Sterlite Technologies Limited. — Interim / Quarterly Report 2019

Jul 18, 2019

Sterlite Technologies Limited

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

July 18, 2019

STl!

BSE Limited

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

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

Scrip Code: 532374; Scrip ID: STRTECH Symbol: STRTECH

Dear Sirs,

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

With reference to our letter dated July 9, 2019 we wish to inform you that the Board of Directors (the "Board") of Sterlite Technologies Limited (the "Company") at its meeting held on July 18, 2019, has approved, Un-audited Financial Results (Standalone and Consolidated) of the Company for the quarter ended June 30, 2019.

In this regard, please find enclosed:

• (i) Press Release and Investor Presentation on Financial Results.
• (ii) Un-audited Consolidated and Standalone Financial Results; and
• (iii) Limited Review Report on the aforesaid Quarterly Financial Result

We request you to take the aforesaid on records.

Thanking you.

Yours sincerely, For Sterlite Technologies Limited

mit Deshpande

Company Secretary (ACS 17551)

Enclosures: As above

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

PRESS RELEASE FOR IMMEDIATE DISSEMINATION

STL delivers 63% growth, sets up FY20 for large data network innovations

• Delivers yet another strong quarter of superior operating and financial performance, driven by increased global customer engagements and unified solutions for new disruptive networks
• Commissioned mega expansion of 20 million fkm industry 4.0 facility on schedule
• Continued to maintain healthy order book of almost Rs 10,000 crore

Pune, India – July 18, 2019: Sterlite Technologies Ltd - STL [BSE: 532374, NSE: STRTECH], a global data network solutions company, today announced a successful start to FY20 with excellent results for Q1FY20, with 63% YoY revenue growth. With sustained focus and investments in technology, STL delivered yet another quarter of superior operating and financial performance. This is driven by increased global customer engagement and unified solution offerings for new high capacity, lowlatency, disaggregated networks for their customers.

As consumers demand more data at faster speeds, there is increasing demand for end-to-end data network solutions, higher capacity connections, deeper and denser deployment and better customer experience. STL has been innovating across its suite of data network solutions to deliver more, faster, better integrated solutions to its customers across Telcos, Cloud Companies, Citizen Networks and Large Enterprises.

Innovating for today

Comprehensive network and data centre design and deployment for the Navy. STL has successfully delivered the complex design for the Navy's pan-country communication network, across 33 coastal and remote island sites, through its innovative iCORE converged network framework. The project is being delivered at multiple locations throughout the country on schedule.

Hyperscale high fibre count cables that are 30% smaller for data centre applications. Its innovative TruRibbon solution with extremely high fibre count and a specialty fibre product is being developed for the world's top cloud providers.

Industry 4.0 smart plant. STL has commissioned its world-leading, industry 4.0 integrated silicon-tofibre plant within the stipulated timeline of June 2019. This enables it to speed up its innovation engine for photonics such as speciality and high capacity fibre technology and fibre optic sensing solutions.

Disrupting for tomorrow

Beyond today's needs, the spread of 5G and FTTx across the globe, is driving up network demand for end-to-end network solutions by over 10-20x. Given the fundamental shift required to meet this demand, STL has been actively participating to build disruptive software-defined networking solutions.

Programmable network solutions. STL has successfully tested programmable WiFi solutions for global digital providers' consumer use cases. It has also become among the very first companies in the world to successfully run at-scale benchmark tests on ONF (Open Networking Foundation) compliant programmable FTTx solutions. These solutions are precursors to STL's launch of PODS (Programmable, Open, Disaggregated Solutions) later this year.

AI powered business intelligence platform. STL launched Intellza – an AI powered Big Data nextgeneration business intelligence solution that helps analyse telco user data to make real-time network and customer targeting decisions which is being deployed at a top Indian telco for increasing customer retention.

