New Delhi, Jul 23 (PTI) Broadband technology solutions provider Sterlite Technologies on Thursday posted a 96 per cent decline in consolidated net profit to Rs 5.96 crore for the June quarter, hit by the COVID-19 crisis.

The company had recorded a profit of Rs 142.87 crore in the same period a year ago.

Also Read | Samsung Galaxy Z Flip 5G Foldable Phone With Snapdragon 865+ SoC Launched; Check Price, Features, Variants & Specifications.

Total income of Sterlite Technologies (STL) declined by 38.5 per cent to Rs 885.73 crore from Rs 1,440.73 crore in the corresponding quarter of the preceding fiscal.

"COVID-19 impacted performance. Project execution significantly impacted due to lockdown. Production and delivery was hurt due to logistics challenges," STL said in a presentation.

Also Read | Kia Sonet Sub Compact SUV Officially Teased Ahead Of India Debut.

The company said demand for optical fibre contracted by 9 per cent in the first half of 2020, but is expected to grow by 6 per cent in the second half of the year.

STL said it has an open order book of Rs 10,312 crore, of which orders worth Rs 3,200 crore are to be delivered in the current financial year.

Shares of the company closed at Rs 136.8 apiece on the BSE, up 1.15 per cent.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)