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Sterlite Technologies FY-24 Financials: Revenue Falls 21%, Company Reports Loss

Sterlite Technologies Limited, STL Logo

Sterlite Technologies Limited (STL), [BSE: 532374, NSE: STRTECH], a major Indian Optical Fibre Cable (OFC) manufacturer has announced its financial results for Q4 of FY-24 and FY-24.

STL Share Price Falls 6.5% After Announcing FY-24 Financials

Sterlite Technologies’ share price tumbled by 6.54% one day after the company announced its financials for Q4 of FY-24 and FY-24 as compared to the previous trading day.

Further, volume of share trades of the company peaked at 81,30,000 trades on the day the company announced its financial results against 73,93,000 trades a day after company announced its financials.

Sterlite Technologies’ Standalone Financial Results: Q4 FY24 & FY24

Sterlite Technologies reported a standalone revenue of Rs. 795 crore from operations and a net loss of Rs. 103 crore during last quarter of financial year 2023-24.

During the entire FY-24, the company reported a revenue of Rs. 3,952 crore, and net loss of Rs. 127 crore.

Correspondingly, the company recorded loss per share of Rs. 2.54 during Q4 of FY-24 and loss per share of Rs. 3.17 during entire FY-24.

Consolidated Financial Figures of Sterlite Technologies: Q4 FY-24 & FY-24

YoY Comparison of STL’ Financials: Q4 FY-24 vs. Q4 FY-23 & FY-24 vs. FY-23

Comparison of STL’s Revenue: Q4 FY23 vs. Q4 FY24 & FY23 vs. FY24

Sterlite Technologies’ Q4 FY-24 revenue showed a Year-over-Year (YoY) decrease of 39.10% to Rs. 1,140 crore from Rs. 1,872 crore during Q4 of FY-23. Further, the company reported a net loss of Rs. 82 crore during Q4 of FY-24 against a Profit After Tax (PAT) of Rs. 63 crore during Q4 of FY-23.

Comparison of STL’s PAT: Q4 FY23 vs. Q4 FY24 & FY23 vs. FY24

Considering the full financial year 2023-24, STL generated revenue of Rs. 5,478 crore which is 20.90% lower than Sterlite Technologies’ Rs. 6,925 crore revenue during FY-23. The company recorded loss of Rs. 57 crore during FY-24 against a PAT of Rs. 127 crore during FY-23.

The company reported loss per share of Rs. 2.03 and Rs. 1.27 during Q4 of FY-24 and entire FY-24 respectively.

Sterlite Technologies Revenue Comparison: Q3 FY24 vs Q4 FY24
Sterlite Technologies Net Loss Comparison: Q3 FY24 vs Q4 FY24

QoQ Comparison of Sterlite Technologies’ Financial Numbers: Q3 FY-24 vs. Q4 FY-24

On a Quarter-over-Quarter (QoQ) basis, the company’s revenue decreased by 13.77% from Rs. 1,322 crore during Q3 of FY-24. Further, STL’s quarterly loss increased by 39% from Rs. 59 crore during Q3 of FY24.

Summary of Sterlite Technologies’ Financial Performance

Commenting on the company’s financial performance during FY-24, Mr. Ankit Agarwal, Managing Director of STL, said FY24 had its challenges, but we were resilient in actioning our priorities on Customer, Cost, and Cash. We see the market turning gradually, and early signs of this are visible in our customer discussions and order volumes”.

The company’s order book reached Rs. 10,290 crore during Q4 of FY-24 against Rs. 9,849 crore during Q3 of FY-24. “Our order book is well diversified across our customer segments and all our businesses”, stated Mr. Tushar Shroff, Chief Financial Officer (CFO) of STL in the company’s earnings call for Q4 of FY-24 financial results.

About Sterlite Technologies Limited: 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.