Sterlite Technologies aims to double revenue in three years

Pune: Sterlite Technologies (STL) said that it intends to double its revenue to Rs 10,000 crore by 2023, while reducing its debt-equity ratio by half to 0.5 in the same period. This is part of the company’s Vision 2023 plan, built upon how the business has performed in the last three years. Anand Agarwal, CEO, STL said that this would come on the back of strong growth that the company was seeing in three of its four key business segments. “Digital service providers. Cloud companies and citizen networks are all going strong. In India, the telcos are getting ready for their next spend cycles,” he said. Europe, which contributes about a third of the total revenue has already started constructing new infrastructure, all of which will help the company grow faster.

The company reported its results for the first quarter on 2021 today. Net profit dropped by 98% over the previous year to Rs 2.85 crore, while revenues were down 38.81% at Rs 876 crore. This, Agarwal said, was primarily on account of not being operational for almost 50 days during the quarter on account of the Covid19 induced lockdowns. While manufacturing operations have restarted now, activity at project sites still varies depending on the local conditions. It has a cumulative order book of Rs 10,300 crore, and Agarwal said that the deal funnel and order book was at an all time high. There is a high level of engagement and investment in digital services as customers realise that their networks cannot keep up with the surge in internet traffic.

The company has signed new multi-million dollar contracts in the UK, Africa, Middle East, Italy, and Russia an secured new orders from global digital service providers, it said.