Sterlite Tech Reports Rs 82 Crore Loss in Q4

New Delhi, May 8 (PTI) Broadband technology company Sterlite Technologies on Wednesday reported a consolidated loss of Rs 82 crore for the fourth quarter ended March 2024, mainly due to a dip in optical networking business.

The company had posted a profit of Rs 63 crore a year ago.

Its consolidated revenue from operations declined about 39 per cent to Rs 1,140 crore during the reported quarter from Rs 1,872 crore in the March 2023 quarter, according to a regulatory filing.

"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," Sterlite Technologies (STL) Managing Director Ankit Agarwal said in a statement.

For the fiscal ended March 31, 2024, STL posted a consolidated loss of Rs 57 crore, while it had reported a profit of Rs 127 crore in FY23.

The optical networking business revenue of STL almost halved to Rs 777 crore during the reported quarter from Rs 1,505 crore in the March 2023 quarter.

The annual revenue from the optical networking business also declined by about 30 per cent to Rs 3,830 crore from Rs 5,439 crore a year ago.

The annual profit of STL declined by about 21 per cent to Rs 5,478 crore during the reported year from Rs 6,925 crore in FY23.

"AI is bringing renewed excitement into the fibre space. We see 5G, fibre to the home, and data centre build-outs as the holy trinity of fiberisation for the years to come," Agarwal said.