Sterlite Technologies Results: Posts Rs 137 Cr Loss for Q3 FY22
Sterlite Technologies Ltd. (STL) [BOM: 532374, NSE: STLTECH], one of the leading integrators of digital networks and manufacturer of optical fiber cables in India announced financial results for the third quarter FY- 22.
Sterlite Technologies Consolidated Q3 FY22 Results
STL’s Consolidated Q3 FY22 v/s Q3 FY21 Financial Performance
Sterlite Technologies posted a Net Sales of Rs 1,355.53 crore during 3rd quarter, which is up by 3.13% from Rs. 1,314.44 crore in December 2020.
Sterlite Technologies posted a loss of Rs 137 crore in quarter ending in December 2021, where as in December 2020 the company had posted profit of Rs. 86.64 crore.
STL’s Consolidated Q3 FY22 v/s Q2 FY22 Financial Performance
In its quarterly earnings report, Sterlite Technologies reported a total revenue of Rs 1,355.53 crore as against Rs 1,508 in Q2FY22, which is down by 10.11 %.
Sterlite Technologies posted a loss of Rs 137 crore during the period under review as against the profit made by company of Rs. 105.74 crore in Q2 FY22.
Sterlite Technologies’ Key Highlights for Third Quarter of FY22
Commenting on the results, Sterlite Technologies Managing Director, Ankit Agarwal said “With some fundamental strategic shifts, Sterlite Technologies is rapidly progressing towards its ambition of building future-ready digital networks globally,” he also added that the company’s underlying business continues to maintain a healthy momentum.
Sterlite Technologies Chief Financial Officer, Mihir Modi said that “the impact on profit has been due to one-time provision against dues of a client which the company expects to recover in future”.
The company’s order book stood at Rs 11,700 crore as of Q3 FY22 as against Rs 10,700 crore on Q3 FY21.About Sterlite Technologies Ltd: Sterlite Technologies Ltd. is a global leader in end-to-end data network solutions, headquartered in Pune, Maharashtra. It has offices in India, China, US, SEA, Europe and MEA.The company is specialized in optical fiber and cables, hyper-scale network design, and deployment, and network software and offers bespoke integrated solutions.