Sterlite Tech posts Rs 65 cr net profit in Q4; declares 50% payout

Sterlite Tech dividend, Sterlite Tech Q4 results: Broadband technology provider Sterlite Technologies on Wednesday posted a consolidated net profit of Rs 65 crore for the fourth quarter ended March 2023. The company had recorded a loss of Rs 22 crore in the year-ago period. The consolidated revenue from operations of Sterlite Technologies (STL) stood at Rs 1,872 crore during the reported quarter. The company had posted a revenue of Rs 1,497 crore in the March 2022 quarter.

For the year ended March 31, 2023, SSTL posted a profit of Rs 141 crore and a revenue of Rs 6,925 crore. Due to various changes in the organisation structure on account of acquisitions and discontinuing some operations, the financial performance of the reported quarter is not comparable to other periods, the company's auditor said in a note.

The company has proposed to demerge Global Services Business to STL Networks Limited -- wholly-owned subsidiary STL, on a going concern basis. According to the regulatory filing, the STL board has approved a proposal to raise Rs 1,000 crore.

The company has reduced its revenue growth outlook in the range of 20-25 per cent on a full-year basis compared to the 27 per cent it recorded in the financial year 2023. STL expects the net debt of the company to be below Rs 3,200 crore. The company reported a net debt of Rs 3,121 crore in FY23.

Sterlite Tech dividend 

The company announced a dividend of 50 per cent to its shareholders i.e., Re 1 per equity share of face value of Rs 2 per equity share. 

"Recommendation of final dividend of 50% (Rs. 1.00/- per Equity Share of Rs. 2/- each of the Company) for approval by the shareholders of the Company. The final dividend, if declared at the Annual General Meeting, (the “AGM”) will be paid within the statutory time limits," the company's filing said. 

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