Investor Presentation June'19 - Sterlite Technologies

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Investor Presentation June'19 - Sterlite Technologies
Investor Presentation
      June’19

© 2019-2020 Sterlite Technologies Limited
Investor Presentation June'19 - Sterlite Technologies
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.
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       industry results, to differ materially from those expressed or implied by such forward-looking statements.
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       the Company will operate in the future.
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       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.
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© 2019-2020 Sterlite Technologies Limited                                                                                                                                           2
Investor Presentation June'19 - Sterlite Technologies
Contents

                                                          Topic   Page No.

                          STL Overview                               4

                          The Future is Even More Exciting          14

                          Financial Priorities & Performance        21

                          Key Takeaways                             26

                          Appendix                                  27

© 2019-2020 Sterlite Technologies Limited                                    3
Investor Presentation June'19 - Sterlite Technologies
STL Overview

© 2019-2020 Sterlite Technologies Limited                  4
Investor Presentation June'19 - Sterlite Technologies
STL- A Data Network Solutions Company

                                                                   CUSTOMER SEGMENTS

                  COMMUNICATION                                                                                  CLOUD & CONTENT
                 SERVICE PROVIDERS                          CITIZEN NETWORKS       LARGE ENTERPRISES                PROVIDERS

                                        ENABLERS                                                        OFFERINGS
                A                             B                                                Unified Data Network Solutions

                    Technology at                  Global Supply                           CONNECTIVITY SOLUTIONS
                      the Core                         chain
                C                             D

                                                                                          NETWORK SERVICES AND SOFTWARE
                                                    Customer
                        Talent                     Engagement

     Revenue: Rs. 5,087 Cr.                   3300+ Employees                    3 Innovation Centers                   271 Patents
© 2019-2020 Sterlite Technologies Limited                                                                                             5
Investor Presentation June'19 - Sterlite Technologies
Our Connectivity Solutions Portfolio

OPTICAL
COMMUNICATION
PRODUCTS
                              OPTICAL FIBRE                  OPTICAL FIBRE               STRUCTURED
                              AND PREFORM                    CABLES                      DATA CABLES
                              • Full suite of ITU-T fibre    • Customised cabling         • For a variety of
                                products from low loss to      products for FTTx,           applications in
                                bend insensitive fibre         utilities, oil and gas,      structured cabling –
                                                               transport and defence        From data centres to
                              • For NLD to Access Network      applications
                                                                                            enterprise
   Amongst the world’s          applications
                                                             • Smarter FTTH Plug and
    largest integrated                                         Play solutions
   manufacturers of OF
 and OFC, with facilities
  in Brazil, China, India
          & Italy
                                                             1,728 FIBER COUNT Optical   CAT 6A One of the slimmest
                            BEND INSENSITIVE Optical Fiber                               cables
                                                             Fiber Cable
Investor Presentation June'19 - Sterlite Technologies
Integrated Offerings for Network Services

INTEGRATED                              End to End System                                       Disruptive Network
NETWORK                                 Integration, Network                                    Software Offerings
                                        Design & Rollout
SERVICES &
SOFTWARE                  Key Turnkey Projects                                Key Solutions
                          •   Naval communication network                     •   Digital Experience & Engagement

                          •   Network for Spectrum, Indian Army               •   Digital Monetization & OSS

                          •   Network creation for Leading Indian Telco       •   Programmable Network & Intelligence

 Network Design &         •   Bharatnet across MP, Maharashtra and            •   Intelligence & Insight (Intelligent Data Lake)
                              Telangana
     Rollout
                                      Integrated FTTX                     NETWORK                              SOFTWARE
                                      SOLUTION                            DESIGN                               PLATFORM
 System Integration

                                      NETWORK                             PROGRAMMABLE                         PLUG & PLAY
 Network Software                                                         NETWORKING                           KITS
                                      ROLLOUTS
Integrating our Unique Capabilities Across the Layers of Data Network

                                                                                                     Bringing it all
                                                                                                     together as…

                                                                                                         E2E
                                                                                                       Solution

