Investor Presentation Feb'21 - stl.tech - STL Tech
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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 © 2020-2021 Sterlite Technologies Limited
Company Overview 1 2 3 4 Company The Digital Networks STL Unique Q3 FY21 STL Annexure Overview Growth Story Value Proposition Updates Financials © 2020-2021 Sterlite Technologies Limited
Core We build digital networks Business for our customers Customer Cloud Large Citizen Segments Telcos Co. Enterprises Networks End-to-End Solutions Optical Fibre FTTx Access Network Connectivity Deployment Network Modernization Portfolio Optical Virtualised Network System Offerings Interconnect Access Software Integration Products Products Products Services Unique Glass Preform Fibre & Cables Virtual Network Software Telecom Software Network Design Capabilities Optical Interconnect Radio Access pFTTx Fibre Deployment O&M © 2020-2021 Sterlite Technologies Limited 4
Starting from optical fibres We now build digital networks globally 2019 2017 Semiconductor Grade 2014 Industry 4.0 European Data Centre 5G Virtualization and 2012 Optical Fibre Centre for Glass Plant Services IDS Acquisition 5G Radio Partnership 1995 Centre of Smarter Networks 1988 Manufacturing set up Excellence Established in Optical Fibre Plant Aurangabad In Aurangabad in China Optical Fibre Cable Data Cable Plant in Silvassa Manufacturing in Dadra set up 1993 2004 in Brazil Telecom Software Acquisition Acquisition of 2013 Metallurgica vRAN Investment Acquisition of Optotec, 2015 Bresciana s.p.a., Italy in ASOCS, Israel A leading Optical 2018 Interconnect company 2020 © 2020-2021 Sterlite Technologies Limited 5
Our company in numbers $736 Mn. FY20 REVENUE India (66%), Europe (22%), China (3%), Rest of world (9%) MANUFACTURING 7 UNITS GLOBAL PRODUCTION FACILITIES SALES 50m fkm optical fibre capacity GLOBAL FOOTPRINT OFFICES 4 462 Zero 30+ INNOVATION CENTRES PATENTS WASTE TO LANDFILL NATIONALITIES Research & Development Across the network layer Shendra, Rakholi, Dadra ~3,100 Employees © 2020-2021 Sterlite Technologies Limited 6
We have a comprehensive Portfolio of offerings Optical Interconnect Virtualised Access Network Software System Integration Products Products Products Services • Glass Preform • Programmable FTTx • Telecom Billing Operations • Network Design Services • Optical Fibre • Virtualised Radio Access Software • Fibre Rollout Services • Optical and Speciality Network • Monetization and • Network Operations & Cables • RAN Intelligent Controller Engagement Software Mgmt. Services • Optical Interconnect • RAN Orchestration • Data Centre Network • Private Enterprise Network © 2020-2021 Sterlite Technologies Limited 7
We have four customer segments Telcos Cloud Co. Citizen Networks Large Enterprises to connect to enable to empower to create each customer with the future applications and every citizen with secure networks for the latest data applications immersive content by high-quality primary specialized enterprise use while ensuring better bringing compute and storage connectivity cases experience capabilities to the edge © 2020-2021 Sterlite Technologies Limited 8
We are passionate about new technology development 4 Innovations Centres with world class R&D capabilities Optic Fibre Optic Fibre Centre for STL Centre of Excellence, Cable Design Lab, Smarter Networks, Cloud Lab, Aurangabad Silvassa Gurugram Ahmedabad 462 Patents in Optical Connectivity, Network Software & Services and Access solutions Innovating with Startups, Future Disrupters © 2020-2021 Sterlite Technologies Limited 9
With our technology focus & deep engagement, we have delivered results for our customers 30% faster fibre to the 2x faster rollout for world’s 40% cost efficient 3x deployment speed for home provisioning 1st Exabyte network SDN ready network digital inclusion Using YogaliteTM Cable with Using LEAD360TM and FTTx Using FTTx MantraTM, iCORETM to Using LEAD 360 TM approach to Micro-Module for a leading MantraTM for leading provide high-speed broadband in connect 7.5 mn people and 4,045 French Carrier South Asian Telco 4.5 mn homes in Telangana villages in Maharashtra Citizen Telco Networks 50% reduction in cabling 35% reduction in Network 7x deployment speed in requirements installation cost Cloud Co. Large Enterprises modernisation 10k+ Kms OFC network Using POWER-TxTM Solution for a Using TruRibbonTM to serve $500 mn multiyear project across $350 mn project for creating the Global Cloud Co. to serve high high capacity data transfer 1600 sites to design, execute, world’s largest intrusion-proof Speed data with power with extremely low latency O&M the Indian Naval Network network in J&K for Indian Army © 2020-2021 Sterlite Technologies Limited 10
