Sterlite Technologies Ltd

Sterlite Technologies Ltd

₹ 132 1.81%
24 Apr 11:22 a.m.
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 6,460 Cr.
  • Current Price 132
  • High / Low 179 / 110
  • Stock P/E 64.2
  • Book Value 53.5
  • Dividend Yield 0.74 %
  • ROCE 11.0 %
  • ROE 6.32 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 30.2%

Cons

  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -9.80%
  • Company has a low return on equity of 7.47% over last 3 years.

* 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

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,314 1,475 1,309 1,508 1,287 1,497 1,487 1,683 1,883 1,872 1,522 1,494 1,322
1,085 1,219 1,077 1,246 1,299 1,367 1,326 1,452 1,641 1,616 1,308 1,281 1,232
Operating Profit 230 256 232 262 -12 130 161 231 242 256 214 213 90
OPM % 17% 17% 18% 17% -1% 9% 11% 14% 13% 14% 14% 14% 7%
8 31 33 11 -17 0 -35 -17 -16 8 30 11 12
Interest 50 53 49 57 64 68 68 77 78 89 92 95 94
Depreciation 68 61 70 75 86 87 76 76 78 78 81 85 84
Profit before tax 119 172 145 141 -179 -25 -18 61 70 97 71 44 -76
Tax % 28% 29% 26% 26% 21% 0% -33% 34% 33% 35% 27% 27% 22%
86 122 107 105 -142 -25 -24 40 47 63 52 32 -59
EPS in Rs 2.19 3.14 2.92 2.64 -3.50 -0.55 -0.55 1.10 1.28 1.63 1.35 0.85 -1.43
Raw PDF
Upcoming result date: 8 May 2024

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
2,622 3,092 2,564 3,097 2,144 2,449 3,177 5,087 5,154 4,825 5,437 6,925 6,210
2,426 2,865 2,287 2,634 1,685 1,929 2,431 3,968 4,093 4,018 4,772 6,030 5,437
Operating Profit 195 227 277 463 459 519 746 1,120 1,061 807 665 895 773
OPM % 7% 7% 11% 15% 21% 21% 23% 22% 21% 17% 12% 13% 12%
20 11 21 49 10 20 38 37 -16 58 -22 -64 61
Interest 92 106 180 327 119 123 104 105 221 203 238 311 370
Depreciation 72 89 133 185 126 159 182 195 290 285 308 309 328
Profit before tax 52 43 -15 0 225 257 497 856 533 377 97 211 136
Tax % 25% 43% -160% 3,355% 29% 15% 27% 32% 20% 30% 54% 40%
39 24 -40 -4 160 218 364 578 424 265 45 127 88
EPS in Rs 1.01 0.64 -0.90 -0.07 3.89 5.06 8.34 13.98 10.74 6.95 1.51 3.54 2.40
Dividend Payout % 30% 47% -33% -896% 3% 25% 24% 25% 33% 29% 33% 28%
Compounded Sales Growth
10 Years: 8%
5 Years: 17%
3 Years: 10%
TTM: -5%
Compounded Profit Growth
10 Years: 17%
5 Years: -18%
3 Years: -35%
TTM: -35%
Stock Price CAGR
10 Years: 18%
5 Years: -8%
3 Years: -18%
1 Year: -17%
Return on Equity
10 Years: 15%
5 Years: 16%
3 Years: 7%
Last Year: 6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 79 79 79 79 79 80 80 81 81 79 80 80 80
Reserves 1,066 1,081 1,031 1,008 676 800 1,095 1,639 1,839 1,908 1,875 2,011 2,056
Preference Capital 0 0 0 409 0 0 0 0 0 0 0 0
1,037 2,821 4,338 5,316 1,085 1,092 1,178 2,067 2,577 2,944 3,475 3,834 3,689
1,112 1,385 1,478 1,977 775 938 1,359 3,226 2,698 3,124 3,281 2,884 2,629
Total Liabilities 3,293 5,365 6,926 8,380 2,614 2,911 3,712 7,012 7,195 8,055 8,711 8,809 8,454
976 1,117 1,725 4,055 1,137 1,313 1,234 2,468 3,060 3,174 3,351 3,246 3,149
CWIP 713 2,181 3,549 2,193 172 66 357 419 133 227 143 129 188
Investments 13 44 222 59 16 49 175 135 333 303 92 136 199
1,592 2,022 1,430 2,074 1,289 1,483 1,946 3,990 3,669 4,350 5,125 5,298 4,918
Total Assets 3,293 5,365 6,926 8,380 2,614 2,911 3,712 7,012 7,195 8,055 8,711 8,809 8,454

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
323 283 264 393 215 488 729 631 696 638 584 226
-455 -1,495 -1,727 -1,172 -128 -232 -586 -1,172 -624 -615 -481 -55
250 1,545 1,079 850 -81 -187 -152 570 -68 23 115 -132
Net Cash Flow 118 333 -384 71 6 69 -9 29 4 46 218 39

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 93 68 81 98 121 102 100 97 111 110 115 96
Inventory Days 55 53 74 83 78 122 97 87 67 95 121 92
Days Payable 109 106 138 180 141 164 188 281 212 296 319 238
Cash Conversion Cycle 39 15 18 1 57 60 8 -97 -34 -91 -83 -50
Working Capital Days 29 -30 -50 -13 53 72 48 34 42 89 92 97
ROCE % 8% 5% 3% 5% 8% 20% 27% 30% 19% 12% 8% 11%

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.

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Documents

Concalls