Sterlite Technologies’s Q1 FY24 Financials: Revenue Up 2.35% YoY, PAT Grows to Rs. 52 Cr.

September 2, 2023September 7, 2023Cables, Financials, Optical Fibre, Sterlite Technologies

Sterlite Technologies Ltd. (STL) [BSE: 532374, NSE: STRTECH], an Indian manufacturer of Optical Fibre Cables (OFCs), has announced its financials for Q1 of FY-24.

STL’s Standalone Financial Figures for Q1 of FY-24

For the quarter ended 30th June 2023, Sterlite Technologies reported a standalone revenue of Rs. 1,155 crore from operations. The company reported a corresponding Profit After Tax (PAT) of Rs. 38 crore.

Further, STL reported Earnings Per Share (EPS) of Rs. 0.95 for Q1 of 2023-24 financial year.

Comparison of STL’s Revenue: Q1 FY-23 vs. Q1 FY-24 vs Q4 FY-23

Sterlite Technologies’ Q1 FY-24 Consolidated Financial Numbers

YoY Comparison of STL’s Financial Performance: Q1 FY-24 vs. Q1 FY-23

STL’s revenue from operations grew slightly by 2.35% to Rs. 1,522 crore in Q1 of FY-24 from Rs. 1,487 crore logged during Q1 of FY-23.

Sterlite Technologies reported Rs. 52 crore as PAT for Q1 of FY-24. In contrast, the company earned a loss of Rs. 24 crore during Q1 of FY-23.

Comparison of STL’s Profit: Q1 FY-23 vs. Q1 FY-24 vs Q4 FY-23

EPS of the company stood at Rs. 1.35 during Q1 of FY-24 against per share loss of Rs. 0.52 in the Q1 of FY-23.

QoQ Comparison of STL’s Financial Results: Q1 FY-24 vs. Q4 FY-23

Sterlite Tech’s revenue fell by 18.70% from Rs. 1,872 crore which was reported for Q4 of FY-23. PAT also slid by 17.46% from Rs. 63 crore, which was clocked during Q4 of FY-23.

Strong Order Book, Revenue Expected to Grow by 7-9% in FY-24

During the company’s earnings call for Q1 of FY-24, Mr. Tushar Shroff, CFO of STL, said, “Our open order book at the end of Q1 FY24 is Rs. 10,938 crores”.

Further, while elaborating Sterlite Tech’s projections for the current financial year, Mr. Ankit Agarwal, Managing Director of STL, said, “ We are focused on long-term, sustainable growth and aim to deliver a 7% to 9% revenue increase this financial year”.

Mr. Agarwal also said that the company is targeting an increased market share in the Europe, Middle-East, Africa (EMEA) and Asia Pacific (APAC) regions. He said that this is being done in order to “fill some of the volume gap from the US market”.

As per STL’s earnings presentation for its Q1 FY-24 financials, the company’s global market share (excluding China) stands at 11%. Sterlite Tech expects this figure to go up H2 FY-24 onwards.

Further, the company stated that 30% of its Q1 FY-24 revenue came in from its operations in India, 40% from EMEA, 29% from the Americas, and 1% from operations in the rest of the world.

About Sterlite Technologies Ltd.: Pune-headquartered Sterlite Technologies Ltd. is an Indian technology company, with a presence in over 150 countries. Sterlite Tech has active manufacturing facilities in India, Italy, China, Brazil and the US.