of land and building of Rs. 19.53 crores by Sterlite Technologies Limited (Parent entity) to its wholly owned subsidiary Sterlite Tech Cables Solutions Limited. Being a transaction within the group, the same has been eliminated for the purpose of consolidated financial results. 18. The Statutory auditors have carried out the audit for the year ended March 31, 2021. The figures for the fourth quarter are the balancing figures between the audited figures in respect of the full financial year and published figures upto the third quarter of the current financial year which were subjected to limited review.

The board of directors in its meeting held on April 29, 2021, has recommended final dividend of Rs. 2 per equity share of Rs 2 each for the year 2020-21, subject to shareholders approval. 20. Previous period figures have been regrouped / rearranged wherever considered necessary. Place: San Francisco, USA For and on behalf of the Board of Directors of Date: April 29, 2021 Sterlite Technologies Limited Dr Anand Agarwal CEO & Whole-time Director DIN : 00057364

Registered office: Sterlite Technologies Limited, E 1, MIDC Industrial Area, Waluj, Aurangabad, Maharashtra, India - 431 136 www.stl.tech Telephone : +91-240-2558400 Fax : +91-240-2564598

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INDEPENDENT AUDITOR’S REPORT

To the Board of Directors of Sterlite Technologies Limited

Report on the Audit of Consolidated Financial Results

Opinion

We have audited the consolidated annual financial results of Sterlite Technologies Limited (hereinafter referred to as the “Holding Company”) and its subsidiaries (Holding Company and its subsidiaries together referred to as “the Group”), its associates and jointly controlled entity for the year ended March 31, 2021 and the consolidated Balance Sheet and the consolidated statement of cash flows as at and for the year ended on that date, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of report of other auditor on separate audited financial statements of the subsidiary, the aforesaid consolidated financial results:

(i) include the annual financial results of the following entities:

Sr. No.	Name of the entity	Relationship
1.	SpeedonNetwork Limited	Subsidiary
2.	Maharashtra Transmission Communication Infrastructure Limited	Subsidiary
3.	SterliteInnovative SolutionsLimited	Subsidiary
4.	STL Digital Limited (earlier “Sterlite Tech Connectivity SolutionsLimited”)	Subsidiary
5.	SterliteTechCables SolutionsLimited	Subsidiary
6.	Sterlite GlobalVentures (Mauritius)Limited	Subsidiary
7.	Sterlite (Shanghai)Trading CompanyLimited	Subsidiary
8.	SterliteTechnologies UKVenturesLimited	Subsidiary
9.	ElitecoreTechnologies SDN.BHD	Subsidiary
10.	SterliteTech HoldingInc	Subsidiary
11.	Sterlite Technologies S.p.A (Merged into Metallurgica Bresciana S.p.A)	Subsidiary
12.	Sterlite Tech Holdings (UK) Limited (liquidatedw.e.fSeptember 22,2020)	Subsidiary
13.	PTSterliteTechnologiesIndonesia	Subsidiary
14.	SterliteTechnologiesDMCC	Subsidiary
15.	Sterlite Technologies Pty Ltd (incorporated on October 13, 2020)	Subsidiary
16.	Sterlite Optical Interconnect S.p.A (incorporated on November 12,2020)	Subsidiary
17.	STL Edge Networks Inc. (incorporated on January 14, 2021)	Subsidiary
18.	STLNetworksLimited (incorporated on March 26,2021)	Subsidiary
19.	MetallurgicaBresciana S.p.A	Subsidiary
20.	ElitecoreTechnologies (Mauritius)Limited	Step downsubsidiary
21.	SterliteTelesystemsLimited	Step downsubsidiary
22.	Jiangsu Sterlite andTongguangFibre Co.Ltd	Step downsubsidiary

Price Waterhouse Chartered Accountants LLP, 7th Floor, Tower A – Wing 1, Business Bay, Airport Road, Yerwada, Pune - 411 006 T: +91 (020) 41004444, F: +91 (020) 41006161

Registered office and Head Office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi – 110002

Price Waterhouse (a Partnership Firm) Converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPINAAC-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)

Independent Auditor’s Report

To the Board of Directors of Sterlite Technologies Limited Report on the Consolidated Financial Results Page 2 of 5

