Sterlite Technologies Ltd

The headline equity indices erased all gains and traded with modest losses in mid-afternoon trade. The Nifty traded below the 22,500 level after hitting the day's high of 22,676.75 in the morning trade. Oil and gas shares declined after advancing in the past four consecutive trading sessions. At 14:30 IST, the barometer index, the S&P BSE Sensex, declined 168.02 points or 0.23% to 74,164.56. The Nifty 50 index lost 77.70 points or 0.34%, to 22,474.80. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 1.39% and the S&P BSE Small-Cap index fell 1.97%. The market breadth was weak. On the BSE, 1,242 shares rose and 2,778 shares fell. A total of 161 shares were unchanged. Economy: India's forex reserves dropped by $1.781 billion to $638.698 billion in the week ended February 28, the RBI said on Friday. Foreign currency assets, a major component of the reserves, decreased by $493 million to $543.35 billion. Gold reserves decreased by $1.304 billion to $73.272 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $27 million to $17.998 billion, the apex bank said. India's reserve position with the IMF fell by $12 million to $4.078 billion in the reporting week, the apex bank data showed. Buzzing Index: The Nifty Oil & Gas index fell 1.63% to 9,937.15. The index jumped 6.18% in past four consecutive trading sessions. Oil & Natural Gas Corpn (down 3.39%), Indian Oil Corporation (down 2.36%), Indraprastha Gas (down 2.24%), Castrol India (down 1.99%), Petronet LNG (down 1.87%), GAIL (India) (down 1.79%), Oil India (down 1.78%), Gujarat State Petronet (down 1.77%), Gujarat Gas (down 1.43%) and Hindustan Petroleum Corporation (down 1.40%) declined. Numbers to Track: The yield on India's 10-year benchmark federal paper was up 1.95% to 6.810 as compared with previous close 6.680. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 87.3050, compared with its close of 87.9550 during the previous trading session. MCX Gold futures for 4 April 2025 settlement fell 0.13% to Rs 85,765. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.12% to 103.96. The United States 10-year bond yield fell 1.64% to 4.247. In the commodities market, Brent crude for May 2025 settlement shed 03 cents, or 0.04% to $70.33 a barrel. Stocks in Spotlight: Sterlite Technologies dropped 3.55% after the company informed that Tushar Shroff, chief financial officer (CFO) and key managerial personnel of the company, has tendered his resignation, effective from 31 March 2025. B R Goyal Infrastructure shed 0.79%. The company announced that it had received a work order worth Rs 11.27 crore from Bhavnagar Municipal Corporation for the construction of a four-lane road. Active Clothing Co hit an upper limit of 5% after the company announced its plan to raise funds via a preferential allotment of 5 lakh warrants. Powered by Capital Market - Live

In an exchange filing, the company stated that Shroff submitted his resignation letter on 7 March 2025, citing his decision to pursue career opportunities outside the company. His resignation will be effective from the close of business hours on Monday, 31 March 2025. The company expressed its appreciation for the contributions made by Tushar Shroff during his tenure as CFO and wished him all the best for his future endeavors. The company also confirmed that it is in the process of appointing a new CFO, with further details to be shared with the exchanges in due course. The official announcement was made on Friday, 7 March 2025, after market hours. Sterlite Technologies is a leading global optical and digital solutions company providing advanced offerings to build 5G, rural, FTTx, enterprise, and data centre networks. The company reported a consolidated net loss of Rs 24 crore in Q3 FY25 as against a net loss of Rs 14 crore posted in Q2 FY25. Revenue from operations declined 10.76% quarter on quarter (QoQ) to Rs 1,261 crore in the third quarter of FY25. Powered by Capital Market - Live

Sterlite Technologies announced that CRISIL has affirmed the credit rating of CRISIL AA-; CRISIL A1 while maintaining a rating watch with developing implications. Powered by Capital Market - Live

Sterlite Technologies announced the addition of new leaders across the business and functions.The optical networking industry is undergoing a significant phase of large-scale digital infrastructure buildouts across the globe, like Bharatnet in India and federally-funded broadband infrastructure projects under the Broadband Equity, Access, and Deployment (BEAD) Program in the United States. STL is strategically expanding its capabilities across its key global businesses with a continued focus on customer-centricity and innovation. With their extensive experience and expertise, new leaders will play a critical role in strengthening STL's customer relationships and laying a robust foundation for sustainable growth in the years ahead. Pankaj Malik has been appointed as an interim Chief Executive Officer of STL's Global Services Business. Pankaj has over 27 years for extensive experience in strategic operations, digital transformations, and stakeholder management, with 20 years in the telecom sector. His diverse leadership background includes notable companies such as Philips India, Vodafone Idea, Bharti Airtel, G4S Secure Solutions, and Crest Digitel. Before joining STL, Pankaj worked as the COO at Crest Digitel, where he played a pivotal role in managing and overseeing operations across 22 telecom circles. Pankaj holds a Master's degree in International Marketing from IIEIM and a Bachelor's degree in Commerce (Accounting and Finance) from Delhi University. Jeric McCoy has joined as Vice President of Sales for Sterlite Technologies Inc. (STI), a US subsidiary of STL. He brings over 25 years of extensive experience in the Outside Plant (OSP) market, having held progressive leadership positions with companies like Raychem, AFL, Prysmian, and Superior Essex. Throughout his career, Jeric has successfully developed and managed comprehensive product portfolios, serving diverse customer bases across the U.S. with strengths in market pricing and distribution models. Jeric will report to Stephen Szymanski, Regional Sales Head, STIPowered by Capital Market - Live

