Sterlite Technologies Limited (STL) has announced its financial results for quarter ended (QE) September 30, 2022. The company reported revenues of Rs 17.68 billion, witnessing a growth of 12 per cent on quarter-on-quarter (Q-o-Q) basis and 17 per cent on year-on-year (Y-o-Y) basis. As per release, nearly 70 per cent of revenue came from the US and Europe. Moreover, an order book of Rs 116.97 billion further cemented STL’s position as a global partner for 5G and fibre-to-the-home (FTTH).
However, the company posted a 58 per cent fall at Rs 440 million in its consolidated net profit for the QE September 2022. The net profit (attributable to owners of the company) stood at Rs 1.05 billion in the corresponding quarter of previous year (Q2 FY’22), a period when realisation from certain government projects had reflected in profits. The net profit of Rs 440 million during the period under consideration, stacks against loss of Rs 200 million in the first quarter (Q1) of FY’2022-23.
Commenting on the results, Ankit Agarwal, Managing Director, STL, said, “The world has now recognised broadband as a basic necessity. 5G, FTTH, and rural connectivity efforts are all coinciding to connect the remaining 40 per cent of the world. Fiberisation is going to be front and centre in this decade of network creation and STL is fully prepared to meet this demand with global capacities, great talent and technology-led solutions. We are constantly innovating to build these networks fast and in the most sustainable way.”
Some key performance highlights
- Continued, long term customer wins – STL reported one of its highest quarterly order intakes of approximately Rs 32 billion. The company signed deals with Vocus in Australia, and a top telecom service provider in the US. It also won and a large deal for optical interconnect, which comprises of plug and play FTTx accessories and connectorised solutions, with a top-tier European telecom service provider.
- Market momentum in key markets – STL now holds around 11 per cent market share of the global (ex-China) optical fibre cable (OFC) market and around 14 per cent market share in the US. In India, the company reported a strong order book with profitable projects in strategic segments.
- Leadership in innovation with 742 patents – STL recently unveiled India’s first multicore fibre which will quadruple the capacity of networks. It also announced bespoke solutions for tower fiberisation (5G Cosmos) and rural fiberisation (Gram Galaxy)
- Progress towards net-zero by 2030 roadmap – STL became the world’s first optical manufacturer to receive Zero Liquid Discharge certification for all its Indian operations and also announced that 100 per cent of its operations in India and Italy are now zero waste to landfill certified.