Alongside, we have also delivered sustainable value for our shareholders +23% 5,087 5,154 +23% 1,164 1,104 3,205 789 2,594 542 2,275 475 FY 16 FY17 FY18 FY19 FY20 FY 16 FY17 FY18 FY19 FY20 Revenue (INR Cr.) EBITDA (INR Cr.) +32% Consistently 563 34% delivered RoCE >20% 472 30% for last 5 years 334 20% 21% 22% 201 154 FY 16 FY 17 FY 18 FY 19 FY20 FY 16 FY17 FY18 FY19 FY20 PAT (INR Cr. ) ROCE © 2020-2021 Sterlite Technologies Limited FY 20 PAT adjusted for exceptional item net of tax 11
Above all, we are driven by our purpose to transform everyday lives across communities Environment | Social | Governance SURE CSR World’s 1st STL STL Packaging Initiatives ZWL Certified Garv Academy Caring for the environment Enabling millions Driving Sustainability Innovating for good Skilling for a better future 8k 1.32M 64k Transform 72K trees saved lives impacted tons diverted from landfill rural India (Pilot across 3 Trained Professionals spaces states) for digital readiness Our Initiatives 5.3k 94% Results 10K MT CO2 reduced Education : Smart Nandghars, of our industrial waste does not 27% increase in internet usage Certified Professionals Digital Empowerment go into landfill 76.2% women using 5R Health : Mobile Medical Unit supplementary education Academy Approach – Recycle, Resuse, Reduced training for deployment of Reduce, Refuse, Remove Environment : Jaldoot, Greenbelt CO2 emissions significantly 50% more usage of Govt. Apps future ready networks Empowerment : Jeevan Jyoti 8.7 average user rating © 2020-2021 Sterlite Technologies Limited 12
The Digital Networks Growth Story 1 2 3 4 Company The Digital Networks STL Unique Value Q3 FY21 STL Annexure Overview Growth Story Proposition Updates Financials © 2020-2021 Sterlite Technologies Limited 13
We have seen an evolution from Telecom to Digital Agriculture Banking Geospatial AR/VR Healthcare Entertainment Video Voice Digital Connectivity Content Platform CONSUMER ENTERPRISE Storage Processing Apps Data Analytics/AI Security Defense Content Gaming Automotive 14
2020 was a year of inflection for digital networks User growth accelerated significantly Network creators decided to invest a ~2Mn users added daily in 2020 b disproportionately Multi bn. $ commitments, urgency Enterprise spectrum saw huge demand in US, UK, Germany, Many companies applied to set up local Jio Platforms, India raised $20.2 bn. capital 5G networks. allocated $9.2 bn. In reverse auction for rural Announced investment of $10 Bn in US digital opportunity fund data centres & offices in 2020 Figures from Statista 2021 has kickstarted the decade long network creation cycle © 2020-2021 Sterlite Technologies Limited 15
The decade of network creation New technologies are solving for scale, reach and quality 5G FTTH O-RAN 4-5X Internet Mobile traffic SCALE more digital lanes • 113 operators launched • Europe 1 mn+ home • Airtel announced vRAN 5G in 48 countries passes/ year by BT, software across its 4G CityFibre, TIM, Open Fibre, network • 229 mn. 5G connections DGF and more Millions of new users 4X faster adoption rate • Telefonica started ORAN REACH • Aggressive 5Y plans: deployment more digital kilometres • As per GSA, 303 5G Germany, Italy and UK commercially available • ORAN trials: DT, as of Nov. 2020 • India: RJIO & Airtel plan Vodafone Idea, MTN & 4-5X Mobile Data speeds for 75 mn. & 40 mn. home STC. QUALITY • China: planning 1.7 mn. passes superior speeds, response base stations by 2021 (copper + wireless → fibre) © 2020-2021 Sterlite Technologies Limited 16
The decade of network creation 5G & FTTH deployments are revving up the optical demand Optical fiber demand buoyed by investments in digital infrastructure Units: Mn. fkm. N. America CHINA Continued growth in Market started to grow on deployments specially from back of 5G base stations tier 2 / 3 carriers deployment EUROPE INDIA Buoyant FTTH demand, slightly Expected revival in 2021 on slowed down by the second back of FTTH deployments & H2 2020 estimated growth at 5% YoY, COVID wave demand from Bharatnet 2021 growth estimated at 7% YoY © 2020-2021 Sterlite Technologies Limited Source: CRU 17
