Sterlite Power Transmission Limited Unlisted Shares

Annual Report Summary

The provided PDF is the 2022-23 Annual Report of Sterlite Power Transmission Limited. Here is a comprehensive summary:

Overview:

• Sterlite Power is a global power transmission infrastructure developer with projects in India and Brazil.
• The company aims to empower humanity by addressing energy delivery challenges and contributing to climate change solutions, aligning with India's Net Zero target by 2070.
• The company supports the transition to renewable energy. The company's efforts include building interstate transmission systems, upgrading existing power delivery networks, and manufacturing power conductors, EHV cables, and optical ground wire (OPGW).
• Sterlite Power is the sponsor of IndiGrid, India's first power sector Infrastructure Investment Trust (InvIT).

Key Performance Indicators:

• The company reports total income, EBITDA, PAT (Profit After Tax), and cumulative circuit kilometers (ckm) of transmission lines. The company's asset portfolio across India and Brazil has a capital expenditure (CAPEX) of ₹41,748.89 crores (US$ 5.08 billion).
• In FY23, the total income was ₹6,452 crores, EBITDA was ₹1,150 crores, and PAT was a loss of ₹(33) crores. The cumulative circuit kilometers reached 15,154.

Key Milestones:

• The report includes a historical timeline of key milestones since 2006, ranging from project commissioning, technological deployments (e.g., helicranes, UAVs), financial achievements (e.g., infrastructure bonds), and global expansion (Brazil).

Chairman's Message (Pravin Agarwal):

• The Chairman emphasizes Sterlite Power's commitment to sustainability and aligning with the United Nations' Sustainable Development Goals.
• The company is dedicated to reliable and sustainable power solutions. The successful commissioning of the Lakadia-Vadodara Transmission Project is highlighted as an important step in accelerating India's transition to a greener economy.
• The company seeks to shape a digitally empowered and resilient energy landscape, exemplified by innovations like 96 Fibre OPGW and ACCC ULS Brahmaputra High-Performance Conductor.

Managing Director's Message (Pratik Pravin Agarwal):

• The Managing Director discusses India's rising energy demand and Sterlite Power's role in addressing clean energy delivery challenges.
• The company has made significant contributions by commissioning a major green energy corridor in Gujarat, unlocking 5,000 MW of green power, and winning a green energy project in Rajasthan, aiming to connect renewable energy zones.
• In Brazil, the company won two important lots, and commissioned its largest project - Marituba.
• The solutions business is partnering with utilities to augment existing power infrastructure. There is increasing demand for MSI to upgrade existing infrastructure across states.
• The company is dedicated to safety, aiming for 'Zero Accidents'.
• The company has received the Great Place to Work® Certification for the second consecutive year and was recognized as the 'Power Transmission Company of the Year 2023'.
• The Indian government's transmission roadmap involves investment outlay of ₹2.44 trillion by 2030. In FY23, the company closed with 3.3% revenue growth at ₹3,923 crores.

Business Overview:

• The company has 31 projects across India and Brazil.
• The company focuses on innovative solutions, technological advancements, efficiency, and sustainability. The company successfully completed the Vineyards Project and the Borborema Transmission Project.

Operating Model:

• The company's operating model focuses on bidding for lucrative projects, developing efficiently while adhering to safety standards, building through sub-contracting to EPC partners with back-to-back guarantees, and asset-flipping assets to InvITs.

Technology Leadership:

• The report highlights technology leadership through solutions such as aerial technology for accelerated project execution, big data algorithms/predictive simulations, robotics for safe stringing, digitalization for operational efficiency, and technologies for a greener ecosystem.

MSI (Master Systems Integration) and Products Business:

• The company provides services for upgrading power infrastructure with custom-built solutions, technological prowess, engineering expertise, system design, and specialised EPC services. The company is India's first and largest integrated manufacturer of OPGW.

Convergence Business:

• The business has access to 8,500+ kms of OPGW across India and aims to create a pan-India, efficient optical ground wire network. The company offers fiber network to Telecom and ISP providers.

Quality Excellence:

• Sterlite Power strives for high-quality project and product delivery using engaged leadership, risk-based processes, quality frameworks, regular training, and strategic partnerships.

Committed to Safety First:

• The company emphasizes safety first, aiming for "Zero Accidents" by adhering to Quality, Health, Safety, and Environment (QHSE) standards and processes.

Positively Impacting Lives:

• The Sterlite EdIndia Foundation focuses on "quality education" through technology, content, skills, and analytics. The foundation engages with the educational ecosystem, including programs like Project Pragyan, Project Teachable, and Project Nirnay.

Financial Performance:

*Details for Standalone and Consolidated financial statements are provided, including revenue, EBITDA, PBT, tax expense, and PAT.

Other Key Information:

• The report includes details on Board of Directors, management team, awards and accolades, operational and financial data, subsidiary and joint venture information, and various compliances and policies. The Independent Auditor's Report is included, along with annexures and financial statements. *It also includes definitions for technical and general terms and abbreviations used.