Sterlite Power Transmission Limited Unlisted Shares
Sterlite Power Transmission Limited
Sterlite Power is a leading global developer of power transmission infrastructure with 13 projects spanning 10,000 circuit kilometers in India and Brazil.
The innovative usage of global technologies such as heli-cranes to aid in project completion, and drones to survey and monitor transmission lines remotely has allowed us to reduce the need for human intervention, and minimize the impact on the environment, while also increasing accuracy in project planning and execution.
The strong local presence and deep understanding of government regulations, in the regions we operate in helping them get things right in the first attempt. The agile execution approach, and strong partnership ecosystem, working with all leading Indian EPCs has led to the successful completion, ahead of schedule.
The strong liquidity discipline and innovative project financing (via IndiGrid InvIT) helps empower the project execution teams to deliver ahead of schedule.
Sterlite Power Transmission Limited Unlisted Shares Details:
| Total Available Shares: | 1000 |
| Face Value: | ₹ 1 Per Equity Share |
| ISIN: | INE110V01015 |
| Lot Size: | 100-300 Shares |
| Current Unlisted Share Price: | ₹600 Per Equity Share |
The TSA also provides for force majeure relief to the inter-state transmission service licensees and inter-state transmission service customers (the “Affected Parties”) affected by the occurrence of a force majeure event.
The TSA defines a force majeure event as an event or circumstance, or a combination thereof, that wholly or partly prevents or unavoidably delays the Affected Party in the performance of its obligations under such TSAs, but only if and to the extent that such event or circumstance is not within the reasonable control, directly or indirectly of the Affected Party and could not have been avoided if the Affected Party had taken reasonable care, and includes, among others, an act of God, act of war, radioactive contamination, industry-wide strikes and labour disturbances having a nationwide impact in India. To the extent not prevented by a force majeure event, the Affected Party must continue to perform its obligations under the TSA and must use its efforts to mitigate the effect of such event, as soon as practicable. Neither the inter-state transmission service customer nor inter-state transmission service licensee will be in breach of its obligations under the TSA, except to the extent that the performance of its obligations was prevented, hindered or delayed due to a force majeure event. Each inter-state transmission service customer or inter-state transmission service licensee is entitled to claim relief for a force majeure event affecting its performance in relation to its obligations under the TSA. Computation of availability under outage due to a force majeure event must be in accordance to the Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2014 as amended from time to time and any subsequent enactment thereof.
FINANCIAL SUMMARY/HIGHLIGHTS
The Company’s financial performance on standalone and consolidated basis is as under: (in million)
| Summary of Key Financial Parameters | Standalone | Consolidated | ||
| Description | March 31, 2021 | March 31, 2021 | March 31, 2021 | March 31, 2021 |
| Revenue from operations | 29,338.52 | 26,754.23 | 20,923.91 | 30,043.19 |
| EBITDA | 5,895.25 | 1,297.71 | 17,932.15 | 24,056.28 |
| Less: Finance cost (net of finance income) | 2,886.24 | 4,688.20 | 5,356.68 | 7,348.37 |
| Less: Depreciation/Amortization/Impairment Expense | 425.48 | 1,067.58 | 988.15 | 2,421.31 |
| Share of Profit of Associate | – | – | 5.75 | 8.74 |
| Exceptional item | – | (925.87) | – | (925.87) |
| Profit/(Loss) Before Tax (PBT) | 2,583.53 | (5,383.93) | 11,593.07 | 13,369.47 |
| Less: Tax expense | (1,045.71) | (206.81) | 2,895.33 | 3,952.86 |
| Profit/(Loss) After Tax (PAT) (A) | 3,629.24 | (5,177.12) | 8,697.74 | 9,416.61 |
| Other Comprehensive Income/(loss) (OCI) (B) | (2,774.18) | (5,156.94) | 1,521.37 | (4,912.40) |
| Total Comprehensive Income/(loss) (A+B) | 855.06 | (10,334.06) | 10,219.11 | 4,504.21 |
IMPACT OF COVID-19
Since late 2019, the outbreak of COVID-19 has resulted in a global health crisis and triggered a global economic
downturn and contraction. The various restrictive measures implemented by the Government of India caused a slowdown in economic growth during much of Fiscal 2021. The Company’s plants and offices in India ceased operations from March 25, 2020 to mid-April 2020, while the Company continued to incur fixed and semi-variable costs during that period. COVID-19 also made it more difficult for players in the industry (including our third-party contractors) to recruit labour. The Company faced situation of work stoppage at the transmission line, restriction in movement of goods, delay in permits and approvals. The government also postponed or delayed their tenders for power transmission projects, including construction projects and upgrade/uprate projects. As a result, the revenue from the Solutions business and revenue from concession assets for Fiscal 2021 were adversely impacted.
