STL supports UK and Europe's digital ambitions with orders worth ~GBP 250 Mn in FY23

News provided by

17 May, 2023, 13:02 BST

Share this article

LONDON, May 17, 2023 /PRNewswire/ -- STL [NSE: STLTECH], a leading optical and digital solutions company today shared its progress and achievements in its focus markets of the UK and Europe, along with the company's annual results for FY23. In UK and Europe, the company ably supported the region's broadband ambitions and closed the financial year with orders valued at ~GBP 250 Mn.

STL is serving the optical and network build needs of its customers with design innovation and shorter lead times through its optical cable and connectivity manufacturing setups in Italy.

Last year, STL strengthened its relationship with its long-standing customers in the UK and also partnered with 20 new customers across Portugal, Switzerland, Croatia, Greece, Poland, Slovenia and Norway. One large-scale deal is with a new age broadband provider to provide integrated network deployment services in the UK. Another multi-million dollar partnership is with a leading European service provider to connect 15 Mn homes with STL's specially adapted and co-developed optical connectivity solutions. Recently, the company also won its first Optical Connectivity solutions order for Data centres in France. Behind this achievement is STL's R&D and application engineering expertise which enables STL to design solutions suited for the region. Here are some examples:

Speaking on STL's progress in the region, Paul Atkinson, CEO - Optical Networking Business, STL, said: "Our journey to become a preferred partner in enabling advanced optical fibre infrastructure across UK and Europe has been a fulfilling one. We deeply engage with telecom companies to co-create future-ready and sustainable solutions. Our solutions are specifically engineered for the European context and will help fiberise Europe at speed and scale."

At an overall company level, STL reported record revenues of GBP 716 Mn, growing 27% over the previous year along with an impressive 29% and 51% growth in EBITDA and PAT respectively.* Last year, STL had shared its strategic intent to drive focused growth, which it followed through this year, with solid execution of the outlined priorities, resulting in a financially robust business. This is reflected in the company's full year and sequential quarter-on-quarter performance in FY23.

STL - Financial highlights:

Financials*

GBP Million

FY 22

FY 23

Growth

Revenue

562

716

27 %

EBITDA

75

96

29 %

PAT

17

25

51 %

*all financials are from continued operations

Commenting on the company's annual performance, Ankit Agarwal, Managing Director, STL said "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. The Industry continues to show significant long-term growth and we are excited about co-creating meaningful solutions with our customers. We believe that, going forward, our strong leadership, customer focus, technology innovation, and sustainability will be the cornerstones of our success."

About STL - Sterlite Technologies Ltd:

STL is a leading global optical and digital solutions company providing advanced offerings to build 5G, Rural, FTTx, Enterprise and Data Centre networks. Read more, Contact us, stl.tech | Twitter | LinkedIn| YouTube

Photo: https://mma.prnewswire.com/media/2079200/STL_FY23.jpgLogo: https://mma.prnewswire.com/media/876464/Sterlite_Technologies_STL_New_Logo.jpg

SOURCE Sterlite Technologies Ltd - STL