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Sterlite Tech’s FY-23 Revenue up 27% YoY, PAT Close to Three Times

Sterlite Technologies Limited, STL Logo

Sterlite Technologies Limited (STL) [BSE: 532374, NSE: STRTECH], an Indian Optical Fibre Cable (OFC) manufacturer, has announced its financials for Q4 FY23.

STL’s Standalone FY23 Financial Figures

For the quarter ended 31st March 2023, STL’s standalone revenue from operations stood at Rs. 1,354 crore. Correspondingly, STL’s net profit for the period was Rs. 25 crore. Earnings Per Equity Share of the company was reported as Rs. 0.62 during the closing quarter of FY-23.

Considering the entire financial year, STL clocked Rs. 5,356 crore as revenue from operations, and Rs. 75 crore net profit. Sterlite Tech’s EPS for the 2022-23 fiscal stood at Rs. 1.89.

Sterlite Technologies’ Consolidated FY23 Financial Numbers

YoY Comparison of STL’s Financials: Q4 FY-23 vs. Q4 FY-22 & FY-23 vs. FY-22

Comparison of Sterlite Technologies Financials: Q4 FY22 vs. Q4 FY23 vs. Q3 FY23 & FY22 vs. FY23

STL’s Q4 consolidated revenue from operations was Rs. 1,872 crore in FY-23, thus exhibiting a considerable jump of 25.05% on a Year-over-Year (YoY) basis from the Rs. 1,497 crore revenue reported for the quarter ended 31st March 2022.

Comparison of Sterlite Technologies Net Profit: Q4 FY22 vs. Q4 FY23 vs. Q3 FY23 & FY22 vs. FY23

Further, Sterlite Tech earned a net profit of Rs. 63 crore during the closing quarter of FY-23 against a net loss of Rs. 25 crore reported for Q4 of FY-22.

Considering the entire financial year, Sterlite Technologies reported a top line of Rs. 6,925 crore. This exhibits a remarkable 27.37% increase from the company’s revenue for FY-22, which stood at Rs. 5,437 crore. Net profit echoed this trend, soaring to Rs. 127 crore during 2022-23 from Rs. 45 crore clocked in FY-22. Therefore, net profit of the company in FY-23 grew to 2.82 times its value in FY-22.

EPS of the company rose to Rs. 1.63 for the closing quarter of FY-23, against a loss of Rs. 0.55 per share for Q4 of FY-22. For the entire 2022-23 financial year, STL’s EPS stood at Rs. 3.53 compared to the company’s Rs. 1.51 EPS for FY-22.

QoQ Comparison of Sterlite Tech’s Financial Numbers: Q4 FY-23 vs. Q3 FY-23

On a Quarter-over-Quarter (QoQ) basis, the company’s revenue from operations remained largely unchanged, portraying a meagre 0.58% drop from Q3 to Q4 of FY-23. For the quarter ended 31st December 2022, STL’s revenue from operations stood at Rs. 1,883 crore.

Net profit of the company exhibited an upward trajectory during Q4 FY23, growing by 36.96% QoQ from Rs. 46 crore reported for Q3 of FY23.

Summary of Sterlite Technologies’ Financial Performance

Sterlite Technologies’ earnings presentation for its Q4 FY-23 results stated that YoY increase in the company’s revenue can be attributed to the increase in OFC sales volume. Some of the key order wins by the company during the recently closed financial year include those for long-distance and intracity OFC laying in India, and OFC orders from Europe and North America.

As per STL’s management, the company’s profits have increased since its decision to focus on its core OFC business and discontinuing its wireless radio business, which was impacting the company’s profitability by Rs. 40-50 crore per quarter.

Commenting on the company’s financial performance, Mr. Tushar Shroff, CFO of STL said during STL’s earnings call, “Our profitable growth journey in optical business continues. We continue to gain market share across the focus markets, increase the optical connectivity attach rate and simultaneously work to optimize the cost base.”

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.