| PARTICULARS | AS AT 31 MARCH 2021 | AS AT 31 MARCH 2020 |
| Equity share capital |
122.36 |
122.36 |
| Total Equity |
13,802.69 |
12,737.49 |
| Earnings per equity share |
59.32 |
(69.49) |
- Sterlite Power Annual Report 2019-20
- Sterlite Power Annual Report 2018-19
- Sterlite Power Annual Report 2017-18
- Sterlite Power Annual Report 2016-17
Sterlite Power Transmission Limited Unlisted Shares-Company Overview
Sterlite Power Transmission Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956.
The Company and its subsidiaries (together referred to as ‘the Group’) are engaged in the business of Power products and solutions. Power products and solutions mainly include manufacturing of power transmission conductors, optical ground wire cables and power cables. It also includes execution of Engineering, Procurement and Construction Contracts for replacement of power transmission conductors, optical ground wire cables and power cables as a part of master system integration business. The Group is also in the business of developing power transmission systems for concessional periods ranging from 25 to 35 years under Build Own Operate & Maintain (“BOOM”) and Build, Operate and Transfer (‘BOT’) models.
Sterlite Power is the world’s leading developer of transmission infrastructure, with more than 13,700km circuit projects and 26,100 MVA (Mega Volt-Amp) in India and Brazil. With an industry-leading power cable, EHV (Extra-High Voltage) cable, and OPGW (Optical Ground Wire) product portfolio, Sterlite Power also provides retrofit solutions for upgrading, uprating, and strengthening existing networks, and is the leading manufacturer of bare overhead conductors, exporting to over 60 countries.
Sterlite Power is also a sponsor of IndiGrid, which is India’s first energy Infrastructure Investment Trust (InvIT) listed on BSE and NSE.
By obtaining long-term and reliable project finance from certified investors, Sterlite power transmission keeps a competitive capital structure. Sterlite Power Unlisted Share Price is Volatile because of high demand.
