Sterlite Power Transmission Limited Unlisted Shares
Sterlite Power is a leading integrated power transmission developer and solutions provider globally, focused on addressing complex challenges in the sector by tackling the key constraints of time, space and capital. In their Global Infrastructure Business, they bid, design, construct, own and operate power transmission assets across multiple geographies. Given their expertise in project execution and their experience in leveraging cutting-edge technology, they have built a track record of commissioning projects ahead of schedule, addressing the key constraint of time. They help meet the industry’s need for capital by implementing projects on a BOOM (Build Own Operate Maintain) basis and being at the forefront of financial innovation via IndiGrid, India’s first power sector Infrastructure Investment Trust (InvIT).
Fundamentals
Financial (In Cr)
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 2092.39 | 5197.48 | 6297 | 0 |
| Cost of Material Consumed | 807.55 | 1200.33 | 4533 | 0 |
| Gross Margins | 61.41 | 76.91 | 28.01 | 0 |
| Change in Inventory | 128 | 17.68 | -129 | 0 |
| Employee Benefit Expenses | 230.13 | 247.03 | 266 | 0 |
| Other Expenses | 858.05 | 3175.66 | 633 | 0 |
| EBITDA | 68.66 | 556.78 | 994 | 0 |
| OPM | 3.28 | 10.71 | 15.79 | 0 |
| Other Income | 1724.56 | 797.07 | 67 | 0 |
| Finance Cost | 535.66 | 337.21 | 725 | 0 |
| D&A | 98.81 | 80.35 | 106 | 0 |
| EBIT | -30.15 | 476.43 | 888 | 0 |
| EBIT Margins | -1.44 | 9.17 | 14.1 | 0 |
| PBT | 1159.3 | 656.99 | 230 | 0 |
| PBT Margins | 55.41 | 12.64 | 3.65 | 0 |
| Tax (2021) | 289.53 | 216.85 | 263 | 0 |
| PAT | 869.77 | 440.14 | -33 | 0 |
| NPM | 41.57 | 8.47 | -0.52 | 0 |
| EPS | 142.24 | 71.98 | -2.7 | 0 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 3.28 | 10.71 | 15.79 | 0 |
| Net Profit Margin | 41.57 | 8.47 | -0.52 | 0 |
| Earning Per Share (Diluted) | 142.24 | 71.98 | -2.7 | 0 |
Shareholding Pattern
| Shareholding Pattern | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Promoter And Promoter Groups | 0.7443 | 0.7443 | 0.7138 | 71.34%% |
| Institutions | 0.0008 | - | - | - |
| Non-Institutions | 0.2341 | 0.2279 | - | - |
| Body Corporates | 0.0208 | 0.027 | - | - |
| Others | - | - | 0.2862 | 0.2862 |
Promoters
| Promoters | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Pravin Agarwal | Chairman | 30+ | in |
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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.
Read MoreSterlite 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.
Read MoreSterlite 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.
Read MoreIt 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.
Read MoreMr. 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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