23.	SterliteTechnologiesInc	Step downsubsidiary
24.	ImpactData SolutionsLimited	Step downsubsidiary
25.	ImpactData SolutionsB.V.	Step downsubsidiary
26.	Vulcan Data Centre SolutionsLimited	Step downsubsidiary
27.	Optotec S.p.A	Step downsubsidiary
28.	OptotecInternationalS.A.	Step downsubsidiary
29.	Sterlite Conduspar Industrial Ltda.	Jointly ControlledEntity
30.	MB MaanshanSpecialCables Co.Ltd.	Associate Company
31.	ASOCSLimited	Associate Company

(ii) are presented in accordance with the requirements of Regulation 33 and Regulation 52 of the Listing Regulations in this regard; and

(iii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the “Act”) and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Group, its associates and jointly controlled entity for the year ended March 31, 2021 and the consolidated Balance Sheet and the consolidated statement of cash flows as at and for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for the Audit of the Consolidated Financial Results’ section of our report. We are independent of the Group, its associates and jointly controlled entity in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditor in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw your attention to Note 6 to Statement which describes that the Group had recognised Goodwill on amalgamation during the financial year ended March 31, 2016, which has been 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 opinion is not modified in respect of this matter.

Board of Director’s Responsibilities for the Consolidated Financial Results

These Consolidated financial results have been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its associates and jointly controlled entity and the consolidated Balance Sheet and the consolidated statement of cash flows in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the Listing Regulations. The

Independent Auditor’s Report

To the Board of Directors of Sterlite Technologies Limited Report on the Consolidated Financial Results Page 3 of 5

respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entity are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associates and jointly controlled entity and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid.
In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group, and of its associates and jointly controlled entity, are responsible for assessing the ability of the Group and its associates and jointly controlled entity to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group and its associates and jointly controlled entity or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entity are responsible for overseeing the financial reporting process of the Group and of its associates and jointly controlled entity.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls. (Refer paragraph 16 below)
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

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To the Board of Directors of Sterlite Technologies Limited Report on the Consolidated Financial Results Page 4 of 5

Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates and jointly controlled entity to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group and its associates and jointly controlled entity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group and its associates and jointly controlled entity to express an opinion on the consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors’. For the other entities included in the consolidated financial results, which have been audited by other auditor, such other auditor remain responsible for the direction, supervision and performance of the audit carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors’ regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

We did not audit the financial statements of one subsidiary included in the consolidated financial results, whose financial statements reflect total assets of Rs. 518.58 crores and net assets of Rs. 326.80 crores as at March 31, 2021, total revenues of Rs. 221.69 crores and Rs. 20.18 crores, total net (loss) after tax of Rs. (42.45) crores and Rs. (8.76) crores, and total comprehensive (loss) of Rs. (25.66) crores and Rs. (11.38) crores for the year ended March 31, 2021 and for the period from January 01 2021 to March 31, 2021 respectively, and cash flows (net) of Rs. (7.34) crores for the year ended March 31, 2021, as considered in the consolidated financial results. These financial statements have been audited by other auditor whose report have been furnished to us by the Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 11 above.

The above referred subsidiary is located outside India whose financial statements has been prepared in accordance with accounting principles generally accepted in their respective country and which have been audited by other auditor under generally accepted auditing standards applicable in their respective country. The Parent’s management has converted the financial

Independent Auditor’s Report To the Board of Directors of Sterlite Technologies Limited Report on the Consolidated Financial Results Page 5 of 5

statements of above subsidiary located outside India from accounting principles generally accepted in their respective country to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent’s management. Our conclusion in so far as it relates to the financial statements of this subsidiary located outside India is based on the report of other auditor and the conversion adjustments prepared by the management of the Parent and reviewed by us.