Q1FY20 Financial Highlights

As the company saw adoption of its new technology solutions across customer segments and markets, Q1FY20 saw YoY growth across all financial performance metrics. Highlights below:

• Revenue: Rs 1,432 crore, up 63% YoY
• EBITDA : Rs 332 crore, up 32% YoY
• ROCE: 28%
• Open order book: Rs 9,853 crore
• Exports At 36% of revenue, up 33% YoY

"We have just begun to see the first few years of data consumption and data networks era. The next decade will see over 20-50 times growth of data and the corresponding networks. This is the time to bring disruption in every aspect of data network design, creation and management," says Anand Agarwal, Group CEO, STL. "We are fortunate to be there since the beginning of this network creation cycle, and are extremely excited to become more and more relevant to our global customers. We will continue to innovate across our core expertise, from photonics, precision manufacturing and programmable network design to network delivery, upgradation and management. As we bring together these capabilities, we will help our customers deliver the highest quality data networks to transform the everyday lives of people across the globe."

To know more about the company's strategy and Q1FY'20 results, please log in to the Analyst Call today at 5 pm IST.

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

About Sterlite Technologies Ltd - STL

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

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

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

SterliteTech.com | Twitter | LinkedIn | YouTube

Corporate Communications

Juhi Hajela, +91-9810514280, juhi.hajela@sterlite.com

Investor Relations

Vishal Aggarwal, +91-20.30514000, vishal.aggarwal@sterlite.com

Forward-looking and cautionary statements: Certain words and statements in this release concerning Sterlite Technologies Limited (STL) and its prospects, and other statements relating to STL's expected financial position, business strategy, the future development of STL's operations and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of STL, or industry results, to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding STL present, future business strategies, and the environment in which STL will operate in the future. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, changes in Government policies or regulations of India and, in particular, changes relating to the administration of STL industry, and changes in general economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Sterlite Technologies' control, include, but are not limited to, those risk factors discussed in STL's various filings with the National Stock Exchange, India and the Bombay Stock Exchange, India. These filings are available at www.nseindia.com and www.bseindia.com.

Earnings Call– Q1' FY20

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

Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company, or industry results, to differ materially from those expressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future.

The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, changes in government policies or regulations of India and, in particular, changes relating to the administration of the Company's industry, and changes in general economic, business and credit conditions in India.

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

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

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

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

Anand Agarwal CEO

has arrived

5G Virtualization Massive Data Centres

by cloud companies

© 2019-2020 Sterlite Technologies Limited 4

Connected Everything

Enterprises embrace IoT

Software disrupting networks

4

Virtualized Software Connected Everything Enterprise Data Centers build by cloud 5G is here

1.2 Billion 5G Connections by 2025

Early 5G commercial launches across major markets S Korea • China • USA++

Virtualized Software Connected Everything Enterprise Massive Data Centers by cloud companies

\$66 Billion of cumulative annual capex for just the 3 players

102% YoY ~2X in 2 years 64% YoY

25

8

2017 2022

Virtualized Connected Everything

Software Enterprises embrace IoT

25 billion IoT connection in 2022 +235%

Dense Fiberization Essential for New Age Networks

Source: McKinsey, Ericsson, CRISIL, Corning, RCR Wireless, Hans Vestberg, CEO Verizon Economic Times, Company Estimates

© 2019-2020 Sterlite Technologies Limited 8

1,000 fibre miles a month.

Key for 5G Rollout

Chuck Robbins, Chairman CISCO

Creating Unique Opportunities for STL

Increasing addressable Market to \$75bn

STL: System Based Integrated Solutions for Our Customers

Core Business

1

Data Networks Innovator For the network creators

Innovation Engines 3

System Based Solutions including Connectivity, Network Services and Software

Customer Segments 4

Communication service providers

Citizen networks

Cloud & content providers

273 Patents 3 Innovation Centers 3300+ Employees

With Clear Focus on

Applications Based Solutions for Evolving Needs of Customers

Applications Based Solutions for Evolving Needs of Customers

Modernizing Indian Navy Communication

• 44 locations
• 42 partners
• Indian Navy
• DoT

• World-class Naval Communication Network
• End to End Secure network, data centers
• SDN segment routing
• Big Data, Content Delivery Network
• Satellite Connectivity
• Virtualized Private Cloud

MahaNet: Bringing the Villages up to Speed

Mahanet

A transformative digital inclusion project

STL way of execution

• Future ready
• IP MPLS architecture
• Robotics
• Automated project management
• Power & Solar infrastructure

7.5 Million People

4,045 Gram Panchayat's 18,000 kms Optical fibre

Kakinada Smart City: Modernizing India

Positively impact 3.25 lakh lives with smart IoT driven infrastructure

World Class Facility Onboarded!

