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Sterlite Technologies (STL) on Wednesday reported a loss of Rs 137 crore on account of a one-time provisioning for dues from a customer in the December quarter. The company had posted a profit of Rs 86.64 crore during Q3FY21. Total revenues during the quarter grew 3.12% y-o-y to Rs 1,370.96 crore.
Ankit Agarwal, managing director, STL, said this was a one time provisioning and would not affect the business momentum. STL was expecting to collect the dues from customers and had only provided for it. The company had an order book of Rs 11,700 crore, he said. Around 45% of these were non-Indian orders.
The company had expanded its footprint in the US with 5G-ready optical products and bagged new orders to the tune of `300 crore, Agarwal said. STL is building a new facility for optical fibre in the US and this would be ready in around six to twelve months, he said. Another cable facility is coming up in UK. This would enhances STL’s fibre deployment capabilities in the US and UK.
On the 5G front, the company is working with customers in India, Australia and the USA. STL is taking the lab trials to the filed trials in the next six months, he said. They would be scaling it up to operator readiness levels. “There is strong interest globally to work with Made in India solutions and we are in active engagement with them,” Agarwal said.
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