                                            Global Leader in the End to End Data Network Solutions
© 2019-2020 Sterlite Technologies Limited                                                                              8
With Technology at the Heart of the Organization

                                                                                                                             Academia

                         3                                    2                             271
                                                           Software
                     Innovation                                                                 Patents
                                                           Delivery
                       Centres                                                                  Globally
                                                            Centres

             Centre of Excellence,                 Centre for Smarter                    Speciality Products                  Forums
                 Aurangabad                        Networks, Gurgaon                      Experience Labs

            Core research on optical fibre for   Technology and applied research on   Experience Lab for Structured Cabling
                high-speed connectivity           smarter networks of the future                  Solutions

© 2019-2020 Sterlite Technologies Limited                                                                                               9
Backed by Agile Delivery and Global Supply Chain

       A    GLOBAL PRESENCE                                                                          C    FY’19 ACQUISITION: MB (STL, ITALY)

                                                                                                                           Bringing production closer to the
                                                                                                                           customers

                                                                                                                           Integrated Planning with
                                                                                                                           Global Supply Chain

                Market Presence             Sales Offices        Manufacturing Facilities

                                                                                                              50                                       33
       B      FIBRE AND CABLE EXPANSION
               State of the art silicon to fiber plant in Aurangabad                              30
                                                                                       22                                                  15
               Fully automated machines with robotic operations
                                                                                                                               8
               (Industry 4.0)
               World class clean room infrastructure
                                                                                     FY’ 16      FY’18       Jun ’19         FY’15        FY’18      June’ 20
               Cabling expansion across Italy, India, Brazil
                                                                                     Optical Fibre Capacity (Mn fkm)   Optical Fibre Cable Capacity (Mn fkm)
© 2019-2020 Sterlite Technologies Limited                                                                                                                       10
And Strong Talent Profile

 Attracting young talent from              Expertise within the Organization ranges across the Fields of

                                    •   Materials Engineering                        •    Data Science & Analytics
                                    •   Photonics & Glass Science                    •    Wireless Technology
                                    •   Program Management                           •    Digital Transformation
                                    •   SDN/NFV                                      •    Industrial Automation

                                           Hiring industry experts form global world-class organizations

                                 Workforce Profile
                                               Qualification                    Location                             Gender
                                Graduates and Post Graduates   PhDs   Others   Overseas     India                Females      Males

                                                                                          18%                              16%
                                            23%

                                          3%

                                                         74%                                                    84%
                                                                               82%

                                                                                                                                      11
Translating into Customer Wins and Deep Market Penetration

         FY’19 Revenue by Customer Segment            FY’19 Revenue by Geography             Market Penetration

                                                                                    •   Partner of Choice for key Telcos in
                        Citizen                                     China               India and Europe
                       Networks                               RoW    4%
                                                               7%
                         12%                                                        •   Network creation partner for one of
                                                                                        the world’s largest greenfield rollouts
                                                                                        of 4G networks
                                                     Europe
        Enterprise
           25%
                                                      24%                           •   More than 3x increase in exports
                                                                                        revenues in 3 years
                                            Telcos
                                                                            India
                                             63%
                                                                             65%    •   Breakthrough into two of the largest
                                                                                        Cloud & Content Providers
                                                                                    •   Top 20 Customers account for ~75% of
                                                                                        the revenues

© 2019-2020 Sterlite Technologies Limited                                                                                         12
Delivering Strong Performance and Value Compounding

                                                                   5,087                                 1,164
                                                    +31%                                  +35%

                                                           3,205                                 789
                                            2,594                                  542
                               2,275                                       475

                               FY 16        FY17           FY18    FY19    FY 16   FY17          FY18    FY19
                                             Revenue (INR Cr.)                        EBITDA (INR Cr.)