Silicon to Fiber

State of the art integrated manufacturing plant in Aurangabad

Industry 4.0

Fully automated machines with Robotic Operations

Energy Efficient

Total gas management and pollution abatement systems

Clean Room

World class infrastructure with integrated HVAC systems

State of the Art plant, set up in record time!

© 2019-2020 Sterlite Technologies Limited 18

European Hub – STL Italy

19

• Integrated Business Planning with Global Supply Chain
• Doubling Capacity within an year of acquisition
• Addition of Marquee Customers in Europe

© 2019-2020 Sterlite Technologies Limited 19

We are Attracting Best in Class Global Talent!

Anupam Jindal

CFO

Delivering Sustainable Growth

• Revenue 1432 Cr. (63% y-o-y growth)
• Highest ever EBITDA of Rs. 332 Cr. (32% y-o-y growth)
• PAT 141 Cr. (17% y-o-y growth)

STL- Global Growth

STL – Expanding Customer Base

Strong Healthy Order Book Providing Long Term Visibility

Growth

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

Earnings

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

Capital Allocation

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

Strong Corporate Governance

Financial Performance

P&L (INR Cr.)	FY19	Q1FY20
Revenue	5,087	1,432
EBIDTA	1,164	332
EBITDA %	23%	23%
Depreciation	195	68
EBIT	969	264
Interest	105	46
PBT	864	217
Tax	278	73
Net Income	563	141
ROCE %	34%	28%

beyond tomorrow

STl! www.sterlitetech.com

STERLITE TECHNOLOGIES LIMITED (CIN: L31300MH2000PLC269261) CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019

	(Rs. in Crores except earning per share) Quarter ended			Year ended
Particulars	June 19 (Unaudited)	Mar 19 (Unaudited)	June 18 (Unaudited)	Mar 19 (Audited)
Revenue from operations	1,431.99	1,791.16	876.89	5.087.26
Other income	8.74	13.20	7.25	36.86
Total Income	$\mathbf{S}_+$ and 1,440.73	1,804.36	884.14	1. 2. 2. 2. 124. 12
Total Expenditure	1,223.23	1,556.57	699.84	4,260.58
Cost of materials consumed	666.31	1,221.37	269.61	2,591.32
Purchase of stock-in-trade	0.12	5.06	5.46	30.58
(Inc) / Dec in finished goods, stock-in-trade & WIP	40.59	(136.73)	58.80	(134.67)
Employee benefits expense Finance Costs	146.25 46.28	135.02 30.67	92.54 23.05	511.23 105.49
Depreciation and amortisation expense	68.34	49.79	44.79	194.98
Other expenses	255.34	251.39	205.59	961.65
Profit before tax & share of net profits of investments accounted using equity method	217.50	247.79	184.30	863.54
Share of Profit / (Loss) of Joint Venture and Associate Company
Profit before tax	217.50	247.79	184.30	863.54
Tax expense :	73.32	82.15	54.84	278.16
Current tax	72.37	60.02	55.72	288.97
Deferred tax	0.95	22.13	(0.88)	(10.81)
Net Profit after Tax & Share in Profit / (Loss) of Joint Venture and Associate Company	144.18	165.64	129.46	585.38
Loss from discontinued operations (Refer Note 7)	(1.31)	(2.47)	(0.98)	1.77777759
Net Profit for the period	142.87	163.17	128.48	577.79
Other Comprehensive income				kafar a
A. i) Items that will be reclassified to Profit or Loss ii) Income tax relating these items	(46.14) Jard Letter 9.45	56.13 (16.79)	33.22 (12.30)	要吃 云图(16) (46, 39)
B. i) Items that will not be reclassified to Profit or Loss	1.35	(7.84)	$\blacksquare$	WEST STATE (AV)
ii) Income tax relating to the these items		2.74	÷	2.74
Other comprehensive income	(35.34)	34.24	20.92	822 Store 1154
Total comprehensive income for the period	107.53	197.41	149.40	28.2.3.1.1.657.46
Net Profit attributable to				THE MOVE CARES
a) Owners of the Company	141.38	165.17	120.71	562.75
b) Non controlling Interest	25-2-2-2-2-2-3-1-49	(2.00)	7.77	15.04
Other Comprehensive income attributable to
a) Owners of the Company	(33.03)	32.72		21.42 3. 6. 80.40
b) Non controlling Interest Total comprehensive income attributable to	(2.31)	1.52		$(0.50)$ $\rightarrow$ $\rightarrow$ $\rightarrow$ $(0.5)$
a) Owners of the Company	108.35	197.89	142.13	CREATION 64515
b) Non controlling Interest	(0.82)	(0.48)	7.27	$\sim$ 421
Paid-up Equity Capital (Face value Rs.2 per share)	《一条经过了门门》	80.51	80.30	$1 - 80.51$
Other equity including debenture redemption reserve				1,638.79
Earning Per Share (Rs.)- Basic	3.51	4.11	3.01	$77.7 + 14.00$
Earning Per Share (Rs.)- Diluted	3.47	4.06	2.97	K.A. 1880