Sterlite Power Transmission Limited Unlisted Share Details as of March 31, 2022
| Sterlite Power Outstanding Shares : | 6,11,80,000 |
| Face Value of Sterlite Power Unlisted Share: | 2 |
| ISIN of Sterlite Power Unlisted Share: | INE110V01015 |
| Lot Size of Sterlite Power Unlisted Share: | 100 shares |
| Sterlite Power Share Price: | Best in industry |
| PAN Number of Sterlite Power: | AAVCS7209P |
Incorporation Details of Sterlite Power Transmission Limited
CIN of Sterlite Power Transmission Limited |
U74120PN2015PLC156643 |
Registration Date of Sterlite Power Transmission Limited |
May 5, 2015 |
Sterlite Power Transmission Limited Registered Office Address |
4th Floor, Godrej Millennium 9 Koregaon Road, Pune – 411 001
Maharashtra, India |
Sterlite Power Transmission Limited Registrar and Transfer Agent Details |
KFin Technologies Limited
Selenium Tower B, Plot 31 & 32, Financial District, Nanakramguda, Serilingampally Mandal, Hyderabad – 500 032, Telangana. Phone No.: 040 67161524, |
Board of Directors & Management of Sterlite Power Transmission Limited
Mr. Pravin Agarwal, Chairman
Mr. Pratik Agarwal, Managing Director
Mr. A.R. Narayanaswamy, Non-Executive and Independent Director
Mr. Anoop Seth, Independent Director
Mr. Manish Agrawal, Whole Time Director & CEO India Transmission Business
Ms. Kamaljeet Kaur, Whole Time Director & Group CHRO
Principal Business Activities of Sterlite Power Transmission Limited
| S. No. | Name and Description of main products/services | NIC Code of the Product/ service | % to the total turnover of the company |
| 1. | Power Transmission Conductor | 2610 | 59.00% |
| 2. | Power Cable | 2732 | 20.00% |
| 3. | Revenue from Project (MSI Business) | 2610 | 21.00% |
Sterlite Power Transmission Limited Shareholding Pattern (As of 31-03-2022)
| S. No. | Shareholders’ Name | No. of Shares held | % of total Shares of the company |
| 1. | Promoters Group | 4,55,33,851 | 74.42% |
| 2. | Public shareholding | 1,56,48,051 | 25.58% |
| Total | 6,11,81,902 | 100.00% |
Sterlite Power Transmission Limited Industry Overview
The power sector plays a crucial role in socio-economic growth and is instrumental to the development of a nation. Consistent and steady investments in the sector are therefore imperative to propel growth. Over the years the country has achieved the key milestones of achieving 100% electrification. As it strides further in its journey of development of the power sector, Hon. Prime Minister’s commitments announced during the COP26 summit shall act as a guiding principle.
As the dependence on fossil fuel decreases, the complementary rise in renewables and storage shall necessitate a rise large-scale build out of a transmission network. In addition, as the gap between the capita power consumption of India and the globe narrows, potential grid congestion would further propel grid modernisation and build out. Early seeds of increasing power demand have become evident in the previous fiscal.
In FY22, as the economy opened, the power demand grew by an 8.5% y-o-y to 1384 BU. During the year, the peak demand surpassed the previous high to reach ~200 GW. These numbers are likely to shoot further up as the country embarks on the journey of becoming “Atmanirbhar” and consolidates itself as a manufacturing hub of the world. Great strides have been made in the previous year towards it: several Performance Linked Initiative (PLI) schemes have been rolled out and have garnered positive reception from the industry. The PLI scheme to promote solar manufacturing was subscribed 5.5 times, while the scheme to promote battery manufacturing was subscribed 2.6 times. This indicates investor confidence in the Indian economy at large and in its power sector, in particular.