                                                                   563                                   34%
                                                                                                 30%
                                                    +54%
                                                           334             20%     21%

                                            201
                                154

                               FY 16        FY 17          FY 18   FY 19   FY 16   FY17          FY18    FY19
                                               PAT (INR Cr. )                               ROCE

© 2019-2020 Sterlite Technologies Limited                                                                        13
The Future is Even
                                 More Exciting

© 2019-2020 Sterlite Technologies Limited         14
Evolving Data Network Creation Model by Telcos and New Entrants

                                                               Apps
            Telcos are
             focusing                                                                        Cloud players
             more on                                                                         are investing
            platforms                                                                        into network
           and content                                     Platforms                          creation to
              to stay                                                                           control
             relevant                                                                          customer
                                                                                              experience

                                                            Network

                                            Large Enterprises and Citizen centric networks
                                               building data networks and investing in
© 2019-2020 Sterlite Technologies Limited
                                                       network modernization                                 15
These New Data Centric Networks are being Built on

                            1                           2                         3                          4
                                                                                                     Compute and
                                                                          Vendor neutral
         Denser Networks                     Deep Fiberization               Open Source             storage at the
                                                                         and disaggregated
                                                                                                          Edge

          Access layer end points           Fiber intensive network to      Vendor neutral and    Data Center coming closer
               will multiply                   support latency and       disaggregated networks    to point of consumption
             (5G and beyond)                  capacity requirements       (hardware & software
                                                                            getting decoupled)

© 2019-2020 Sterlite Technologies Limited                                                                                     16
Leading to Our Demand Drivers for FY’20 and Beyond

                                                                    Core                  Network
                   Mobility                 Access               Connectivity           Modernisation            Data Centre

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

© 2019-2020 Sterlite Technologies Limited                                                                                      17
5G will require Dense Fibre Infrastructure
                2G                                 3G                       4G                                                5G

                                                           3G to 4G: 3.0x                      “For 5G rollout, I believe the OFC (optic fibre cable) deployment
                                                                            2,345              is essential for largescale deployment” – Chuck Robbins, Cisco
                                                                                               Chairman

                                                                                               “Majority of our map will have 5G. So we are building fiber
                           2G to 3G: 1.9x                                                      right now.” – Hans Vestberg, Verizon CEO
                                                   790
                426                                                                            “One of the things that I think often gets overlooked in the 5G
                                                                                               discussions is the need to have a quality fiber-optic
     2G (CY1999 to 2004)                    3G (CY2005 to 2010)     4G (CY2011 to 2017)        connection.” – Kevin Morgan, Clearfield CMO

                                    Global OFC Consumption (Mn fkm)

       Biggest economies
     expected spend on 5G
                                                         $400 Billion               $130 - 150 Billion           $100 Billion                  $24 Billion
© 2019-2020 Sterlite Technologies Limited                                                                                                  Source: CRU, Industry Estimates   18
STL expanding its Addressable Market through its 4 Pronged Strategy

                                                                     1   INNOVATE
                                                                      New Value Added
          Journey towards Expanding                                 Products and Offerings
             Addressable Market                                                                  2
                                            $75 Bn       4                                     SCALE
                                                     EXPAND                                   With new
                                              2023    Into new                                Customer
                                                      portfolios                             Acquisition
                                                         and                                  and new
                                                     applications                            Geographies

                                                                     3   INTEGRATE
                                                                      Moving towards an
               $20 Bn                                                integrated “solutions
                                                                        based” offering
                2017

© 2019-2020 Sterlite Technologies Limited                                                                  19
Starting the Year with Highest ever Future Visibility Through Order Book
                                                                                                                          2.1x
                                                                                                                             10,516

                                                                                                   1.6x
                                                                                                          5,223   5,087
                                                                          1.2x
                                              1x                                 3,018     3,205
                                      2,275                       2,594
                                                   2,253

                                            FY16                      FY17                      FY18                  FY19

                                                                   Revenues (INR Cr.)    Order Book (INR Cr.)