DR. ANAND AGARWAL. CEO & WHOLE TIME DIRECTOR

STl! www.sterlitetech.com

STERLITE TECHNOLOGIES LIMITED (CIN: L31300MH2000PLC269261) STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019

	(Rs. in Crores except earning per share)
	Quarter ended			Year ended
Particulars	June 19 (Unaudited)	Mar19 (Unaudited)	June 18 (Unaudited)	Mar19 (Audited)
Revenue from operations	1,344.82	1,788.66	827.21	4,862.63
Other income	9.70	12.27	6.23	34.84
Total Income	1.364.62	1,800.93	833.44	4 897.47
Total Expenditure	1,146.10	1,507.69	679.36	4,086.15
Cost of materials consumed	665.72	1,254.58	264.51	2,583.40
Purchase of stock-in-trade	0.12	1.53	5.46	30.58
(Inc)/ Dec in finished goods, stock-in-trade & WIP	25.17	(160.33)	73.11	(110.47)
Employee benefits expense	121.91	123.79	84.55	439.55
Finance Costs	42.94	27.73	22.65	95.25
Depreciation and amortisation expense	55.75	41 .23	41 .51	167.79
Other expenses	233.49	219.16	187.57	880.05
Profit before tax	209.42	293.24	154.08	811.32
Tax expense :	71.79	100.20	49.59	276.09
Current tax	68.01	67.87	50.96	270.99
Deferred tax	3.78	32.33	(1.37'	5.10
Net profit for the period	137.83	193.04	104.49	536.23
Other Comprehensive income
A. i) Items that will be reclassified to Profit or Loss	(27.041	48.06	35.20	132.77
ii) Income tax relatino these items	9.45	(16.79)	(12.30'	(46.391
B. i) Items that will not be reclassified to Profit or Loss	1.35	(7.84)	-	C7.84l
ii) Income tax relatino to the these items	-	2.74	-	2.74
Other comprehensive income	(16.241	26.17	22.90	81.28
Total comprehensive income for the period	121.39	219.21	127.39	616.51
Paid-up Eauity Capital (Face value Rs.2 per share) Other equity including debenture redemption reserve	80.52	80.51	80.30	80.51 1,507.70
~ Earnina Per Share (Rs.)- Basic	3.42	4.80	2.60	13.32
	3.38	4.75	2.57	13.16

DR. ANAND AGARWAL CEO & WHOLE TIME DIRECTOR

Notes:

1.The above results have been reviewed by the Audit Committee. The Board of Directors at its meeting held on July 18, 2019 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.

1. 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 .

