Sterlite Tech’s Q3 Revenue 46.23% Up YoY, Profit Increases 15% QoQ
Sterlite Technologies Limited (STL) [BSE: 532374, NSE: STRTECH], an Indian manufacturer of Optical Fibre Cables (OFCs) headquartered in Pune, has announced its financial results for the quarter ended 31st December 2022.
STL’s Standalone Financials for Q3 of FY-23
For the third quarter of the current financial year, STL reported a standalone revenue of Rs. 1,471 crore.
Correspondingly, the company reported a standalone net profit of Rs. 53 crore for Q3 of FY-23.
Sterlite Technologies’ Consolidated Financial Numbers
STL’s YoY Financial Performance: Q3 FY-23 vs. Q3 FY-22
On a Year-over-Year (YoY) basis, the company’s consolidated revenue saw an impressive increase of 46.23% to Rs. 1,882 crore in Q3 of FY-23 from Rs. 1,287 crore clocked during Q3 of FY-22.
Sterlite Technologies’ Q3 profits exhibited a sharp upward trend YoY, with the OFC major logging a profit of Rs. 46 crore in Q3 FY-23 as against a loss of Rs. 142 crore during Q3 FY-22.
QoQ Comparison of STL’s Financial Figures: Q3 FY-23 vs. Q2 FY-23
Considering STL’s Quarter-over-Quarter (QoQ) financial performance, the company’s revenue grew by a healthy 11.82% from Q2 to Q3 of FY-23. The company’s consolidated revenue during the quarter ended 30th September 2022 stood at Rs. 1,683 crore.
Net profit clocked by the company also followed an upward trajectory QoQ, growing by a resilient 15% from Rs. 40 crore during Q2 of FY-22.
Summary of Sterlite Technologies’ Financial Performance
Commenting on the company’s financial performance, Mr. Ankit Agarwal, Managing Director, STL said, “Our performance this quarter has been strong. Sharp focus on cash and profitability, and calibrated exits from sub-scale businesses have poised us for long-term growth”. Since Q2 of FY-23, Sterlite Technologies has dialled down its investment in non-OFC businesses such as 5G radios and other wireless products in order to enhance profitability. “Quarter four and beyond, we will continue to prioritise growth areas, optimise our capital structure, and execute with discipline”, Mr. Agarwal elaborated.
STL’s order book as of Q3 FY-23 stands at Rs. 12,054 crore, which include OFC orders for the ongoing 5G rollout in India, and major overseas orders from North America and Europe.
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.