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

© 2019-2020 Sterlite Technologies Limited                                                                                             20
Financial Priorities &
                       Performance

© 2019-2020 Sterlite Technologies Limited   21
Financial Priorities under Strong Governance

                Growth                      Earnings                      Capital Allocation
                • Profitable Organic        • Drive sustainable EPS       • Focus on Free Cash Flow
                  Growth                      growth                        Generation

                • EPS accretive strategic   • Attain earning objectives   • Sound Leverage and
                  acquisitions                across economic cycles        Working Capital Ratio

                • Commitment to R&D         • ROCE > 25%                  • Stated dividend policy with
                  and Talent                                                consistent returns to
                                                                            shareholders

© 2019-2020 Sterlite Technologies Limited                                                                 22
Financial Performance (FY’18 Vs FY’19)

             P&L (INR Cr.)                  FY18    FY19    Growth (%)                Balance Sheet (INR Cr.)                    FY18                FY19

             Revenue                        3,205   5,087      59%
                                                                                      Net Worth                                  1,257               1,815

             EBIDTA                         789     1,164      48%
                                                                                      Net Debt                                    884                1,733

             EBITDA %                       25%     23%
                                                                                      Total                                      2,141               3,548

             Depreciation                   182     195
                                                                                      Fixed Assets                               1,512               2,356

             Interest                       104     105
                                                                                      Goodwill                                     74                 107

             Tax                            133     278
                                                                                      Net Working Capital                         555                1,085

             Net Income (After
                                            334     563        68%                    Total                                      2,141               3,548
             Minority Interest)

             ROCE %                         30%     34%                               Working Capital Days                         63                  78

                                                               Note: The consolidated financials are inclusive of the performance of Metallurgica since the date of closure
© 2019-2020 Sterlite Technologies Limited                                                                                                                                     23
Debt Profile and Cash Flows

                                                                               1,733

                                                                  477                    The business continues to
                                                                                         generate strong operational
                                                      97                                 cash flow
                                                                                         The increase in debt is on
               884                                                                       account of organic &
                                                                                         inorganic investments done
                                            855
                                                                                         for future growth
                                    579

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

           Net Debt             Operating   Capex   Dividend   Investment     Net Debt
          31-Mar-18             Cash Flow                      (Inorganic)   31-Mar-19

© 2019-2020 Sterlite Technologies Limited                                                                                 24
Increasing TAM and Evolving Business Profile

                                                                                                                $75 Bn
                         Driven by double digit growth in profits with increasing ROCE profile
                                                                                                               $20 Bn

                                                                                                                $5Bn
                                                                  $20 Bn

                                                                  $5Bn                                         2019 & Beyond
                                                                                                 Offerings : Global Data Network Solutions
                     $5Bn                                                                        (Mobility, Access, Core Connectivity and N/W
                                                                                                 Modernisation)
                                                                 2014-2017
                                                                                                 Customers: Telcos, Internet Content
                                                     Offerings: Design, Build & Manage
                    2010-2014                        (Optical Fiber and Cable, System
                                                                                                 Providers, Citizen Networks, Large
                                                     Integration and OSS/BSS Software)           Enterprises (Defence, Railway, Oil&Gas, etc.)
       Offerings: Telecom Products
       (Optical Fiber and Cable)                     Customers: Telcos, Defence, Citizen         Asset Light
                                                     Networks
       Customers: Telcos                                                                         Expected Normalised ROCE: > 25%
                                                     Capital Intensity: Medium
       Capital Intensity: High                                                                   Expected Normalised EBITDA %: > 18-20% *
                                                     2017 Revenue : Rs. ~2,600 Cr.
       2014 Revenue : Rs. ~1,100 Cr.                                                             2019 Revenue : Rs. ~5,100 Cr.

                                                                                                 * Depending upon the mix
© 2019-2020 Sterlite Technologies Limited                                                                                                        25
Key Takeaways

                                                                                                                 STL uniquely placed
             Increased end point                                  Evolving Network                                to leverage these
             consumption of data                                    Architecture                                    opportunities

                   STL provides Data Network Solutions focussed on mobility, access, core connectivity, network modernization & data
                    centre to its Telcos, Cloud & Content Providers, Large Enterprises and Citizen Networks

                   Increasing its addressable market to $75Bn by FY23 through new offerings, solutions, market penetration and
                    expansion

                   Delivery of high growth in the past while evolving the business model to suit the needs of the customers

