The shares of this leading global optical and digital solutions company gained around 6% to an intraday high of ₹140.50 per share after the company announced its partnership with BAPS temple in Abu Dhabi for optical solutions.
Sterlite Technologies Ltd shares closed at ₹137 per share, up 3.46 percent from the previous close price on Thursday. The company has a market capitalization of ₹5,483 crore.
Sterlite Technologies Ltd announced a partnership with the BAPS Hindu temple in Abu Dhabi. The iconic temple, spanning 27 acres, is the first stone temple in the region and the largest in West Asia.
Through this partnership company is responsible for end-to-end premise connectivity in the temple, provided through state-of-the-art, end-to-end structured cabling solutions. STL’s solutions include optical fibre cables, category cables, cabinets, and racks to support 10G network connectivity, security, wireless, and building management solutions. Company mentioned in its exchange filing.
Sterlite Technologies Ltd is a leading global optical and digital solutions company providing advanced offerings to build 5G, Rural, FTTx, Enterprise, and Data Centre networks.
The company has a global presence in countries such as the USA, Mexico, Brazil, UAE, China, Russia, Indonesia, UK, Switzerland, Italy, France, etc. Geographically, the company derives 38% of its revenue from America, followed by EMEA at 5%, India at 25%, and the Rest of the World at 2%.
The company operates nine manufacturing facilities located in India, China, Italy, and Brazil. Recently, it expanded its optical fibre capacity and is currently in the process of increasing its OFC capacity from 37 mfkm to 42 mfkm.
As of H1FY24, the company’s order book is categorised by business units, comprising 8% from the Digital & Technology sector, 19% from global services, 49% from Optical Networking, and 24% from Global Services – O&M.
Sterlite Technologies’ revenue has declined by 30 percent year on year, from ₹ 1,883 crore in Q3FY23 to ₹1,322 crore in Q3FY24. During the same period, Net profit reduced from ₹ 47 crores to a loss of ₹ 59 crores.
As per the recent shareholding pattern, the company promoter holds a 53.99 percent stake, while Foreign Institutional Investors hold a 4.75 percent stake and retail investors hold a 39.31 percent stake in the company.
Written by Omkar Chitnis
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