 "q1 results, earnings, companies, india inc, corporate")
Optical and digital solutions company Sterlite Technologies posted a 156 per cent higher profit after tax of Rs 46 crore in the first quarter (April-June) of FY24, up from Rs 18 crore in Q4FY23.
The company's revenue rose 2 per cent to Rs 1,522 crore in Q1FY24, up from Rs 1,487 crore. The company delivered a 42 per cent year-on-year EBITDA growth to Rs 235 crore in the latest quarter, on the back of operational efficiencies, the company said. The company also delivered operational profitability with a steady EBITDA percentage of 15.4 per cent in the current quarter.
Its open order book stood at Rs 10,938 crore across its three business units-Optical Networking, Global Services, and Digital. Global Services Business gathers momentum with 82 per cent QoQ growth in orders
The company said it has won strategic projects across its portfolio with orders worth Rs 470 crore. "Notable wins were with a private telecom player in India for fibre rollouts and a data centre build and manage project with a leading public sector enterprise," it said.
"Last quarter, STL announced its foray into the multi-trillion dollar IT services industry with STL Digital. This quarter, STL Digital achieved a substantial order inflow of Rs 350 crore, reporting an open order book in excess of Rs 900 crore. With 50+ leaders and 950+ consultants, STL Digital is well-prepared to deliver top-notch solutions to its customers," the company said.
Despite a 3.4 per cent decline in the global optical fibre cable demand in the first half of 2023, STL maintained its 11 per cent global (ex-China) OFC market share. The company said it's momentum has held in its key markets and businesses.
“Amidst global challenges, we continue to drive our market presence and pursue our ambition to be among the world's top 3 optical companies. We are focused on long-term, sustainable growth and aim to deliver a 7-9 per cent revenue increase this financial year while targeting a net debt to EBITDA ratio of less than 2.5 to further strengthen our financial position," Ankit Agarwal, Managing Director at STL said.