                   Financial priorities of robust growth, sustainable earnings and prudent capital allocation

© 2019-2020 Sterlite Technologies Limited                                                                                      *Source: Industry Estimates   26
Appendix

© 2019-2020 Sterlite Technologies Limited              27
Growth in Demand of Optical Fiber has been Unabated across Centuries

                                                   World’s cumulative deployment of 1Bn fkm cable
       Optical fiber cable deployment
                                                    has shrunk drastically from 38 years to 2 years
        has outpaced the growth of
           world economy by ~5x

                                            13.9

                                                   38 years              5 years     3 years     2 years
                                                   1 Bn Fkm              2 Bn Fkm    3 Bn Fkm    4 Bn Fkm
                                     2.9
                                                   1970-2008             2008-2013   2013-2016   2016-2018
                   1.3

            Population GDP (World Optical
                        economy) Fibrer cable
               20 years CAGR: 1997 to 2017

© 2019-2020 Sterlite Technologies Limited                                                            Source : CRU   28
Global Demand for Optical Fiber Continues to Reflect Strong Annual Growth

                                                                 Optical Fiber Cable Demand (Mn fkm )
                                                                                                                                                                511
                                                                                                                                                      493
                                                                                                                                                                 65
                                                                                                                                                       58
                     North America                                                                                                          429
                     Europe                                                                                                                            48        54
                                                                                                                                  382        51
                     China
                                                                                                +16%                               46        43
                     India
                                                                                                                        314
                     Others                                                                                                        40
                                                                                                                         41
                                                                                                              263
                                                                                                       246               40                                     279
                                                                                          218                  34                                     281
                                                                                                       37
                                                                                189                            32                           244
                                                                 173                       38          29                         216
                                                                                 29        30
                                               140               27                                                     156
                                                                          20     25
                                             11830                                                            132
                               95                                                                      121
                                              2624                                         99                                                          25        29
                    75         25          20                     80             87                                                          20
                    20     12      15 33        42                                                                       15        16
                                                                                                       6       9
                           17 23                  9                   9              7      4                                                          81        84
                                 3       7                                                             53      57        62        65        72
                           3 29       32      35                 37             41         48
                 22
               CY 2005          CY 2006     CY 2007   CY 2008   CY 2009        CY 2010   CY 2011   CY 2012   CY 2013   CY 2014   CY 2015   CY 2016   CY 2017   CY 2018

               Continuous growth of data driven by network evolution and changing consumption pattern reflecting strong demand for Fiber
               Globally >4Bn kilometre cumulative fiber already deployed in the networks; replacement lifecycles building in
© 2019-2020 Sterlite Technologies Limited                                                                                                                             29
With Fiber reaching Closer to the End Consumer Creating a Multiplicative
                                      Demand
                                         Reduction in average fiber link by 10x, drives a 100x increase in fibers required to support the network

                                                                                                                               Network Densification
 Fibers to cover 100 Mn connections

                                      1,000,000                                           Access                 Today’s 4G Network                 Future 5G Network
                                                                                                                                                100-200m
                                                     100
                                         10,000                                Metro                                     1KM

                                                     100
                                          100                         Long                                                          20-25x
                                                                      Haul
                                                                                                                                   cell sites
                                                     100
                                                           Sub
                                             1             Sea

                                                                 10           10         10
                                            0.1
                                                                                                                  • These cell sites will be connected through fiber
                                           100,000     10,000         1,000        100        10                    in the 5G network
                                                                 Link Distance (Km)
                                                                                               Source: Corning                                                  Source: OFS   30
© 2019-2020 Sterlite Technologies Limited
STL’s Complete Control over the Manufacturing Value Chain

                                                                                                                   High Tech: R&D Led Model

                                                                     PREFORM
                                                                     Restricted:
        Increasing Barriers to Entry

                                                                     Players < 10
                                             STL is                                                              Centralized Platform for Glass/ Preform
                                             present
                                             across the                                                          Operational Excellence Model
                                             layer                FIBER DRAWING
                                                                      Limited:
                                                                    Players < 50
                                                                                                                 Global Platform for Fiber Draw

