Sterlite Tech slips after weak Q3 numbers

Sterlite Technologies fell 3.5% to Rs 126.65 after net profit declined 63.85% to Rs 52.63 crore on 9.9% fall in net sales to Rs 1202.66 crore in Q3 December 2019 over Q3 December 2018.

EBITDA fell 18.75% to Rs 247 crore in Q3 December 2019 as against Rs 304 crore in Q3 December 2018. The result was announced after market hours yesterday, 15 January 2020.

The order book stood at Rs 8,535 crore in Q3 December 2019 compared with Rs 8,132 in Q2 September 2019.

Commenting on the results, Anand Agarwal, Group CEO, STL, said, Amidst long term data network growth, the market environment in 2019 witnessed uncertainty and sluggish growth on account of the economic downturn. Within this business environment globally, we increased our order book over the last quarter and have shown a 21% revenue growth (9‐months YTD) as compared to last year. Our transformation from an optical fiber company to an end‐to‐end data networks integrator has significantly increased our overall addressable market. We continue to be extremely bullish and focused on our data network integration capabilities by investing in growth areas such as Data Centers and Wireless solutions.

STL designs and deploys high‐capacity converged fiber and wireless networks.

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