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STL Announces Q2 FY-24 Financials: Revenue Falls 11%, PAT Shrinks 20% YoY

Sterlite Technologies Limited, STL Logo

Sterlite Technologies Limited (STL) [BSE: 532374, NSE: STRTECH], an Indian manufacturer of Optical Fibre Cables (OFCs) has announced its financial results for the quarter ended 30th September 2023.

Sterlite Technologies’ Standalone Financial Figures for Q2 FY-24

During Q2 of FY-24, Sterlite Technologies clocked a standalone revenue of Rs. 1,135 crore from operations. Further, the company reported Rs. 14 crore as its Profit After Tax (PAT) for Q2 of FY-24.

Sterlite’s Earnings Per Share (EPS) was reported as Rs. 0.35 for the quarter 30th September 2023.

Sterlite Technologies’ Q2 FY-24 Consolidated Financial Results

YoY Comparison of Sterlite Technologies’ Financials: Q2 FY-24 vs. Q2 FY-23

Comparison of Sterlite Technologies Financials: Q2 FY23 vs Q2 FY24 vs Q1 FY24

STL’s Q2 revenue from operations exhibited a Year-over-Year (YoY) decrease of 11.23% to Rs. 1,494 crore in FY-24 from Rs. 1,683 crore, which was reported during FY-23.

The company’s PAT also fell by 20% YoY to Rs. 32 crore in Q2 of FY-24 from Rs. 40 crore during Q2 of FY-23.

Consequently, Sterlite Technologies’ EPC decreased to Rs. 0.86 during Q2 of FY-24 from Rs. 1.11 recorded for Q2 of FY-23.

QoQ Comparison of STL’s Financial Numbers: Q2 FY-24 vs. Q1 FY-24

On a Quarter-over-Quarter (QoQ) basis, the company’s revenue remained almost stagnant, decreasing slightly by 1.84% from Rs. 1,522 crore earned during Q1 of FY-24.

Sterlite’s PAT, on the other hand, tumbled by 38.46% QoQ from Rs. 52 crore which had been reported for Q1 of FY-24.

Sterlite Technologies’ Share Price Drops Over 9% Post Announcement of Q2 Results

Sterlite Technologies’ share price dropped by 9.25% after the company announced its financial results for second quarter of FY-24.

However, the volume of STL’s shares traded skyrocketed to 20,752,000 after announcement of the company’s Q2 FY-24 financials from 1,799,000 trades prior to announcement of results.

Company’s Insights on its Financial Performance

During the company’s earnings call for Q2 of FY-24, Mr. Ankit Agarwal, MD of Sterlite Technologies, said, “STL’s focus markets of North America, Europe, and India are high potential and is estimated to grow at a CAGR between 2023-2028 of 10.1%, 4.7% and 9.5% respectively ”.

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.