                                                                                                                 Application Oriented Solutions: Locally Presence Model
                                                                     CABLING
                                                               Extensive Competition:
                                                              Cable Manufactures < 200
                                                                                                                 Global Platform for Fiber Cable Systems

        •                              Glass Science                                •   Fluid Mechanics                             •   Wave Optics
        •                              Chemical Engineering                         •   Large scale Automation                      •   High Temp processing ~ 2000 deg C
© 2019-2020 Sterlite Technologies Limited                                                                                                                                   31
Strong Corporate Governance

      Independent Directors on the Board of STL

                                      Kumud Srinivasan                                                   Sandip Das
                                      (Non-Executive & Independent Director)                             (Non-Executive & Independent Director)

                                      • VP and Director of Non-Volatile Fab Manufacturing and            • One of Asia’s most respected telecommunications professionals
                                        Automation Systems at Intel Corporation                            and an acclaimed Chief Executive
                                      • Has spent 30 years at Intel in US, leading multiple global       • Ex-MD of Reliance Jio, Group-CEO, Maxis Communications and
                                        functions, prominent ones being R&D for technology                 Hutchison Essar Telecom (now Vodafone), India
                                        manufacturing, industrial automation and IoT for manufacturing   • One of the founding members of private telephony in India and
                                        facilities                                                         was part of the group of individuals that founded Hutchison Max
                                      • She served as the President of Intel India from 2012 to 2016       Telecom in 1994

                                      A. R. Narayanaswamy                                                Arun Todarwal
                                      (Non-Executive & Independent Director)                             (Non-Executive & Independent Director)
                                      • Chartered Accountant & Management Consultant with over 35
                                                                                                         • Partner of Todarwal & Todarwal, a Mumbai based firm of
                                        years of industry experience
                                                                                                           Chartered Accountants
                                      • Member of The Institute of Chartered Accountants of India
                                                                                                         • Member of The Institute of Chartered Accountants of India
                                      • Provides consulting services in accounting, financial
                                                                                                         • Has rich and varied experience spanning over three decades in
                                        management and information technology across several
                                                                                                           management consultancy, finance and audit
                                        industry verticals

© 2019-2020 Sterlite Technologies Limited                                                                                                                                    32
Sustainability & Governance | Positively Impacting Lives & the Environment
        Overall impact since 2006

                          296,800+           35,000 MT             99% Efficient              64,000+
                           Lives through      Waste diverted        Rakholi OFC Plant      Lives through Water
                               Health       away from Landfills     received India’s 1st       Conservation
                             initiatives                             ZWL Certification          initiatives

                           457,800+                                                             7,600+
                         Lives through                  Over 830,000                       Lives through Women
                       Education & Rural                   Lives impacted
                         development                                                           Empowerment
                           initiatives                                                            initiatives

© 2019-2020 Sterlite Technologies Limited                                                                        33
Corporate Structure & Shareholding Pattern

                                            Corporate structure                                                           Shareholding pattern

                     Volcan                                          Vedanta
                  investments                     100%
                                                                   Resources Plc.
                                                                                                                      22.7%
                                                                                                                     29.4%

                                                                                               Public
                                                                                            shareholders                                                   53.8%
                             53.9%                                                                                                                      54.0%
                                                                                                   46.1%
                                                                                                                 14.2%
                                                                                                                    10.8%
                                                                                                                          9.1%
                                            Sterlite Technologies Limited                                                    6.0%

                       58.0%                                100%                    75.0%
                                                                                                                                   Promoters & Promoter Group
                 Brazil JV                                                              China JV
                                                   Sterlite Tech s.p.a
                                                                                                                                   FII
                                                                                                                                   Other Institutional Holders
                                                            100%
                                                                                                                                   Retail
                                                Metallurgica Bresciana

                                                                                                           Source: Company information; Karvy Shareholding Services; Data as of Mar 31, 2019
© 2019-2020 Sterlite Technologies Limited                                                                                                                                                      34
beyond tomorrow

© 2019-2020 Sterlite Technologies Limited                     35
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