amit@unlistedkraft.com
+91-9599071664
+91-9599071664
- Diversified Business Model: Post-demerger, SPTL focuses on products and MSI (Master System Integrations) businesses, with strong positions in power conductor and cable manufacturing and a ~40% market share in intra-state transmission upgrades. The company has also successfully developed and monetized 11 transmission assets in India and 5 in Brazil.
- Operational Expertise: SPTL has commissioned 12 transmission projects in India, with 8 more under development, and continues to hold a leadership position in domestic transmission projects based on levelized tariffs.
- Strong Financials: The company reported over ~₹5,000 crore in revenue in FY24 with an EBITDA margin of 10%. The solutions business provides stable margins, while the transmission business benefits from strong execution. SPTL maintains a comfortable financial risk profile with moderate gearing (0.7x) and an improving TOLTNW ratio (2x as of FY23).
- Strategic Growth Plans: Expansion in transmission infrastructure is supported by equity infusion from GIC, monetization of Brazilian assets, and local fundraising. The demerger into Sterlite Grid 5 Ltd (SGL 5) reflects a focused growth strategy.
Sterlite Power Transmission Ltd
DRHP Status : Not Filed
580
Current Price
580
Market Cap
9094.50 Cr
ISIN
INE110V01015
Face Value
2
P/E Ratio
34.51
EPS
18.69
P/B Ratio
5.24
Book Value
123.1
Debt to Equity Ratio
3.06
P&L Statement
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 2092.39 | 5197.48 | 3279 | 4918 |
| Cost of Material Consumed | 807.55 | 1200.33 | 2561 | 3702 |
| Gross Margins | 61.41 | 76.91 | 21.9 | 24.73 |
| Change in Inventory | 128 | 17.68 | -176 | 30 |
| Employee Benefit Expenses | 230.13 | 247.03 | 94 | 126 |
| Other Expenses | 858.05 | 3175.66 | 401 | 590 |
| EBITDA | 68.66 | 556.78 | 399 | 470 |
| OPM | 3.28 | 10.71 | 12.17 | 9.56 |
| Other Income | 1724.56 | 797.07 | 36 | 81 |
| Finance Cost | 535.66 | 337.21 | 147 | 186 |
| D&A | 98.81 | 80.35 | 47 | 46 |
| EBIT | -30.15 | 476.43 | 352 | 424 |
| EBIT Margins | -1.44 | 9.17 | 10.73 | 8.62 |
| PBT | 1159.3 | 656.99 | 241 | 319 |
| PBT Margins | 55.41 | 12.64 | 7.35 | 6.49 |
| Tax | 289.53 | 216.85 | 57 | 89 |
| PAT | 869.77 | 440.14 | 184 | 230 |
| NPM | 41.57 | 8.47 | 5.61 | 4.68 |
| EPS | 142.24 | 71.98 | 15.08 | 18.85 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 3.28 | 10.71 | 12.17 | 9.56 |
| Net Profit Margin | 41.57 | 8.47 | 5.61 | 4.68 |
| Earning Per Share (Diluted) | 142.24 | 71.98 | 15.08 | 18.85 |
Balance Sheet
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 1088.28 | 394.62 | 386 | 434 |
| CWIP | 1493.29 | 23.07 | 286 | 22 |
| Investments | 147.52 | 620.77 | 892 | 0 |
| Trade Receivables | 623.01 | 1360.42 | 1600 | 1261 |
| Inventory | 308.78 | 220.71 | 670 | 469 |
| Other Assets | 3093.79 | 6529.49 | 7202 | 11044 |
| Total Assets | 6754.67 | 9149.08 | 11036 | 13230 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 12.23 | 12.23 | 24.4 | 24.4 |
| FV | 2 | 2 | 2 | 2 |
| Reserves | 1084.36 | 1678.37 | 1485 | 1309 |
| Borrowings | 2707.52 | 2148.66 | 4611 | 770 |
| Trade Payables | 623.44 | 1668.82 | 1010 | 381 |
| Other Liabilities | 2327.12 | 3641 | 3905.6 | 10745.6 |
| Total Liabilities | 6754.67 | 9149.08 | 11036 | 13230 |
| Name | Holding |
|---|---|
| Twin Star Overseas Limited, Mauritius | 71.34% |
| Others | 28.62% |
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).
+91-9599071664
amit@unlistedkraft.com