Rs 10,938 crore order book: This multibagger telecom manufacturing company reports a 345 per cent jump in net profit!
The stock is up by 80 per cent in 5 years and gave multibagger returns of over 230 per cent in 1 decade.
Sterlite Technologies Ltd, a leading optical and digital solutions company, announced its Quarterly Results (Q1FY24) ended June 30, 2023. Details below:
According to the quarterly results, the net sales increased by 2.35 per cent to Rs 1,522 crore, operating profit increased by 42.42 per cent to Rs 235 crore and net profit skyrocketed by 345 per cent to Rs 54 crore in Q1FY24 compared to Q1FY23.
As of June 30, 2023, the company’s order book stood at Rs 10,938 crore which is spread across its three business units- Optical Networking, Global Services, and Digital.
Commenting on the company’s quarter performance, Ankit Agarwal, Managing Director, STL, said, “Amidst global challenges, we continue to drive our market presence and pursue our ambition to be among the world's top 3 optical companies. We are focused on long-term, sustainable growth and aim to deliver a 7 per cent to 9 per cent revenue increase this financial year while targeting a net debt to EBITDA ratio of less than 2.5 to further strengthen our financial position. With a proactive approach and an exceptional team, we embrace the future with optimism and stay agile to seize new opportunities in the dynamic market landscape.”
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Sterlite Technologies Limited, created via a spin-off of the telecom business of Sterlite Industries, provides optical fiber, cable and jelly-filled telecom cable products.
On Friday, shares of STL plunged 0.90 per cent to Rs 149.45 per share with an intraday high of Rs 152.50 and an intraday low of Rs 149.05. The company has a market cap of over Rs 6,000 crore.
The stock is up by 80 per cent in 5 years and gave multibagger returns of over 230 per cent in 1 decade. Investors should keep an eye on this telecom stock.
Disclaimer: The article is for informational purposes only and not investment advice.