Globally-linked company reports Rs.4,050 cr orders in FY23
STL [NSE: STLTECH] says it has deepened its existing engagements in Europe and the UK, closing FY23 with orders valued at Rs.2,400 crores with 20 new customer partnerships, while winning Rs.1,000 crore business in India by working with top telecom operators for their pan-India fibre rollouts.
STL has also reported a strong 46% revenue growth in its Optical Business along with a 93% EBITDA increase, on the back of increased volumes and realisations, as well as significant growth in its focus markets.
In the US, STL kicked off commercial operations in its cable facility in South Carolina.
Last year, STL had shared its strategic intent to drive focused growth, which it followed through this year, with strong execution of the outlined priorities, resulting in a financially robust business.
STL Digital: At the beginning of the new financial year, STL also announced its foray into the multi trillion-dollar IT services industry. This was achieved through the formation of STL Digital, which is focused on engineering digital experiences for customers across verticals including telecom, technology, manufacturing and healthcare.
STL Digital is has acquired 18 global customers with an order book of Rs.650 crore and is creating a differentiation through its focus on talent and agility.
Making strong progress towards its goal of Net-Zero by 2030, STL has recycled 150,000 m3 of water, avoided 8,000+ tCO2e and reused and diverted ~75,000+ MT of waste. STL also received Zero Waste to Landfill certification for all its manufacturing facilities in India and Italy.
“The industry continues to show significant long-term growth and we are excited about co-creating meaningful solutions with our customers,” STL Managing Director Ankit Agarwal said on 17 May 2023.
“We believe that, going forward, our strong leadership, customer focus, technology innovation, and sustainability will be the cornerstones of our success.”
“Last year we sharpened our focus and set out on the path to be among the world top 3 companies in the Optical business. I am delighted to see our focused strategy yield strong results for the company.
Global Services Business: In FY23, STL established itself even better in the private telecom segment, received the coveted CMMI level 5 certification for its India operations and achieved operational break even in the UK.
To unlock future growth potential of this business, STL’s Board of Directors today approved the demerger of the Global Services business into a separate legal entity, on a going concern basis.
This decision, once approved by the shareholders and regulators, will create an industry-leading business that will drive large-scale network and IT infrastructure projects with sharp customer focus and agility.
The shareholding of STL and the new entity will mirror each other and the new entity will be publicly listed.
The leading optical and digital solutions company reported record revenues of Rs.6,925 crore for the year ended 31 Mar 2023, growing 27% over the previous year along with an impressive 29% growth in EBITDA to Rs.931 crore and 51% increase in PAT to Rs.245 crore. fiinews.com