STERLITE POWER TRANSMISSION Limited Balance Sheet (In Rs. Millions)
| PARTICULARS | 31st March 2023 | 31st March 2022 |
| Assets | ||
| Non-Current Assets | ||
| Property, plant and equipment | 3,445.22 | 3,330.52 |
| Capital work-in-progress | 2,860.58 | 230.77 |
| Intangible assets | 418.91 | 362.4 |
| Intangible assets under development | – | 0.07 |
| Right-of-use assets | 476.98 | 615.68 |
| Investment in associates and joint ventures | 100.82 | 251.79 |
| Financial assets | ||
| Investments | 8,118.56 | 5,955.98 |
| Trade receivables | – | – |
| Other financial assets | 1,412.00 | 926.4 |
| Income tax assets (net) | 611.73 | 887.52 |
| Deferred tax assets (net) | – | 175.77 |
| Other non-current assets | 43,524.79 | 18,431.30 |
| Total non-current assets | 60,969.59 | 31,168.20 |
| Current assets | ||
| Inventories | 6,597.04 | 2,207.18 |
| Financial assets | ||
| Investments | 805 | – |
| Trade receivables | 15,996.30 | 13,604.29 |
| Cash and cash equivalents | 11,576.15 | 11,475.58 |
| Other bank balances | 2,802.15 | 2,024.95 |
| Loans | – | 35.52 |
| Other financial assets | 1,827.97 | 1,999.97 |
| Other current assets | 9,788.56 | 5,537.53 |
| Total Financial assets | 49,393.17 | 36,885.02 |
| Assets classified as held for sale | – | 23,437.85 |
| Total current assets | 49,393.17 | 60,322.87 |
| TOTAL ASSETS | 1,10,362.76 | 91,491.07 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Equity share capital | 244.72 | 122.36 |
| Other equity | ||
| Securities premium | 4,450.46 | 4,536.80 |
| Retained earnings | 11,321.15 | 8,638.98 |
| Other reserves | -1,076.31 | 3,607.92 |
| Equity attributable to equity holders of the parent | 14,940.02 | 16,906.06 |
| Non-controlling interest | 152.76 | 81.53 |
| Total equity | 15,092.78 | 16,987.59 |
| Liabilities | ||
| Non-current liabilities | ||
| Borrowings | 35,543.51 | 15,629.13 |
| Lease liabilities | 366.04 | 454.74 |
| Other financial liabilities | 1,290.69 | 447.29 |
| Employee benefit obligations | 55.72 | 76.1 |
| Deferred tax liabilities (net) | 1,020.40 | 543.99 |
| Other non-current liabilities | 5,244.61 | 4,973.18 |
| Total non-current liabilities | 43,520.97 | 22,124.43 |
| Current liabilities | ||
| Borrowings | 10,570.96 | 5,578.08 |
| Lease liabilities | 101.04 | 124.62 |
| Trade payables | ||
| total outstanding dues of micro enterprises and small enterprises | 908.41 | 492.92 |
| total outstanding dues of creditors other than micro enterprises and small enterprises | 20,069.76 | 16,195.32 |
| Other financial liabilities | 7,040.29 | 3,057.36 |
| Employee benefit obligations | 77.64 | 106.66 |
| Other current liabilities | 12,150.67 | 5,798.02 |
| Current tax liabilities (net) | 830.24 | 351.86 |
| Liabilities directly associated with assets classified as held for sale | – | 20,674.21 |
| Total current liabilities | 51,749.01 | 52,379.05 |
| Total liabilities | 95,269.98 | 74,503.48 |
| TOTAL EQUITY AND LIABILITIES | 1,10,362.76 | 91,491 |
STERLITE POWER TRANSMISSION Limited Profit & Loss Statement (In Rs. Millions)
| PARTICULARS | 31st March 2023 | 31st March 2022 |
| INCOME | ||
| Revenue from operations | 62,970.68 | 51,974.83 |
| Other income | 1,550.61 | 7,970.70 |
| Total income | 64,521.29 | 59,945.53 |
| EXPENSES | ||
| Cost of raw material and components consumed | 17,383.57 | 12,003.35 |
| Construction material and contract expense | 27,264.53 | 27,388.71 |
| Purchase of traded goods | 676.87 | 579.31 |
| (Increase)/Decrease in inventories of finished goods, work-in-progress and traded goods | -1,287.48 | 176.84 |
| Employee benefits expense | 2657.63 | 2,470.37 |
| Other expenses | 6,328.89 | 3,788.66 |
| Total expenses | 53,024.01 | 46,407.24 |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 11,497.28 | 13,538.29 |
