STL board approves fund raise of Rs 1,000 crore; co’s PAT grows 51% in FY23

NEW DELHI: The board of optical and digital solutions provider Sterlite Technologies (STL) has on Wednesday approved the raising of funds of up to Rs 1,000 crores.

The company also posted a 51% rise in its profit after tax (PAT) for FY23 at Rs 245 crore compared to Rs 162 crores in the previous fiscal, driven by a strong performance in its mainstay optical fibre business.

STL’s revenue also rose from Rs 5,437 crores in FY22 to Rs 6,925 crores in FY23, while EBITDA grew 29% to Rs 931 crores.

“The Board at its meeting today, also approved, raising of funds, inter alia, by issue of equity shares, any financial instruments and/or security convertible into equity shares,