STL's annual growth jumps 19%; reports highest ever revenue

Mumbai, 28 April 2022
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  • ~55 % of annual revenue from focus markets of US and EMEA
  • Robust operational performance across businesses
  • Margin softening due to inflationary pressures
STL [NSE: STLTECH], an industry-leading integrator of digital networks, today announced a collaboration with Analog Devices, Inc. to develop 5G Open RAN radio units (O-RU). Together, the two companies will build 5G-ready solutions to expand the diversity of commercially available O-RUs and facilitate the growth of Open RAN networks. As a part of this collaboration, STL and Analog Devices will work closely with other ecosystem providers, including leading power amplifier (PA) vendors, to expand the range of STL's Garuda O-RU indoor small cell offerings. STL will integrate Analog Devices' leading RadioVerse® transceivers into Garuda to create power-efficient, high-performance radios. An unprecedented multi-year network build cycle is driving 5G, FTTx, data centre and Open RAN deployments. STL has been investing in world-class technology and talent and is well-positioned to meet this demand. Pursuing its global ambition, STL reached 6% market share in Americas in its first year of operations and reported 25% share in the European market, up from 16% in FY21. FY22 was pivotal for STL as it announced manufacturing units in the UK and US and launched 'All-in 5G' solutions for converged and open source networks. It built a solid global leadership team to drive non-linear growth across businesses.


Key wins for FY22 driven by sharp focus on 3 growth levers:

  • Grow optical business: Apart from delivering on its planned 7Mn fKM capacity enhancement in India and announcing plans for UK and US, STL made big strides in the Optical Interconnect business, taking the attach rate from 3% to 11%
  • Globalise system integration: While continuing the momentum in India, STL launched its Global Services business in the UK with a combination of technology and trained manpower and clocked an open order book of ~INR 1,000 crore
  • Build access solutions:This was a strong foundational year for its newest business as STL announced general availability for 3 of 5 products as a part of its open source and programmable Accellus solution
The O-RU is one part of the network that cannot be virtualized, and with expanding requirements for the commercial-ready frequency band and power options, existing indoor radio options limit network operators' choices. STL's Garuda radio product line expands the availability of O-RU devices across global markets. "Building on the success of the Garuda project, we look forward to expanding the collaboration with STL and providing the Open RAN ecosystem with high-performance O-RUs." said Nitin Sharma, General Manager of the Wireless Systems Group at Analog Devices.

Key Performance Highlights

  • Diversified global customer wins - Netomnia, Openreach, Vocus, Meta Connectivity, Telecom Italia, PGCIL, Power & Tel, and Giganet were some key customer wins for FY22
  • Industry-leading technology innovation - STL filed 57 patents in Q4, taking its global patent portfolio to 733. 60% of the patents filed in FY22 are in the core optical business
  • Strong ESG focus - STL continued its ESG focus with social programs impacting 1.37 Mn people. In FY22 STL planted ~169,000 trees and committed to net-zero emissions by 2030. It also won prestigious awards including The Global CSR, and Green World Awards
  • Best-in-class people practices - For the third year in a row, STL won the Great Place to Work certification, a significant milestone in its journey of building a world-class, global organisation

Financial highlights (INR Crore)

P&L (INR Cr.) FY'22 FY'21
Revenue 5,754 4,825
EBITDA 594 854
PAT 62 275
Commenting on the results, Ankit Agarwal, Managing Director, STL, said "During FY22, we delivered exceptional revenue growth and grew significantly in our focus markets of US and Europe. We continue to witness inflationary headwinds as we start FY23 and are taking actions to mitigate the impact on margins. We are clearly in a multi-year network build cycle. I am confident that with a solid leadership in place, we will double down on technology innovation, operational excellence, and customer centricity to achieve 25% growth and deliver on our larger purpose of transforming billions of lives through digital networks."

About STL - Sterlite Technologies Ltd:

STL is one of the industry's leading integrators of digital networks providing All-in 5G solutions. Our capabilities across optical networking, services, software, and wireless connectivity place us amongst the top optical players in the world. These capabilities are built on converged architectures helping telcos, cloud companies, citizen networks, and large enterprises deliver next-gen experiences to their customers. STL partners with service providers globally in achieving a green and sustainable digital future in alignment with UN SDG goals. STL has a strong global presence in India, Italy, the UK, the US, China, and Brazil. Read more, Contact us.

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