Sterlite Technologies’ consolidated Q2FY17 result came in mixed compared to our estimate. Revenue came in 13.4% lower than our estimate of Rs 636 cr yoy. EBITDA came in 13.6% lower than estimate of Rs 118 cr. However, net profit was 2.5% higher than the estimated figure of Rs 50 cr yoy.
Revenue for the quarter decreased 3.6% yoy to Rs 551 cr. This was primarily due to slow uptake in domestic demand.
The EBITDA decreased by 9.8% yoy to Rs 102 cr while EBITDA margins fell by 125 bps yoy to 18.5%. This was due to low cable uptake and delay in NFS execution.
Net profit increased 38.8% yoy to Rs 51 cr primarily due to tax benefits from merger of passive infrastructure business of Speedon Network Ltd (SNL-100% subsidiary of Sterlite Tech)
Sterlite Technologies Ltd is currently trading at Rs. 106.25, down by 0.75 points or 0.7% from its previous closing of Rs. 107 on the BSE.
The scrip opened at Rs. 106 and has touched a high and low of Rs. 109.8 and Rs. 104.7 respectively. So far 1105200(NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.
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