Sterlite Power Transmission Limited (SPTL) initially filed for an IPO to raise ₹1,250 crore but withdrew the application in September 2022 due to unfavorable market conditions. The company is exploring alternative funding options, including private capital infusion and a potential demerger of its infrastructure business. In September 2023, SPTL demerged its infrastructure business into Sterlite Grid 5 Limited (SGL5) and formed a joint venture with Singapore's GIC. Additionally, the company is considering launching Infrastructure Investment Trusts (InvITs) to unlock value from its assets. SPTL's Brazilian subsidiary also issued Green Debentures worth ₹600 crore. The company’s focus remains on enhancing transmission infrastructure, capitalizing on renewable energy needs, and expanding its order book, which saw a 35% YoY increase in FY24.
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Industry projections for Sterlite Power Transmission Limited suggest an upside in the range of ₹760-820 by 2025. Key drivers include robust infrastructure development projects, government capital expenditure in power transmission, and modernization initiatives that improve efficiency and margins.
Sterlite Power Transmission is considered a defensive infrastructure stock with growth potential. Its diversified revenue from long-term power transmission contracts makes it appealing to both defensive investors and those seeking steady growth through strategic expansions in a capital-intensive sector.
It carries a moderate risk profile relative to the infrastructure sector’s dynamics. Regulatory Risk: Exposure to policy changes affecting capital expenditure in infrastructure. Execution Risk: Delays in project implementation impacting revenue recognition. Market Risk: Cyclicality in demand for infrastructure investments.
Mr. Dinesh Agarwal: Promoter with extensive experience in the power and infrastructure sectors, focused on driving strategic growth. Ms. Ritu Sharma: Chief Operating Officer with a proven track record in managing large-scale transmission projects and operational efficiency.
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