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Sterlite Technologies posts Rs 22 crore loss in fourth quarter

The revenue from operations of Sterlite Technologies (STL) grew by 7.2 per cent to Rs 1,581.97 crore during the reported quarter from Rs 1,475.01 crore in the year-ago period.

By Newsd
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Sterlite Technologies posts Rs 22 crore loss in fourth quarter

Broadband technology firm Sterlite Technologies on Thursday reported a consolidated loss of Rs 22.44 crore in the fourth quarter ended March 31, 2022.

The company had posted a net profit of Rs 124 crore in the same period a year ago.

The revenue from operations of Sterlite Technologies (STL) grew by 7.2 per cent to Rs 1,581.97 crore during the reported quarter from Rs 1,475.01 crore in the year-ago period.

For the financial year 2021-22, STL profit slumped by about 77 per cent to Rs 61.95 crore from Rs 275.47 crore a year ago.

The annual revenue from operations grew by about 19 per cent to Rs 5,754.26 crore at the end of 2021-22 from Rs 4,825.18 crore in the preceding fiscal.

”We continue to witness inflationary headwinds as we start FY23 and are taking actions to mitigate the impact on margins. We are clearly in a multi-year network build cycle. I am confident that with a solid leadership in place, we will double down on technology innovation, operational excellence, and customer centricity to achieve 25 per cent growth,” STL managing director Ankit Agarwal was quoted as having said in a statement.

The company’s order book stood at Rs 11,639 crore.

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