2. During the year 2005-06, the CESTAT had upheld a demand of Rs. 188 crore (including penalties but excluding interest thereon) in a disputed Excise matter. The Company is contesting this case and the matter is pending for decision with the Hon'ble Supreme Court. The auditors have qualified their review report with respect to this matter staling their inability to quantify the amount of expected liability.

3. Effective April 1, 2019, the Group has adopted Ind AS 116 "Leases" using modified retrospective approach. Consequently, the Company has recorded lease liability of Rs. 124.30 crores calculated as the present value of the remaining lease payments discounted at the incremental borrowing rate. Right of use asset has been recognised at Rs. 108.27 crores determined at net of the amount calculated by applying the standard since the date of the commencement of lease and the resulting depreciation upto the date of adoption. The net effect of initial application of Ind AS 116 has been adjusted to retained earnings as on April 1, 2019.

Due to transition, the nature of expenses in respect of operating leases has changed from "lease rent" to "depreciation cost" and ''finance cost'' for the right-to-use assets and for interest accrued on lease liability respectively, and therefore these expenses for the current period are not comparable to the previous periods disclosed. The adoption of the standard did not have any material impact on the profit for the period as compared to previous periods.

1. 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, 201 5 under a scheme of amalgamation approved by Hon'ble Bombay High Court and Gujarat High Court (the "Scheme").

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.7.37 crore for the quarter. Consequently, the auditors have included an emphasis of matter paragraph in regards to this matter.

1. Loss from discontinued operations pertains to Maharashtra Transmission Communication Infrastructure Limited, a subsidiary of the company. During the previous year, management received a letter from Department of Telecommunication rejecting company's application for transfer of entity. The company has filed a letter seeking justification for such rejection. Pending response from the department, the company is committed to the sale of MTCIL post requisite regulatory approvals.

2. The company, on 20th July 2018 (the "Acquisition date"), through its subsidiary Sterlite Technologies S.p.A, acquired 100% equity of Metallurglca Bresciana S.p.A (Metallurgica) for a purchase consideration of Euro 4.65 crores. In the last quarter ended March 31, 2019, the Company has completed the allocation of purchase price to identified assets and liabilities as at acquisition date fair value as per Ind AS 103 - Business Combinations and recognised goodwill amounting to Euro 0.77 crores. The Management does not expect any further significant changes to the goodwill amount recognised till the end of measurement period. The financial results of Metallurgica have been consolidated for the period from January 01, 2019 to March 31, 2019 which is the most recent financial information available with the Management. Due to acquisition, the numbers of the current period are not comparable to the previous periods disclosed.

3. Previous period figures have been regrouped I rearranged wherever considered necessary.

Place: Pune Date: July 18, 2019

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

For STERLITE TECHNOLOGIES LIMITED

DR. ANAND AGARWAL CEO 4 WHOLE TIME Dl"ECTOR

The Board of Directors Sterlite Technologies Limited Godrej Millenium, 9, Kon~g:rnn Road, Pune-411 001

• 1. We have reviewed the unaudited consolidated financial results of Sterlite Technologies Limited (the "Parent"), its subsidiaries (the parent and its subsidiaries hereinafter referred to as the "Group"), jointly controlled entity and associate company for the quarter ended June 30, 2019 which are included in the accompanying Consolidated Financial Results together with the notes thereon (the "Statement"). The Statement is being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, which has been initialled by us for identification purposes.
• 2 . This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

Sr. No.	Name of the entity	Relationship
1.	S ccdon Network limited	Subsidiary
2.	Maharashtra Transmission Communication Infrastructure Limited	Subsidiary
		Ste down Subsidia
4.	Sterlite Global Ventures (Mauritius) Limited	Subsidiary
		Ste down Subsidiar
		Subsidiary
7.	Sterlite Technologies UK Ventures Limited	Subsidiar
8.	Sterlite Technologies Europe Ventures Limited (liquidated w.e.f Ma , 16, 2018)	Subsidiary
9.	ElitecorP Tcchnolo ies (Mauritius) Limited

