Sterlite Technologies posted a strong set of numbers and beat the street estimates on key performance parameters. Consolidated revenues surged 60% yoy to Rs1,335cr in Q3FY19, beating the consensus estimates by 18%. EBITDA jumped 46% yoy to Rs294cr for the December quarter, beating the estimates by 3%. However, EBITDA margin for the Q3FY19 stood at 22% vs. 24% in Q3FY18, registering contraction of 214bps yoy. Net profit increased by 49% yoy to Rs148cr in Q3FY19 as compared to Rs99cr in Q3FY18, 6% above the consensus estimates.
Revenue growth was driven by sustained momentum of the execution of order book which is at all-time high of Rs10,231cr at the close of Q3FY19.
Surge in cost of material (up 89% yoy to Rs661cr) and higher employee benefit expenses (up 64% yoy to Rs149cr) led to 214bps contraction in EBITDA margins for the quarter.
Stellar performance at the bottom-line is primarily attributed to strong growth in the top-line.
The current order book provides visibility for next 2.5 years.
Sterlite continues to expedite strategic guidance of US$100mn PAT by FY20.
The company reported that its capacity expansion plan of optical fibre is on track and will achieve 50mn fkm capacity by mid CY19.
Sterlite Technologies Ltd is currently trading at Rs. 290.45, down by 2.95 points or 1.01% from its previous closing of Rs. 293.40 on the BSE.
The scrip opened at Rs. 294 and has touched a high and low of Rs. 299.10 and Rs. 288.80 respectively. So far 30,33,151 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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