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LEADER SPEAK from the Chairman's Desk FINANCIAL LEADER SPEAK FINANCIAL HIGHLIGHTS From the Chairman's Desk Delivering Growth through Excellence STERLITE TECHNOLOGIES LIMITED ANNUAL REPORT 2013-2014 sterlitetechnologies.com REGISTERED OFFICE: Survey No. 68/1, Rakholi Village, Madhuban Dam Road 396 230, Union Territory of Dadra & Nagar Haveli, India. LOCATIONS: Brazil, China, India, Netherlands, Russia, South Africa, COVER FEATURE Turkey, United Arab Emirates, United Kingdom. BOARD OF DIRECTorS: AN ERA OF SMART LETS TALK Anil Agarwal, Pravin Agarwal, A. R. Narayanaswamy, CONNECTIVITY ABOUT NUMBERS Arun Todarwal, C. V. Krishnan, Haigreve Khaitan, > PAGE 8 > PAGE 26 Anand Agarwal, Pratik Agarwal. CHIEF FINANCIAL OFFICER: Anupam Jindal LEADER SPEAK CASE STUDY COMPANY SECRETARY: Amit Deshpande From the Chairman’s Desk.................................1 MANAGEMENT COMMITTEE: BUSINESS HIGHLIGHTS Winning throUgh Pravin Agarwal (Whole-time Director), Anand Agarwal (CEO & Whole-time Director), Anupam Jindal Looking Back.......................................................2 COLLABORATION & (CFO), K. S. Rao (COO – Telecom Business & Power In the News ........................................................3 COMPETENCE Conductors), Pratik Agarwal (Head – Infrastructure Business), Ajay Bhardwaj (COO – Grid Business), FINANCIAL HIGHLIGHTS > PAGE 28 Vijay Jain (COO – Networks Business), Ankit Agarwal Delivering Growth through Excellence.............4 (Global Head-Telecom Business), Prasanth Puliakottu THE STATE OF THE BUSINESS (CIO), Pankaj Priyadarshi (CCO), Kamal Sehgal BUSINESS PERFORMANCE (Leader – Business Excellence), Vimal Malhotra Letter to the Shareholders.................................6 PROCESS & TECHNOLOGY (Head – Human Resources), Rajendra Mishra ( > PAGE 30 COO – Power Cables), Ravindra Utgikar (Head – EXPERT OPINION Communication Services). Optical Fiber: The urgent need for Deployment in India...................................40 DRIVING SUSTAINABILITY AUDITorS: S. R. Batliboi & Co. LLP THROUGH BANKERS: CLIENT FEATURE WORLD-CLASS PARTNERSHIPS Axis Bank, Bank of Baroda, Bank of Maharashtra, Enabling concrete business results Citibank, Corporation Bank, EXIM Bank, HDFC Bank, through Customer Centric Collaborative > PAGE 32 ICICI Bank, Kotak Mahindra Bank, Oriental Bank of Approach...........................................................42 Commerce, State Bank of India, Union Bank, Enabling India’s Progress through Power: Yes Bank, Deutsche Bank. Sterlite’s High Performance Conductors........44 REGISTRAR & TRANSFER AGENTS: Karvy Computershare Private Limited, Unit – Sterlite INFRASTRUCTURE PERSPECTIVE Technologies Limited, Plot No. 17 to 24, Vittalrao Privatization of the Indian Transmission Nagar, Madhapur, Hyderabad – 500081, Andhra Industry & our role in strengthening Pradesh, India. Phone: +91.40.23420818/828. the Grid..............................................................48 Fax: +91.40.23420814. Transformation through Broadband...............52 E-mail: [email protected] Fiber - Real Energy Saver.................................54 ForWARD-looKING & CAUTIONARY STATEMENT: Certain words and statements in this release concerning LEADERSHIP Sterlite Technologies Limited and its prospects, and other statements relating to Sterlite Technologies’ Board of Directors.............................................56 expected financial position, business strategy, the Executive Committee.......................................58 future development of Sterlite Technologies’ operations and the general economy in India, are forward-looking statements. Such statements involve known and unknown REPORTS risks, uncertainties and other factors, which may cause Director’s Speak................................................60 actual results, performance or achievements of Sterlite Technologies Limited, or industry results, to differ materially Corporate Governance Report.........................67 BUILDING A SUSTAINABLE from those expressed or implied by such forward-looking Secretarial Audit Report...................................80 statements. Such forward-looking statements are based FUTURE FOR WEAKER on numerous assumptions regarding Sterlite Technologies’ Clearing the mist..............................................82 present and future business strategies and the environment SECTIONS OF THE SOCIETY in which Sterlite Technologies Limited will operate in the FEATURE STORY future. The important factors that could cause actual results, > PAGE 34 performance or achievements to differ materially from Auditor’s Report (Standalone)........................85 such forward-looking statements include, among others, Financials (Standalone)..................................89 changes in government policies or regulations of India ENABLING A SAFE