Cable stock jumps up to 6.5% after it secures order worth ₹ 250 Cr from Indian Government

Aug 07, 2023

by Trade Brains | Aug 7, 2023 | 2:31 pm | News, Trending News | 0 comments

The company’s shares rose 5% on Monday, and had announced shortly prior to the weekend a Rs. 250 crore deal signed with a Public Sector Undertaking (“PSU”) entity. The deal duration is 3 years in which Sterlite Technologies Ltd (“STL”) is to design, build, commission and maintain 2 data centers which are set to service in multiple cities in India. The service includes 24×7 operations to maintain critical enterprise operations along with its cybersecurity solutions.

“STL has over a decade of experience in building and managing data centers. Our solutions are focused on getting automation and intelligence in the network and IT infrastructure. I am confident that our data center connectivity and maintenance solution will integrate intelligent infrastructure, real-time monitoring, disaster management and troubleshooting. It will provide a secure, reliable, seamless digital infrastructure for the customer’s operations.” said STL’s Global Services’ division CEO.

STL results for Q1 FY24 – Top-line de-grew 0.44% YoY to Rs. 1,522 crore from Rs. 1,575 crore, EBITDA grew 97.5% YoY to Rs. 235 crore from Rs. 119 crore, Net Income grew 230% YoY to Rs. 46 crore from a Net Operating Loss of Rs. 20 crore. EBITDA margins were within guided range at 15.4%.

The company also reported 82% QoQ growth in orders and recently announced its entry into the IT services industry through subsidiary – STL Digital.. STL Digital picked up close to 2 dozen high value customers, and an order book of Rs. ~900 crore with 950+ consultants working for it.

STL also stated its focus on futuristic technologies like 6G and DoT test bed. The company indicated its strong interest in scaling up in India for upcoming 5G & digital connectivity infra spending.

STL is a leading optical and digital solutions provider and its offerings include designing, building and maintaining systems involved in 5G, FTTx, Data Centers for PSUs and Private Enterprises, etc. to domestic and international clients, STL was among the first to develop the 180 micron optical fiber; it was founded in 1988, based in Pune, India.

Written by Sandeep R

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