Explore Business Standard
Don’t miss the latest developments in business and finance.
Sterlite Technologies
Digital solutions company Sterlite Technologies has said investment commitment of global customers for optical fibre remains strong despite macroeconomic headwinds and that telcos and hyperscalers will continue to spend to gain a market edge. According to Sterlite Tech Managing Director Ankit Agarwal, there is no change in the company's production scale-up plans or targets as demand for its product portfolio is robust. "In our key accounts, most of our customers are public, and their investment plans are well known. We track it and see fairly strong capex investment plans over 2-3 years and for some even up to the next 5 years," Agarwal told PTI. He said customers, both telecom and hyperscalers, continue to spend with a focus on innovation and technology. That demand is reflected in the company's order book of Rs 12,054 crore. The term hyperscalers refers to large cloud service providers, whose offerings include computing and storage at an enterprise scale. STL is also positive on
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
Broadband technology company Sterlite Technologies on Monday posted a consolidated loss of Rs 20 crore in the June 2022 quarter. The company said it had recorded a profit of Rs 116 crore in the same period a year ago. The consolidated revenue from operations of Sterlite Technologies increased to Rs 1,575 crore during the reported quarter compared to Rs 1,316 crore in the corresponding quarter last year. Nearly 62 per cent of the total revenue came from its focus markets of the US and Europe. The total order book of the company stood at Rs 11,200 crore at the end of the reported quarter. "With increased focus on efficiency and prudent capital management, we expect to sustain this positive momentum. As ubiquitous networks are built in this decade, we are fortunate to play a significant role in transforming billions of lives through digital networks," STL managing director Ankit Agarwal said in a statement. The company in July 2021 signed an agreement to acquire 100 per cent stake in
Digital networks integrator Sterlite Technologies expects about 20 per cent growth in business across key markets of the US, Europe and India in FY2023 amid global scale-up of networks and 5G build outs, its managing director Ankit Agarwal has said. With a notable drop in COVID-19 cases and easing of curbs, the company is encouraging employees to 'return to office' and has seen positive responses across offices in both India and globally. Its factories are running at 100 per cent capacity with all precautions in place, Agarwal said, adding that physical attendance at offices - currently on rotation basis - too will accelerate fully in the coming weeks with adequate safeguards. The company, which has done a string of acquisitions in the past, continues to be on lookout for small buy outs for niche capabilities and technology "because the market itself is growing and expanding", Agarwal told PTI. On the business side, the company is seeing a positive momentum as markets like the US,