Broadband technology company Sterlite Technologies (STL) posted a consolidated loss of Rs 137 crore in view of one-time provisioning for dues from a client, it said in a regulatory filing on Wednesday.
The company had clocked a net profit of Rs 87 crore in the corresponding quarter last year.
STL had recorded a net profit of Rs 105.74 crore clocked in the previous quarter ended September 2021 (Q2FY22).
Sterlite Tech posted a consolidated revenue of Rs 1,370.96 crore during the posted quarter, down from Rs 1,580 crore clocked in the previous quarter (Q2FY22). It stood at Rs 1,322.09 crore in the same quarter of 2020-21.
The company had logged a revenue of Rs 1,340 crore in Q3 FY21.
Commenting on the Q3 results, Ankit Agarwal, Managing Director, STL, remarked, "With some fundamental strategic shifts, STL is rapidly progressing towards its ambition of building future-ready digital networks globally… 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."
He added that STL's underlying business continues to maintain healthy momentum.
The company added in its filing that it reached a robust order book of Rs 11,700 crore in the December quarter including 56 per cent from India, 35 per cent from Europe and Middle East, 7-8 per cent from the US and the balance from rest of the world.
Over the past few quarters, STL took some bold bets to drive aggressive growth.
The company affirmed that many of its strategic investments have converted into large scale revenues and new technologies have become market ready.
STL's CFO (chief financial officer) Mihir Modi stated that the company's profit has been impacted owing to one-time provision against dues of a client which it expects to recover in future.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today