The decade of network creation Next gen networks are being built on 4 technology confluences Close to the Edge By 2025, 75% of enterprise-generated data will be created and EDGE At the Edge processed at the edge – as against 10 % in 2018 Seamless Wired & Wireless FTTH network can be very easily made ready for 5G CONVERGED Optical & Radio with minimal additional investment Micro data center market will leap from $3 bn. in 2018 to Enhanced Experience COMPUTE Connectivity & Compute nearly $15 bn. by 2025 Agile, Scalable, Agnostic Dish plans to cover 70% of the US population by DISAGGREGATED Hardware & Software June 2023 with its standalone Open RAN-based 5G network 18
STL Unique Value Proposition 1 2 3 4 Company The Digital Networks STL Unique Q3 FY21 STL Annexure Overview Growth Story Value Proposition Updates Financials © 2020-2021 Sterlite Technologies Limited 19
STL predicted and prepared itself for these technology confluences LARGE SCALE NETWORKS SYSTEM INTEGRATION 10 Years Network Design & Integration Solutions OPTICAL VIRTUALIZED INTERCONNECT WIRELESS (SOFTWARE, CLOUD) Digital Network 25 years 5 years Integrator Extraordinary track record Strategic alliances and Globally respected product development Close to the Edge EDGE At the Edge STL can integrate Seamless Wired & Wireless Optical Radio CONVERGED & all these Enhanced Experience COMPUTE Connectivity & Compute technologies Agile, Scalable, Agnostic DISAGGREGATED Hardware & Software © 2020-2021 Sterlite Technologies Limited 20
We have 25 years of experience in optical connectivity Optical Fibre Optical Fibre Cable Speciality Cable Jiangsu Sterlite Shendra Tongguang Fibre Co. Metallurgica Waluj Rakholi Sterlite Conduspar Dadra & Aurangabad Limited Bresciana Aurangabad Silvassa Parana Nagar Haveli India Haimen-City Dello India India Brazil India China Italy Pure Glass Optical Optical Optical Silicon Preform Fibre Fibre Cable Interconnect (Restricted Players
We have expertise to integrate large-scale complex digital networks Network Transformative Futuristic SDN ready Modernisation digital inclusion state wide network Bharatnet Projects Bharatnet Projects Project Varun 87% Mahanet (A) 92% T-Fibre (A) 18% Completed Completed Completed (Indian Navy Project): Mahanet (B) 34% T-Fibre (B) 13% Completed Completed Largest exabyte Modern Optical Network Network FTTH 2% Fiber roll out 21% (Large Indian telco) Complete (Large Indian telco) Completed © 2020-2021 Sterlite Technologies Limited 22
We have developed an ecosystem in wireless access technologies 5G & Access Solutions Hardware Virtualization Radio Software Zyxel Alpha networks Academic Alliances Open Networking Standards MIT | IIT-M RUTGERS © 2020-2021 Sterlite Technologies Limited 23
Our future roadmap is built on 5 strategic pillars 1 2 3 4 5 Technology-led Key Accounts Large – Scale Ecosystem Top Talent and E2E Solutions Management Complex Alliances and Culture Integration Investments Increasing market Target 20 KAMs Developing better Increase Addressable Drive good returns share by integrated globally integration practices Capex through to our stakeholders technology strategic /community investments © 2020-2021 Sterlite Technologies Limited 24
Q3 FY21 Updates 1 2 3 4 Company The Digital Networks STL Unique Q3 FY21 STL Annexure Overview Growth Story Value Proposition Updates Financials © 2020-2021 Sterlite Technologies Limited 25
Our flagship optical connectivity portfolio is now complete Tech-led solutions Wide Ranging OI Portfolio E2E integrated optical solutions Addressable market $8-10 Bn. Spring board for combined offering • STELLAR FIBRE - World’s leading bend insensitive optical fibre • CELESTA CABLE - Ultra high density cable, rated better than the best • Prepared Subsystems KITS- Underground & aerial optical interconnect kits © 2020-2021 Sterlite Technologies Limited 26
We have made tech-enhancements to our integration and delivery solutions Tech-led solutions STL LEAD 360° 2.0 Included drone AR VR based digital aerial survey training Everything Academy Survey Training Lean Agile Design Led Approvals Planning Robotic process High-speed trenching automation machinery 360° Robust Operations Integrated remote field management © 2020-2021 Sterlite Technologies Limited 27
