Broadband technology company Sterile 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 Sterile 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 a 100 per cent stake in UK-based Clear comm 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 opted 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.
Digital network integrator Sterile Technologies (STL) on Monday reported a consolidated net loss of Rs 20 crore for the June quarter on higher logistics and input costs, compared to a profit of Rs 115.75 crore during the same quarter last year.
Sterile’s revenue grew 20.30% to Rs 1,575 crore year-on-year (y-o-y) with 62% of revenue coming from Europe and the US. STL reported one of the highest quarterly order books at Rs 2,700 crore during the first quarter with the total order book at Rs 11,200 crore.
Ankit Agarwal, managing director, Sterile Tech, said they had seen a significant cost increase in container costs and as a lot of the products were getting shipped to the US and Europe, they were impacted by it. He expects improvement from the second quarter onwards, with some cost reduction and a 9-10% cost increase passed on to customers in the US.
Around 60% to 65% of STL’s revenues come from outside India and a large part of it from the US market. Further, fiber prices had improved over the last two to three quarters and were starting to stabilize, Agarwal said. On the debt front, the company had plans to reduce it from the Rs 3,200 crore level to Rs 2,700-2,800 crore. STL was also planning to divest non-core businesses in its portfolio.
STL plans to expand fiber cable capacity from 33 million fiber km to 42 million fiber km. The company is setting up a manufacturing facility in the US in South Carolina with a capacity of five million fiber km, which is expected to start operations in Q3FY23.
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 Sterile 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 a 100 per cent stake in UK-based Clear comm 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, a 100 per cent of the shares of opted 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.
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