Sterlite Technologies posts 13.6% rise in Dec quarter profit to Rs 50 cr

The loss in Q3 FY22 included a one-time provision, a top company official explained

cash, currency, notes, funds, investment, shares, growth, profit, loss, tax, money, income, earnings
It recorded a net profit of Rs 50 crore in Q3 FY23, a turnaround compared to the losses of Rs 138 crore in the same period the previous year
Press Trust of India New Delhi
2 min read Last Updated : Jan 27 2023 | 8:00 PM IST

Optical and digital solutions company Sterlite Technologies on Friday reported a net profit of Rs 50 crore for the December 2022 quarter against a loss of Rs 138 crore a year ago.

The loss in Q3 FY22 included a one-time provision, a top company official explained.

The revenue from operations for the just-ended quarter stood at Rs 1,882 crore, which on a year-on-year basis was about 46 per cent higher than the Q3 FY22.

In a statement on the Q3 scorecard, STL said it demonstrated a sharp focus on growth areas, operational efficiencies and strategic capital allocation, resulting in strong financial performance.

"Company revenues grew by 46 per cent on a year-on-year basis, and 28 per cent on YTD (year-till-date) basis, and EBITDA increased by 17 per cent on a YTD basis," STL said.

It recorded a net profit of Rs 50 crore in Q3 FY23, a turnaround compared to the losses of Rs 138 crore in the same period the previous year.

Seen sequentially, the net profit was up 13.6 per cent from Rs 44 crore in the September 2022 quarter.

The order book at Rs 12,054 crore was "robust", it said, adding that on the back of its capability to engineer unique solutions for service providers, the company signed multi-million, multi-year contracts with top-tier service providers.

STL Managing Director Ankit Agarwal said a sharp focus on cash and profitability, and calibrated exits from sub-scale businesses have poised the company for long-term growth.

"I am excited about the market momentum and the pace of customer wins in our key markets. As we look ahead, I see technology innovation and R&D playing a pivotal role in our journey to become one of the top optical players in the world," Agarwal said.

The company will continue to prioritise growth areas, optimise our capital structure and execute with discipline during Q4 and beyond.

Asked about the factors for the dramatic turnaround in performance for Q3 FY23, Agarwal said it is on account of one-time provision entailing contracts in the services business with regard to certain government projects.

"We had taken one-time provisions last time...that was on account of our contracts in the services business where we had certain government projects that we felt from a prudent accounting measure...we would take the provision. Those are still provisions that continue in our books," Agarwal told PTI.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Sterlite Technologies

First Published: Jan 27 2023 | 8:00 PM IST

Next Story