We have launched a range of commercially viable wireless solutions Tech-led solutions 5G Multi-Band Radio Garuda Wi-Fi6 Access Solution Comprehensive Open RAN (Radio An integrated solution that Access Network) solution spanning An O-RAN compliant, leverages Wi-Fi 6 technology to across Radio Unit (RU), Centralized indoor small cell solution provide carrier-class connectivity in Unit (CU) and Distributed Unit (DU) dense environment © 2020-2021 Sterlite Technologies Limited 28
We are investing in OFC capacity expansion s OFC capacity expansion to 33 mn. Optical fibre cable capacity 33 Ecosystem, Investments 18 8 Mn. fkm OFC expansion project is on track vis-à-vis timeline & budgeted cost © 2020-2021 Sterlite Technologies Limited 29
Large scale projects with tier-1 telco & cloud players s Large-scale integration One of the largest Cloud Player © 2020-2021 Sterlite Technologies Limited 30
We are driving deep customer engagement with a focus on 21 key accounts in India, Europe & MEA s Built Investing in Organization Deep Engagement Processes and with KAM with Key Accounts Capability Expertise Key accounts management Account Based Multi-disciplinary Revenue: Organization Teams Increased share of Capex Regional multi-disciplinary teams Hackathons, Tech sparks, War rooms Spread: Global Experts in Systems for KAM E2E Solutions Engagement Customer Salesforce adoption, Blue Sheets (Miller Heiman) Adding Services, Cables, Networks design and Virtualization to KAMs. Engagement From Nokia, Prysmian, Infinera New Tech Development: Driven by Customer POCs Customer Involvement in 5G Multiband Wifi6, High Fibre Count IBR © 2020-2021 Sterlite Technologies Limited 31
We are getting top global talent to drive strategic outcomes Key Account Technology Policy UK Services Software Sandeep Girotra Srinivasan Anjan Das Keith Rowley Saikat Mitra Jagadeesan Global Sales Head, Wireless Chief Policy Chief Delivery Chief Operating Top talent Head Product Advocacy Officer, Network Officer, Network STL Development Officer Services, Software UK 25 years of experience 30+ years of experience More than 3 decades of 20+ years of experience in 24 years of experience in building Key Accounts in new product experience in communications Industry telecom industry leading and driving 10x growth development & systems strengthening India driving strategic initiatives companies with special at Nokia engineering innovation ecosystem. and transformation focus on technology Worked as Executive programs innovation & customer Director at CII engagement © 2020-2021 Sterlite Technologies Limited 32
STL Financials 1 2 3 4 Company The Digital Networks STL Unique Value Q3 FY21 STL Annexure Overview Growth Story proposition Updates Financials © 2020-2021 Sterlite Technologies Limited 33
Our participation funnel is growing …. Key Opportunities Open Participation Funnel (Rs. Cr.) LARGE EUROPEAN LARGE EUROPEAN TELCO TELCO ~13,800 ~12,000 FTTH ROLLOUT OPTICONN LARGE INDIAN CITIZEN Q2 FY21 Q3 FY21 TELCO NETWORKS ACCESS SOLUTIONS FIBER ROLLOUT © 2020-2021 Sterlite Technologies Limited 34
Translating into healthy order book Open Order Book (Rs. Cr.) Order Book Spread (Rs. Cr.) 10,312 10,705 10,737 ~ 5,470 10,037 ~ 3,766 ~ 1,501 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 FY21 FY22 FY23 and Beyond Open Order Book Customer Segment wise Open Order Book Split Enterprises O&M 17.5% 25% 47.8% Telcos 34.3% Citizen networks 75% 0.4% Capex Cloud 35 © 2020-2021 Sterlite Technologies Limited
Revenue mix is balanced across customers and geographies Key Order Wins Customer Segments Geographical Distribution Q3 FY21 Revenues (Rs. Cr.) Revenues (Rs. Cr.) 5,154 3,350 5,154 3,350 2% 3% 3% 6% 3% 2% 4% 1% • A five year, multi million dollar 25% 22% contract for supply, warranty & 27% maintenance of 5G RAN systems 11% 33% 23% • Opticonn solution for a leading telecom player in Europe • IBR cable (6912 fibers) for a leading 64% 65% hyperscale company. 56% 50% FY20 9M FY21 FY20 9M FY21 Telcos Citizen Networks India China Enterprises Cloud EMEA RoW Americas © 2020-2021 Sterlite Technologies Limited Focus markets are India, Europe & Middle East and America 36
