Sterlite Tech posts Rs 20 crore loss in April-June

Broadband technology company Sterlite Technologies on Monday posted a consolidated loss of Rs 20 crore in the June 2022 quarter.The company said it had recorded a profit of Rs 116 crore in the same period a year ago.The consolidated revenue from operations of Sterlite Technologies increased to Rs 1,575 crore during the reported quarter compared to Rs 1,316 crore in the corresponding quarter last year.Nearly 62 per cent of the total revenue came from its focus markets of the US and Europe.

Broadband technology company Sterlite Technologies on Monday posted a consolidated loss of Rs 20 crore in the June 2022 quarter.

The company said it had recorded a profit of Rs 116 crore in the same period a year ago.

The consolidated revenue from operations of Sterlite Technologies increased to Rs 1,575 crore during the reported quarter compared to Rs 1,316 crore in the corresponding quarter last year.

Nearly 62 per cent of the total revenue came from its focus markets of the US and Europe. The total order book of the company stood at Rs 11,200 crore at the end of the reported quarter.

''With increased focus on efficiency and prudent capital management, we expect to sustain this positive momentum. As ubiquitous networks are built in this decade, we are fortunate to play a significant role in transforming billions of lives through digital networks,'' STL managing director Ankit Agarwal said in a statement.

The company in July 2021 signed an agreement to acquire 100 per cent stake in UK-based Clearcomm Group. It has acquired 80 per cent stake in the firm and has an obligation to acquire the rest of the 20 per cent in the current fiscal.

STL acquired 100 per cent of the shares of Optotec SPA in 2020-21. The company's audit said that due to these acquisitions and some other accounting adjustments the financial performance of the current period is not comparable to previous periods.