Sterlite Tech tumbles after weak Q3 outcome

Sterlite Technologies slumped 5.73% to Rs 254.25 after the company reported a consolidated net loss of Rs 137 crore in Q3 FY22 as compared to a net profit of Rs 86.64 crore posted in Q3 FY21.

Revenue from operations grew by just 3.1% to Rs 1,355.5 crore in Q3 FY22 from Rs 1,314 crore posted in Q3 FY21. The company posted a pre tax loss of Rs 191.6 crore in Q3 FY22 as against a profit before tax of Rs 119.72 crore posted in Q3 FY21.

Meanwhile, the company's order book stood at Rs 11,700 crore as of Q3 FY22 as against Rs 10,700 crore on Q3 FY21.

Ankit Agarwal, MD of the company said, With some fundamental strategic shifts, Sterlite Technologies is rapidly progressing towards its ambition of building future-ready digital networks globally. We have brought together a highly ambitious and credible leadership and deep technology expertise across optical and wireless networks. We are confident that, in the near future, we will deliver the most advanced solutions in the areas of 5G, FTTx and rural connectivity and transform billions of lives through digital networks.

Sterlite Technologies is a leading end-to-end solutions provider for global digital networks.

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