CULTURE and, in particular, changes relating to the administration Auditor’s Report (Consolidated)...................131 > PAGE 36 of Sterlite Technologies’ industry, and changes in general Financials (Consolidated).............................132 economic, business and credit conditions in India. Additional factors that could cause actual results, performance or Advancing OUR Portfolio achievements to differ materially from such forward-looking RESOURCES statements, many of which are not in Sterlite Technologies’ Sterlite Blog.....................................................171 throUgh Innovation control, include, but are not limited to, those risk factors discussed in Sterlite Technologies’ various filings with the Book Review....................................................172 > PAGE 38 National Stock Exchange, India and the Bombay Stock Exchange, India. These filings are available at: www.nseindia.com and www.bseindia.com. CIN : L31300DN2000PL000340 LEADER SPEAK FROM THE CHAIRMAN’S DESK 2013 was continuation of another year where existing choked transmission lines. Private the GDP of developing economies continued sector is keen to participate and has started to to grow at about 5-7% whereas the developed play a big role in shaping India’s data & power economies grew at 1-2%. The year was transmission segments. What is required also characterized by sudden upheavals of is a perfect alignment and synchronization economic crisis across the world for instance between public and private sector needs. the stalemate in US over a budget issue in October 2013 that led to a virtual shutdown. For a long time now, we have been talking What follows such events is a short term or about creating super-highways of data & even long term uncertainty. Indian economy electricity as a need for better future. In had held fort till 2011 with average GDP growth reality we have already crossed the stage rate of about 8.5%. However, since last three and we are at a juncture where we can say years, it has been struggling to reverse the that the need was yesterday. At Sterlite, we decline at about 5%. have vision of capacity building and have prepared ourselves over the years to meet While 2013 was another difficult year for Indian demands of tomorrow. We have strengthened economy, marred by uncertainties due to our Research & Development initiatives to policy logjams and government inactiveness, roll–out transmission solutions. Our Center private enterprise continued its optimism to of Excellence facility at Aurangabad, India a large extent. While efforts are being made has an objective to accelerate Sterlite’s vision to keep our nation on growth trajectory, just of building national competence towards like state run companies, private sector Terabit scale communications. We have also companies also have the onus of playing a been focusing on enhancing our portfolio of major role. offerings in power transmission segment that increases efficiency of the transmission Improved infrastructure and connectivity play infrastructure while reducing carbon foot a great role in building a nation. We at Sterlite, print. take great pride in doing our bit in this regard. ImproVED The world is looking at us and we need to do Along with infrastructure, we will continue our a lot for our people by empowering them with focus on education, environment and health. infrastructure AND better infrastructure and deeper connectivity. We continue to empower children by educating It is the opportunities in infrastructure that them through virtual classrooms. connectiVitY can plaY A has attracted investment to India in past great role in building A few years. With the advent of globalization, Going forward, we will continue to be even the rise of social media, and more recently stronger in our commitment to be a customer nation. WE at Sterlite, with the increasing mobility of internet, the centric and process-driven organization with need to stay connected has been rising focus on discipline, motivation and optimal take great pride in exponentially. It is an established correlation utilization of resources. Equipped with unique that deeper the internet penetration to the capabilities, we will continue to work in a doing our bit in this remotest areas of a country, the faster is direction to build nations with end-to-end the GDP growth. According to a recent United connectivity of data & electricity. regard. THE world is Nations report, fixed broadband penetration looking at us AND WE is about 28% in developed economies, 6% in developing countries and only 0.2% in the NEED to do A lot for our least developed countries. This is the reason many developing countries across the world, people BY empowering including India, are investing heavily into enabling rural broadband. India will
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