Latest News | Sterlite Tech Posts Rs 65 Cr Net Profit in Q4

New Delhi, May 17 (PTI) Broadband technology provider Sterlite Technologies on Wednesday posted a consolidated net profit of Rs 65 crore for the fourth quarter ended March 2023.

The company had recorded a loss of Rs 22 crore in the year-ago period.

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The consolidated revenue from operations of Sterlite Technologies (STL) stood at Rs 1,872 crore during the reported quarter.

The company had posted a revenue of Rs 1,497 crore in the March 2022 quarter.

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For the year ended March 31, 2023, SSTL posted a profit of Rs 141 crore and a revenue of Rs 6,925 crore.

Due to various changes in the organisation structure on account of acquisitions and discontinuing some operations, the financial performance of the reported quarter is not comparable to other periods, the company's auditor said in a note.

The company has proposed to demerge Global Services Business to STL Networks Limited -- wholly-owned subsidiary STL, on a going concern basis.

According to the regulatory filing, the STL board has approved a proposal to raise Rs 1,000 crore.

The company has reduced its revenue growth outlook in the range of 20-25 per cent on a full-year basis compared to the 27 per cent it recorded in the financial year 2023.

STL expects the net debt of the company to be below Rs 3,200 crore.

The company reported a net debt of Rs 3,121 crore in FY23.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)