The consolidated financial results includes the unaudited financial results of twenty five subsidiaries, whose financial information reflect total assets of Rs. 1,869.33 crores and net assets of Rs. 491.15 crores as at March 31, 2021, total revenue of Rs. 903.17 crores and Rs. 260.09 crores, total net profit after tax of Rs. 39.95 crores and Rs. 13.11 crores, and total comprehensive income of Rs. 53.74 crores and Rs. 20.88 crores for the year ended March 31, 2021 and for the period from January 01, 2021 to March 31, 2021 respectively, and cash flows (net) of Rs. 50.96 crores for the year ended March 31, 2021, as considered in the consolidated financial results. The consolidated financial results also includes the Group’s share of net profit after tax of Rs. 14.86 crores and Rs. 14.86 crore and total comprehensive income of Rs. 14.86 crores and Rs. 14.86 crores for the year ended March 31, 2021 and for the period from January 01, 2021 to March 31, 2021, respectively, as considered in the consolidated financial results, in respect of two associates and one jointly controlled entity, whose financial results have not been audited by us. These financial results are unaudited and have been furnished to us by the Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates and jointly controlled entity, is based solely on such unaudited interim financial results. In our opinion and according to the information and explanations given to us by the Management, these financial results are not material to the Group.
Our opinion on the consolidated Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the report of the other auditor and the financial information certified by the Board of Directors.
The consolidated Financial Results include the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which are neither subject to limited review nor audited by us.
The consolidated annual financial results dealt with by this report have been prepared for the express purpose of filing with stock exchange. These results are based on and should be read with the audited consolidated financial statements of the group, its associates and jointly controlled entity, for the year ended March 31, 2021 on which we have issued an unmodified audit opinion vide our report dated April 29, 2021.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016

NEERAJ Digitally signed by NEERAJ BALKRISHAN BALKRISHAN SHARMA Date: 2021.04.29 SHARMA 10:58:10 +05'30' Neeraj Sharma Partner Membership Number 108391 UDIN: 21108391AAAADI6998 Pune April 29, 2021

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INDEPENDENT AUDITOR’S REPORT

To the Board of Directors of Sterlite Technologies Limited

Report on the Audit of Standalone Financial Results

Opinion

We have audited the standalone annual financial results of Sterlite Technologies Limited (hereinafter referred to as the “Company”) for the year ended March 31, 2021 and the standalone Balance Sheet and the standalone statement of cash flows as at and for the year ended on that date, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (‘Listing Regulations’).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial results:

(i) are presented in accordance with the requirements of Regulation 33 and Regulation 52 of the Listing Regulations in this regard; and

(ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the “Act”) and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Company for the year ended March 31, 2021 and the standalone Balance Sheet and the standalone statement of cash flows as at and for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for the Audit of the Standalone Financial Results’ section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw your attention to Note 6 to Statement which describes that the Company had recognized Goodwill on amalgamation during the financial year ended March 31, 2016, which has been 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 opinion is not modified in respect of this matter.

Price Waterhouse Chartered Accountants LLP, 7th Floor, Tower A – Wing 1, Business Bay, Airport Road, Yerwada, Pune - 411 006 T: +91 (020) 41004444, F: +91 (020) 41006161

Registered office and Head Office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi – 110002

INDEPENDENT AUDITOR’S REPORT To the Board of Directors of Sterlite Technologies Limited Report on the Standalone Financial Results Page 2 of 3

Board of Director’s Responsibilities for the Standalone Financial Results

These Standalone financial results have been prepared on the basis of the standalone annual financial statements. The Company’s Board of Directors are responsible for the preparation and presentation of these standalone financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Company and the standalone Balance Sheet and the standalone statement of cash flows in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the Listing Regulations. The Board of Directors of the Company are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the standalone financial results by the Directors of the Company, as aforesaid.
In preparing the standalone financial results, the Board of Directors of the Company are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors of the Company are responsible for overseeing the financial reporting process of the Company.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls. (Refer paragraph 12 below)

INDEPENDENT AUDITOR’S REPORT To the Board of Directors of Sterlite Technologies Limited Report on the Standalone Financial Results Page 3 of 3

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the standalone financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

The standalone financial results include the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which are neither subject to limited review nor audited by us.
The standalone annual financial results dealt with by this report has been prepared for the express purpose of filing with stock exchanges. These results are based on and should be read with the audited standalone financial statements of the Company for the year ended March 31, 2021 on which we issued an unmodified audit opinion vide our report dated April 29, 2021.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016

