This smallcap Indian optical company gained 3.08 percent after it announced they are the first Indian optical company to transition to Green Hydrogen for sustainable operations.
At 12.30, 12th October shares of Sterlite Technologies Ltd were trading at Rs. 162.25 per share, up by 3.08 percent from the previous closing price of Rs. 157.40.
Such bullish stock price movements were noticed after the company, through regulatory filing on Bombay stock exchange (BSE) announced that they have collaborated with Hygenco, for the supply of Green Hydrogen to its manufacturing plants.
In the long term agreement Hygenco will build-own-operate the Green Hydrogen facility for STL for 20 years. This facility will be totally based on renewable energy and commissioned in the next 15-18 months.
Looking at the financial statements, the company’s revenue decreased by 3.37 percent to Rs. 1,522 crores in Q1FY24 from Rs. 1,575 crores in Q1FY23, in the same time period net profit went to 54 crores from -20 crores.
Talking about the financial ratios, the company reported return on equity (ROE) of 11.56 percent and return on capital employed (ROCE) of 11.36 percent.
Sterlite Technologies Limited was established in July 2001 it has grown over the years to become the largest Optical Fiber and Optical Fibre Cables manufacturer in the country. The company also has a sizable presence in the overseas markets with an established presence in the global optical fibre market.
Written by: Vinit Israni
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