Sterlite Technologies recently published its financial performance results for Q1, FY 23. While it witnessed a 20.32% increase in the overall revenue on a Year-over-Year (YoY) basis, its net profit has come down significantly. The company registered a loss of Rs. 23 crores in this time period. In the same quarter last fiscal, it had reported a profit of Rs. 107 crores. As per the report, the performance has steadily improved from the previous quarter (last quarter of 2021-22), when it registered a loss of Rs. 26 crores. The Pune-headquartered tech company asserted that the choppy global trends of crude oil prices are driving the persistent inflation of raw materials back home.
The Managing Director of Sterlite, Ankit Agarwal said, “Our global footprint, technology-led solutions, and effective supply chain management continue to be major contributors to our growth. With increased focus on efficiency and prudent capital management, we expect to sustain this positive momentum.”
On the upside, STL is witnessing a stable order book. It booked orders worth Rs. 11,207 crores in this quarter, which is comparable to Rs. 11,639 crores worth of orders booked in Q4 of FY-22. Sterlite Tech is also observing an improvement in the demand for Optical Fibre Cable (OFC), with getting considerable orders in India and the west.
While Sterlite Technologies Ltd. is an India-born company that deals in digital network integration, it has grown multi-national with an active presence in over 150 countries. Apart from its facilities in India, it manufactures in Brazil, China and Italy as well. It is noteworthy that more than 60% of this quarter’s revenue of the company came from the US and Europe markets.