NEERAJ Digitally signed by NEERAJ BALKRISHAN BALKRISHAN SHARMA Date: 2021.04.29 10:57:22 SHARMA +05'30' Neeraj Sharma Partner Membership Number 108391 UDIN: 21108391AAAADH5292 Pune April 29, 2021

www.stl.tech

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April 29, 2021

BSE Limited

Corporate Relations Department 1[st] Floor, New Trading Ring, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001

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

Scrip Code: 532374/ Scrip ID: STLTECH

Symbol: STLTECH

Dear Sirs,

Sub: Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the “Listing Regulations”)

Pursuant to Regulations 33(3)(d) of the Listing Regulations, read with Clause 4.1 the SEBl's Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016, we hereby confirm and declare that the Statutory Auditors of the Company M/s. Price Waterhouse Chartered Accountants LLP (Firm Registration Number: 012754N/N500016), have issued an Audit Report on the Audited Financial Results of the Company (Standalone and Consolidated) for the year ended March 31, 2021, with unmodified opinion.

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Kindly take this declaration on record.

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Thanking you.

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Yours sincerely, For Sterlite Technologies Limited

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Amit Deshpande Company Secretary & Corporate General Counsel

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Sterlite Technologies Limited Godrej Millennium, 9 Koregoan Road, Pune 411001, Maharashtra, India Registered office: E1, MIDC Industrial Area, Aurangabad - 431 136, Maharashtra, India . CIN - L31300MH2000PLC69261

AI assistant

Sterlite Technologies Limited. — Annual Report 2021

59411_rns_2021-04-29_cead2586-a9f3-4136-be38-373c19b68755.pdf

April 29, 2021

BSE Limited

Scrip Code: 532374; Scrip ID: STLTECH Symbol: STLTECH

Amit Deshpande

Sterlite Technologies Limited

STL records strong sustained growth, strengthens position with long-term orders

FY21- Beginning of the next decade of digital network creation

STL built capabilities and won global deals

Some key highlights:

Achieved glowing industry recognition for disruptive technologies

Demonstrated revenue growth and robust financials

Three levers will fuel future growth

About STL - Sterlite Technologies Ltd:

Safe Harbour

Dr. Anand Agarwal

Last quarter witnessed continued investments in digital networks

Key technology drivers for new age digital networks

the fastest technology

FTTH

OFC demand is showing sustained long-term growth

Customers: Elevated engagement and won marquee deals

Portfolio: Advanced optical interconnect portfolio through Optotec

Technology: Developed value added products & tech led solutions

Innovation: Filed 191 patents in FY21

First 5G Patent

569 Patents

Delivery: Executed despite pandemic

Talent : Industry leading talent drives ambitious vision

Focussed on ESG

Environment | Social | Governance

Caring for our people & the environment

Driving Sustainability

Enabling millions using tech & connectivity

1.43M+

Policies &

Systems

94%

Signatory

Sustainability & Governance

93%

3,500+

1M+ m[3]

3R

1,400+

7,000+ tCO2e

2030: Towards a Cleaner & Greener Future

100%

50%

2025: Facilitating a More Inclusive Society

5 Million

STL responds to help communities

Continuing support to local communities

1. Grow OFC Volume and Optical Interconnect business

2. Take System Integration business global & Scale in India

3. Build a strong Access Solutions business, based on disruptive open-source products

Building a World class team

Mihir Modi

Leading to a stable order book

Open Order Book (Rs. Cr.)

Open Order Book Customer Segment wise

Order Book Spread (Rs. Cr.)

Open Order Book Split

We continue to invest in capabilities

The business continues to generate positive free cash flow.

STL poised to grow; using momentum in the digital networks

INDEPENDENT AUDITOR’S REPORT

To the Board of Directors of Sterlite Technologies Limited

Report on the Audit of Consolidated Financial Results

Opinion

(i) include the annual financial results of the following entities:

Independent Auditor’s Report

Basis for Opinion

Emphasis of Matter

Board of Director’s Responsibilities for the Consolidated Financial Results

Independent Auditor’s Report

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Independent Auditor’s Report

Sterlite Technologies Limited. Annual Report 2021