STL accelerates America's broadband rollouts through strong partnerships

FREMONT, Calif., May 17, 2023 /PRNewswire/ -- STL [NSE: STLTECH], a leading optical and digital solutions company today shared its progress and achievements in one of its largest markets - the US, along with the company's annual results for FY23. In the US, the company ably supported the region's broadband ambitions and closed the financial year with deep engagements with top service providers.

Last fiscal, the company set out to build a manufacturing base in the US and started commercial operations in its greenfield optical fiber cable facility in South Carolina. This facility produces high-end, specialty optical solutions like light-weight, crush-resistant, high fiber density and compact cables, using the highest sustainability standards.

STL's ability to supply high quality, Made-in-America optical fiber cables in shorter than market lead times has led the company to partner with multiple leading regional and national service providers. With STL's optical offerings, these service providers will connect more than ~3 Mn households across the country.

Speaking on STL's progress in the region, Paul Atkinson, CEO - Optical Networking Business,  STL, said: "Ahead of the BEAD state fund allocations expected on 30th June 2023, service providers are gearing up for action. We believe that fast availability and reliable supply of high quality solutions designed for the American context, are critical factors for BEAD's success. STL, with its local manufacturing and talent, along with its global footprint across 4 continents and 100 countries is very well positioned to meet the needs of the market. We are very excited about this journey of connecting the unconnected in the US."

At an overall company level, STL reported record revenues of USD 863 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.

STL - Financial highlights:

*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."

At the beginning of the new financial year, STL also announced its foray into the multi trillion dollar IT services industry. This was achieved through the formation of STL Digital, which is focused on engineering digital experiences for customers across verticals including telecom, technology, manufacturing and healthcare. STL Digital is led by Raman Venkatraman, who is an industry leader with nearly 30 years of global experience. The business unit has acquired 18 global customers with an order book of ^~USD 81 Mn and is creating a differentiation through its focus on talent and agility.

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

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SOURCE Sterlite Technologies Ltd - STL