1. The Statement includes the results of the following entities:

10.	Elitecore TeclmoJogies SDN. BHD	Subsidiary
11.	Sterlite Tech Holding Inc (USA)	Subsidiary
12.	Sterlite Technoloides Inc (USA)	Step down .Subsidiary
13.	.Sterlite Technologies S.µ.A (ILaJy)	S11bsidiu1y
14.	Metallurgica Bresciana S.p.A (Italy)	Step down Subsicl"iarv
15.	Sterlite Innovative Solutions Limited	Subsidiary
16.	Sterlite Tech Connectivity Solutions Limited	Subsidiary
17.	Sterlite Conduspar Industrial Ltda	Jointly Controlled Entity
18.	MB Maanshan Special Cables Co. Ltd.	Associate Company

• 1. We draw your attention to Note 4 to the Statement which states that the Parent in an earlier year received an order of CESTAT upholding a demand of Rs. 188 crores (including penalties but excluding interest) (Rs.188 crores as at March 31, 2019) in relation to an excise/customs matter. The Parent's appeal against this order with the Honomable Snpreme Court has be n admitted. Based on the current status and legal advice received the rnanagement has recognised a provision amounting to Rs. 4.5 crores as on June 30, 2019, (Rs.4.5 crores as on March 31, 2019) in respect of this matter based on its best estimate. Pending dispo al of the matter by the Honourable Supreme Court, we are unable to comment on the adequacy of the provision made towards the amount of excise/customs duty payable.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the audit report of the other auditor referred to in paragraph 8 below, except for the indeterminate effect of the matter referred in paragraph 5 above, nothing has com to our attention that causes us to believe that the accompanying Statement has not been pr pared in al] material respects in accor<lance with the recognition and rneasmement principles laid down in the aforesaid Indian Accounting Standard and other accounting principl es generally accepted in lndia and has not disclosed the information required to be disclosed in terms of Reg-cilation 33 of the SEBI (Listing Obligations and Disclosure RequiTements) Regulations, 2015, as amended, including the manner in which it is to be dis losed, or that it contains any material misstatement.
• 1. We draw your attention Lo Note 6 to Statement which describes that the Parent had recognised oodwill on amalgamation during the financial year ended MaTch 31, 2016, which is being amortised over a period oftive years from the appointed date of September 29, 201,5 , in accordan 'e with the accounting treatment prescribed under the Schem of amalgamation approved b the Gujarat High Court.

Our conclusion on the statement is not modified in respect of the above matter.

1. We did not review the interim financial information of one ·ubsidiary included in the consolidated unaudited financial results, whose interim financial information results r fl eet total r • venues of Rs. rn9.35 crorcs and total net profit aft r tax of Rs. 7.5 crores and total ompreh nsive in ·ome of Rs. 7.5 crores for the quarter ended June 30, 20l9 as ·onsidered in the onsolidated unaudited financial results. These i,nt 1·im financiaJ information have bee n aud.ited by other auclitor and th ir report dated July 15, 2019, vide which they have issued an unmodified conclusion, have been furnish ed to us b. the Managem nt and our conclusion on the Statement, in so far as it relates to the amou11ts and disclosw-es indud ,a in r spect of this subsidiary is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above.

The above subsidiary is located outside India whose interim financial information has been prepared in accordance with accounting principles generally accepted in their country and which has been audited by other auditor under generally accepted aud iting st anda rds applicabl in thei~· country . The ParenL's u1 l:l t1 agement has conv rtccl the interim finan cials infonnatio11 of above snbsidiruy located outside India from a counting principles generally accepted in their count1y to accounting principl es generally accepted in India. We have reviewed these conversion adjustments made by t he Parent's ma nagement. Our opinion in so far as it relates to the balances and affairs of this subsidia ry locat ed outsid India is based on the report of other auditor and the conversion adjustments prepa red by the management of the Parent and reviewed by us.

Our conclusion on the statement is not modified in respect of the above matter.