We have grown our revenues in Q3 on QoQ by 13% and YoY by 9% 1,314 247 238 1,203 1,160 1,160 226 212 876 131 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Revenue (INR Cr.) EBITDA (INR Cr.) 91 87 80 • Capacity utilizations are at all time high and will see further improvement going forward. 58 • Execution on the ground for services also continues to improve on Q-o-Q basis. • Inline with earlier expectation, we maintain that we shall 6 continue to grow in Q4 on Q-o-Q basis and H2FY21 shall be Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 better than H2 FY20 PAT (INR Cr.) © 2020-2021 Sterlite Technologies Limited 37
Financials: Abridged Version Growth P&L (INR Cr.) Q1 FY21 Q2 FY21 Q3 FY21 Q-o-Q (%) Revenue 876 1,160 1,314 13% EBIDTA 131 212 238 12% EBITDA % 15% 18% 18% Depreciation 74 82 68 EBIT 57 130 169 30% Interest 50 50 50 Exceptional Item - PBT 7 80 120 Tax 4 24 33 Net Income 6 58 87 48% (After Minority Interest) © 2020-2021 Sterlite Technologies Limited 38
We are on track to deliver our Vision 2023 We shall double our revenue & reduce net debt/equity to half while maintaining RoCE >20% Revenue : Rs. 10,000 Cr. Growth Planning to grow on QoQ basis till 2023 Net debt/equity < 0.5 Capital Net debt/equity shall start to trend downwards Structure from the second half of FY22 RoCE >20% To generate sustainable RoCE > 20%, we have taken Returns a conscious call to increase R&D investments while maintaining an ebitda margin of 18% to 20%. © 2020-2021 Sterlite Technologies Limited 39
Annexure 1 2 3 4 Company The Digital Networks STL Unique Value Q3 FY21 STL Annexure Overview Growth Story Proposition Updates Financials © 2020-2021 Sterlite Technologies Limited 40
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 S. Madhavan B. J Arun (Non-Executive & Independent Director) (Non-Executive & Independent Director) • Fellow member of institute of chartered accountants of India • Holds directorial positions in top listed companies like HCL • Founded and led multiple successful ventures in silicon valley technologies, ICICI Bank, UFO Moviez and Transport Corporation including California Digital, a Linux-based HPC leader and Librato, of India a software company • Had set up a successful indirect tax practice, which got merged • Ex CEO of July Systems - a location-based mobile management with PWC. platform • Held leadership positions for over 14 years at PWC and was • Currently the vice president of Tie global and remains dedicated to instrumental a leading tax practice fostering entrepreneurship in technology community © 2020-2021 Sterlite Technologies Limited 41
Corporate structure & shareholding pattern Corporate structure Shareholding pattern Only Material Subsidiaries are disclosed Source: Company information; Karvy Shareholding Services; Data as of Dec 31st, 2020 Volcan Public investments shareholders 22.7% 54.6% 45.4% 100% 33.6% 54.6% Vedanta Resources Plc. 54.0% 14.2% Sterlite Technologies 11.8% 9.1% Limited 58.0% 75.0% Brazil JV 80%* 100% China JV Promoters & Promoter Group Institutional Holding Non Institutional Holding Impact Data Solutions (IDS) Metallurgica Bresciana © 2020-2021 Sterlite Technologies Limited * Balance 20% to be acquired in next few years 42
Our Values © 2020-2021 Sterlite Technologies Limited 43
STL Leadership Dr. Anand Agarwal is the Group CEO of STL and is passionate about driving technological advancement to impact everyday lives. Recognising the exponential growth in data consumption and shifts in the global technology landscape, Anand has navigated STL from an optical connectivity company to a global leader in end-to-end data network solutions. Anand is driving STL as an industry leading integrator of data networks with core capabilities in optical connectivity, radio engineering and networking software. Anand was honoured with the prestigious ‘Broadband Infrastructure Leader Award’ in 2016 and “Pathbreaker of the Year” in 2019 for transforming India’s digital infrastructure at the Telecom Leadership Forum. A PhD in Materials Engineering from Rensselaer Polytechnic Institute and B.Tech from IIT Kanpur, Anand is a hands-on technologist on advanced photonics and programmable networks. He is a firm believer in empowering and transforming lives through innovations in technology. @anandagarwal2 @anand1agarwal © 2020-2021 Sterlite Technologies Limited 44
Led by an executive team with extensive experiences © 2020-2021 Sterlite Technologies Limited 45
Certified as a Great Place to Work 30+ NATIONALITIES ~ 3,100 Employees – Each one is STLer © 2020-2021 Sterlite Technologies Limited 46
Thank You beyond tomorrow © 2020-2021 Sterlite Technologies Limited 47
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