Sterlite Technologies Ltd

Sterlite Technologies Ltd

₹ 127 -0.82%
28 May - close price
About

Sterlite Technologies Limited was established in July 2001 after the demerger of the telecom division of Sterlite Industries Ltd (SIL). In July 2006, STL acquired the transmission line business of SIL to foray into the power transmission cables business. STL has grown over the years to become the largest Optical Fiber and Optical Fiber Cables manufacturer in the country. The company also has sizeable presence in the overseas markets with an established presence in the global optical fiber market. [1]

Key Points

Market Position
It is the only fully backward integrated player in India capable of manufacturing glass preforms from silica and the same provides cost competitiveness and increases operating margins. [1] STL’s global ex-China OFC market share has improved to 12% in FY23 from ~9% in FY22. [2]

  • Market Cap 6,173 Cr.
  • Current Price 127
  • High / Low 179 / 110
  • Stock P/E
  • Book Value 43.1
  • Dividend Yield 0.79 %
  • ROCE 2.32 %
  • ROE -7.93 %
  • Face Value 2.00

Pros

  • Company has reduced debt.

Cons

  • Stock is trading at 2.94 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -9.80%
  • The company has delivered a poor sales growth of -4.06% over past five years.
  • Company has a low return on equity of 4.63% over last 3 years.
  • Earnings include an other income of Rs.189 Cr.
  • Company has high debtors of 167 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Cables Industry: Cables - Telephone

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
1,304 1,122 1,268 1,265 1,288 1,237 1,305 1,462 1,354 1,155 1,135 867 795
1,078 916 1,051 1,277 1,169 1,048 1,138 1,233 1,231 1,019 1,051 888 864
Operating Profit 226 206 217 -12 119 189 167 229 123 136 84 -21 -69
OPM % 17% 18% 17% -1% 9% 15% 13% 16% 9% 12% 7% -2% -9%
34 61 10 -14 -28 -53 -44 -18 52 38 56 38 57
Interest 54 46 50 59 62 60 66 76 78 77 76 71 70
Depreciation 49 50 54 48 52 51 51 50 50 49 49 50 49
Profit before tax 157 171 123 -133 -23 25 6 85 47 48 15 -104 -131
Tax % 31% 23% 26% 20% -43% 88% 217% 38% 47% 21% 7% 28% 21%
109 131 91 -107 -33 3 -7 53 25 38 14 -75 -103
EPS in Rs 2.75 3.31 2.29 -2.69 -0.83 0.08 -0.18 1.33 0.63 0.95 0.35 -1.88 -2.58
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
3,354 2,726 3,030 2,028 2,256 2,865 4,863 4,760 4,142 4,856 5,356 3,952
3,104 2,471 2,687 1,596 1,834 2,260 3,823 3,764 3,429 4,265 4,615 3,823
Operating Profit 250 256 343 432 422 605 1,040 997 713 591 741 129
OPM % 7% 9% 11% 21% 19% 21% 21% 21% 17% 12% 14% 3%
37 16 43 20 23 35 35 -18 58 -21 -85 189
Interest 133 95 179 98 117 103 95 204 190 216 280 294
Depreciation 86 103 108 107 145 170 168 232 215 198 203 197
Profit before tax 69 73 99 248 182 367 811 542 366 156 173 -173
Tax % 31% 31% 15% 27% 14% 31% 34% 20% 29% 47% 56% 27%
47 50 84 181 156 255 535 434 261 83 76 -127
EPS in Rs 1.21 1.27 2.14 4.59 3.92 6.35 13.30 10.73 6.59 2.09 1.91 -3.18
Dividend Payout % 25% 24% 28% 22% 32% 31% 26% 33% 30% 24% 53% 0%
Compounded Sales Growth
10 Years: 4%
5 Years: -4%
3 Years: -2%
TTM: -26%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -143%
Stock Price CAGR
10 Years: 13%
5 Years: -7%
3 Years: -20%
1 Year: -17%
Return on Equity
10 Years: 15%
5 Years: 11%
3 Years: 5%
Last Year: -8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 79 79 79 79 80 80 81 81 79 80 80 80
Reserves 1,104 1,140 1,164 815 792 990 1,508 1,729 1,747 1,763 1,804 1,641
1,069 1,313 1,692 910 1,068 1,163 1,529 1,972 2,241 2,664 3,049 2,393
1,035 1,015 1,292 704 811 1,151 2,809 2,315 2,668 2,909 2,696 2,882
Total Liabilities 3,286 3,546 4,227 2,508 2,750 3,384 5,926 6,096 6,736 7,416 7,629 6,996
1,001 1,006 914 914 1,131 1,088 1,809 2,262 2,204 2,149 1,967 1,848
CWIP 29 16 33 125 18 226 414 128 147 65 55 16
Investments 189 434 1,373 142 155 276 264 522 504 297 427 370
2,067 2,090 1,907 1,327 1,445 1,794 3,439 3,185 3,882 4,905 5,180 4,762
Total Assets 3,286 3,546 4,227 2,508 2,750 3,384 5,926 6,096 6,736 7,416 7,629 6,996

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
279 263 255 128 420 595 592 591 468 393 -194 959
-551 -408 -437 -100 -247 -427 -764 -517 -434 -296 -13 -116
261 80 196 -49 -122 -171 161 -56 -34 102 70 -797
Net Cash Flow -11 -66 14 -20 51 -2 -11 18 -0 199 -137 46

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 70 90 108 133 112 110 88 108 121 139 147 167
Inventory Days 45 61 74 75 120 95 56 44 64 62 54 52
Days Payable 96 127 165 142 167 196 264 213 327 320 277 366
Cash Conversion Cycle 19 24 17 66 65 9 -120 -60 -142 -119 -76 -147
Working Capital Days 18 21 20 70 88 52 20 32 88 91 128 93
ROCE % 10% 7% 10% 15% 16% 23% 34% 23% 14% 10% 15%

Shareholding Pattern

Numbers in percentages

4 Recently
Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Apr 2024
54.24% 54.20% 54.16% 54.15% 54.11% 54.10% 54.06% 54.05% 53.99% 53.99% 53.98% 44.19%
6.31% 7.01% 6.14% 5.99% 7.91% 7.87% 7.99% 7.16% 5.45% 4.75% 5.02% 9.96%
10.09% 7.08% 7.97% 7.21% 3.76% 2.87% 2.09% 1.99% 1.91% 1.96% 2.00% 12.26%
29.36% 31.71% 31.72% 32.65% 34.22% 35.16% 35.86% 36.81% 38.63% 39.31% 38.99% 33.57%
No. of Shareholders 1,83,2611,80,0851,97,7232,06,3922,10,9552,11,0852,05,9292,07,5132,25,5712,30,4632,32,6692,34,263

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

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