The fiber optic cable manufacturer reported a pre-tax loss of Rs 106 crore in Q4 FY24 as compared to profit before tax of Rs 114 crore registered in the same period a year ago.
EBITDA soared to Rs 67 crore in Q4 FY24, steeply higher than as against Rs 280 crore posted in Q4 FY23. EBITDA margin reduced to 5.9% in Q4 FY24 as against 15% reported in the corresponding quarter previous year.
The company?s order book stood at Rs 10,290 crore in the quarter ended 31 March 2024, across its three business units - optical networking, global services and digital.
On full year basis, the company?s net loss was at Rs 57 crore in FY24, as against net profit of Rs 127 crore in FY23. Revenue from operations tumbled 20.89% to Rs 5,478 crore in FY24, as compared to Rs 6,925 crore in FY23.
The company stated that despite difficult market dynamics and low optical demand in FY24, it delivered strongly on its strategic priorities. Its recent Rs 1,000 crore fundraise with top global investors via a Qualified Institutional Placement (QIP) shows strong investor confidence in its growth trajectory. It had utilised this lean industry period to strengthen its capability across the board, including cost structure, balance sheet, global operations and product portfolio. The firm also completed its capex investment cycle and started operations in its Palmetto Plant in South Carolina, US. FY24 also saw the company taking significant strides toward cash generation and debt reduction. With a 3x QoQ increase in Q4 order volumes, it is poised to capitalise on the reviving market demand.
Ankit Agarwal, managing director of STL said, ?FY24 had its challenges, but we were resilient in actioning our priorities on Customer, Cost, and Cash. We see the market turning gradually, and early signs of this are visible in our customer discussions and order volumes, AI is bringing renewed excitement into the fibre space. We see 5G, fibre to the home, and data centre buildouts as the holy trinity of fiberisation for the years to come.?
Sterlite Technologies is a leading end-to-end solutions provider for global digital networks.
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