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ICICI Direct Report
Sterlite Technologies Ltd.'s performance for Q4 FY21 was a mixed bag with a slight topline beat but lower-than-expected margins.
Revenues came in at Rs 1,475 crore, up 27.1% YoY. We note that growth is on a benign base as Q4 FY20 had 35% YoY decline.
Product and services were in the ratio of 55:45.
Ebitda came in at Rs 256.5 crore, up 18.7% YoY, driven by topline growth.
Reported Ebitda margins came in at 17.4% (versus our estimate of 18.1%), down 123 basis points YoY, given the higher employee and other expenses.
Profit after tax at Rs 124.4 crore, up 54.9% YoY, was higher than expected, aided by lower depreciation and higher other income.
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