Revenue from operations declined 10.76% quarter on quarter (QoQ) to Rs 1,261 crore in the third quarter of FY25. The firm posted a pre-tax loss of Rs 34 crore in Q3 FY25 compared to a pre-tax loss of Rs 16 crore for Q2 FY25. EBITDA decreased by 11.92% to Rs 133 crore in Q3 FY25 from Rs 151 crore in Q2 FY25. EBITDA margin reduced to 10.5% in Q3 FY25 as against 10.7% in Q2 FY25. The company credited the growth to its Optical Networking Business (ONB), which achieved approximately 8% YoY revenue growth alongside improved profitability. STL's open order book stood at Rs 9,050 crore, supported by its three key segments: optical networking, global services, and digital. The company said that it has made strides in sustainability, installing 4,523 kW solar panels at its Aurangabad and Silvassa plants to reduce its carbon footprint. Ankit Agarwal, managing director, STL, said, 'We are well positioned to capitalise on opportunities in the evolving market landscape with our focus on new product development, diversified customer segments, and key global markets. Our data centre and enterprise product portfolio continues to gain traction, driving increased customer interest and market adoption.' Sterlite Technologies is a leading global optical and digital solutions company providing advanced offerings to build 5G, rural, FTTx, enterprise, and data centre networks.Powered by Capital Market - Live

Revenue from operations declined 10.76% quarter on quarter (QoQ) to Rs 1,261 crore in the third quarter of FY25. The firm posted a pre-tax loss of Rs 34 crore in Q3 FY25 compared to a pre-tax loss of Rs 16 crore for Q2 FY25. EBITDA decreased by 11.92% to Rs 133 crore in Q3 FY25 from Rs 151 crore in Q2 FY25. EBITDA margin reduced to 10.5% in Q3 FY25 as against 10.7% in Q2 FY25. The company credited the growth to its Optical Networking Business (ONB), which achieved approximately 8% YoY revenue growth alongside improved profitability. STL's open order book stood at Rs 9,050 crore, supported by its three key segments: optical networking, global services, and digital. The company said that it has made strides in sustainability, installing 4,523 kW solar panels at its Aurangabad and Silvassa plants to reduce its carbon footprint. Ankit Agarwal, managing director, STL, said, 'We are well positioned to capitalise on opportunities in the evolving market landscape with our focus on new product development, diversified customer segments, and key global markets. Our data centre and enterprise product portfolio continues to gain traction, driving increased customer interest and market adoption.' Sterlite Technologies is a leading global optical and digital solutions company providing advanced offerings to build 5G, rural, FTTx, enterprise, and data centre networks. The scrip added 1.83% to end at Rs 111.55 on Friday, 18 January 2025.Powered by Capital Market - Live

Net Loss of Sterlite Technologies reported to Rs 24.00 crore in the quarter ended December 2024 as against net loss of Rs 57.00 crore during the previous quarter ended December 2023. Sales declined 4.61% to Rs 1261.00 crore in the quarter ended December 2024 as against Rs 1322.00 crore during the previous quarter ended December 2023. ParticularsQuarter EndedDec. 2024Dec. 2023% Var. Sales1261.001322.00 -5 OPM %10.156.81 - PBDT50.0016.00 213 PBT-34.00-68.00 50 NP-24.00-57.00 58 Powered by Capital Market - Live

Sterlite Technologies has allotted 32,115 equity shares under ESOP. Post allotment, the paid up equity share capital has increased to 487,845,670 equity shares from 487,813,555 equity shares. Powered by Capital Market - Live

Sterlite Technologies will hold a meeting of the Board of Directors of the Company on 17 January 2025.Powered by Capital Market - Live

Cherian will be relieved effective close of business hours of 31 January 2025. Meanwhile, Amit Deshpande, AVP-general counsel & company secretary (key managerial personnel), has tendered his resignation to pursue opportunities outside of the company. Deshpande will be relieved effective close of business hours of 31 January 2025. The company appreciates the contributions made by Praveen Cherian and Amit Deshpande in their respective roles and wishes them all the best for their future endeavours, it added. Sterlite Technologies is a leading global optical and digital solutions company providing advanced offerings to build 5G, rural, FTTx, enterprise, and data centre networks. The company's consolidated net loss to Rs 14 crore in Q2 FY25 from Rs 48 crore in Q1 FY25. Revenue increased by 16.01% sequentially to Rs 1,413 crore. Shares of Sterlite Technologies shed 0.30% to Rs 115.50 on the BSE.Powered by Capital Market - Live