1. The consolidated unaucLited financial results includes the interim fin ancial info rma tion of ten subsidiaries which have not b en reviewed b th eir auditors, whos e int e rim finan cial information reflect total revenue of Rs-4.74 crore.s, total net loss after tax of Rs. 2.72 crore and total comprehensive loss of Rs. 2.72 crores for th e quarter ended ,June 30 , 2019 and interim financial information of one subsidiary wh ose interim fin an ial information refl ect total revenue of Rs. 94.11 crores, total net profit after tax of Rs. 9.49 crores and total comprehensive income of Rs. 9.49 crores for the quarter ended March 31, 2019, as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also includes th e Group's sh ai- of net profit after tax of Rs. i1 and total comprehensive income Rs.Nil for the quarter endedJune30, 2019, respec tively, as co nsid e red in tl10 consolidated unandit d finan ial results, in resp ct of one associate company and one jointly controlled entity, based on their interim fina ncial information which have not been reviewed by their atiditors. According to the information and explanations given to us by the Management, these interim financial info rma·tion are not materi al to the Group.

Our conclusion on the Statement is not modified in respect of the above matter.

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

Neeraj Sharma Partner Membership Number: 108391 UDIN: 19108391AAMBJ9989

Pune July 18, 2019

The Board of Directors Sterlite Technologies Limited Godrej Millenium, 9, Koregaon Road, Pune-411 001

• 1. We have reviewed the unaudited financial results of Sterlite Technologies Limited (the "Company") for the quarter ended June 30, 2019 which are included in the accompanying Standalone Financial Results together with the notes thereon (the "Statement"). The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes. The Statement is the responsibility of the Company's management and has been approved by the Board of Directors. Our responsibility is to issue a report on the Statement based on our review.
• 1. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement.
• 1. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.
• 1. We draw your attention to Note 4 to the Statement, which states that the Company in an earlier year received an order of CESTAT upholding a demand of Rs. 188 crores (including penalties but excluding interest) (Rs.188 crores as at March 31, 2019) in relation to an excise / customs matter. The Company's appeal against this order with the Honourable Supreme Court has been admitted. Based on the current status and legal advice received, the management has recognised a provision amounting to Rs. 4.5 crores as on June 30, 2019, (Rs-4.5 crores as on March 31, 2019) in respect of this matter based on its best estimate. Pending disposal of the matter by the Honourable Supreme Court, we are unable to comment on the adequacy of the provision made towards the amount of excise / customs duty payable.
• 1. Based on our review conducted as above, except for the indeterminate effect of the matter referred in paragraph 4 above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies, and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

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

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

Price Waterhouse (a Part11ersliiµ Fi,111) cu11verted into Price Waterhouse Chartered Accountants LLP (a Limited Liability rortnor.ihip with LLP identity no: LLPIN MC 6001) 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 0 12754N)

1. We drnw your attention t Note 6 to the Statement which describe, that the Company had recognised Go dwill on amalgamation during the financial year oded March 31 , 2 01 6, which is being amorti-sed over a period of five years from the appointed da te of September 29, 2015, in accordance with the accounting treatment prescribed under the Scheme of amalgamalion approved by the Gujarat High Court. Our conclusion on the statement is not modified in respect of this matter.

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

9y,

N eeraj Sharma Partner Membership Number: 108391 UDIN: 19108391AAAABI3324

Pune July 18, 2019

Sterlite Technologies Limited

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

July 18, 2019

STl!

BSE Limited

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

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

Scrip Code: 532374; Scrip ID: STRTECH Symbol: STRTECH

Dear Sirs,

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

With reference to our letter dated July 9, 2019 we wish to inform you that the Board of Directors (the "Board") of Sterlite Technologies Limited (the "Company") at its meeting held on July 18, 2019, has approved the proposal for termination of the GDR program in view of the small number of GDRs outstanding (74,700} and the low trading volume of the GDRs, subject to compliance with applicable laws.

We request you to take the aforesaid on records.

Thanking you .

Yours sincerely, For Sterlite Technologies Limited

(\J~

~pand~ Company Secretary (ACS 17551}

Registered Address: El, M/DC Area, Waluj, Aurangabad - 431136, Maharashtra, IND/A. C/N - L31300MH2000PLC2692 61