| Depreciation and amortization expense | 1,058.04 | 803.56 |
| Finance costs | 7,255.02 | 4,256.76 |
| Finance income | -1,288.56 | -884.6 |
| Profit before share of profit of associates and joint ventures and tax expense | 4,472.78 | 9,362.57 |
| Share of loss of associates and joint ventures | -2,168.87 | -2,675.60 |
| Exceptional item | – | 117 |
| Profit before tax | 2,303.91 | 6,569.97 |
| Tax expense: | ||
| Current tax | 1,463.64 | 1,570.18 |
| Deferred tax charge | 1,196.92 | 743.27 |
| Income tax for earlier years | -29.33 | -144.9 |
| Income tax expense | 2,631.23 | 2,168.55 |
| Profit/(loss) for the year | -327.32 | 4,401.40 |
| Total comprehensive income for the year, net of tax | -2,069.97 | 9,619.57 |
| Earnings per equity share | ||
| Basic earnings per share | -2.67 | 35.97 |
| Diluted earnings per share | -2.67 | 35.97 |
STERLITE POWER TRANSMISSION Limited Consolidated Cash Flow Statement (In Rs. Millions)
| PARTICULARS | 31st March 2023 | 31st March 2022 |
| A. CASH FLOW FROM OPERATING ACTIVITIES | ||
| Net profit/(loss) as per consolidated statement of profit and loss | -327.32 | 4,401.42 |
| Adjustment for taxation | 2,631.23 | 2,168.55 |
| Profit before tax | 2,303.91 | 6,569.97 |
| Non-cash adjustment to reconcile profit before tax to net cash flows | ||
| Depreciation and amortization expense | 1,058.04 | 803.56 |
| Provision for doubtful debts | – | 103.59 |
| Reversal of impairment allowance for trade receivables | -31.74 | – |
| Loss on sale of property, plant and equipment (net) | 5.48 | 4.48 |
| Gain/(Loss) on sale of stake in subsidiary (loss of control) | – | -94.44 |
| Indemnification expenses incurred under share purchase agreeement | 59.56 | 77.13 |
| Net profit on sale of investments in Indigoid Investment Managers Limited and in units of India Grid Trust | – | -297.5 |
| Write down related to assets held for sale | – | -422.23 |
| Share based payment expense | 59.06 | – |
| Impairment and expected loss on concession contract assets (including loss for onerous contracts) | 898.66 | – |
| Income on investment in India Grid Trust | – | -11.47 |
| Share in loss of associates and joint ventures | 2,168.87 | 2,675.60 |
| Finance costs | 7,255.02 | 4,256.76 |
| Finance income | -1,288.56 | -884.6 |
| Net gain on sale of power transmission assets | -1,350.05 | -7,031.95 |
| Consideration received from India Grid Trust on sale of transmission assets in earlier years | – | -513.65 |
| 8,834.33 | -1,334.72 | |
| Operating profit before working capital changes | 11,138.24 | 5,235.25 |
| Movements in working capital: | ||
| Increase in trade payables | 4,134.39 | 6,599.79 |
| Increase/(decrease) in employee benefits obligation | -53.24 | 5.46 |
| Increase in other liabilities | 6,550.15 | 1,675.43 |
| Increase/(decrease) in other financial liabilities | -1977.89 | 746.02 |
| Increase in trade receivables | -2,240.06 | -4,539.86 |
| (Increase)/decrease in inventories | -4,389.86 | 880.66 |
| (Increase)/decrease in other financial assets | -25.06 | 1,227.29 |
| Increase in other assets | -28,871.07 | -13,327.14 |
| Change in working capital | -26,872.64 | -6,732.36 |
| Cash used in operations | -15,734.39 | -1,497.11 |
| Direct taxes paid (net of refunds) | -689.25 | -1,381.35 |
| Net cash used in operating activities | -16,423.64 | -2,878.46 |
| B. CASH FLOW FROM INVESTING ACTIVITIES | ||
| Purchase of property, plant and equipment, including capital work-in-progress and capital advances | -1,992.34 | -6,582.65 |
| Proceeds from sale of property, plant and equipment | 71.22 | 67.74 |
| Sale of mutual funds | 1,401.81 | 9.07 |
| Purchase of mutual funds | -2,200.00 | – |
| Consideration paid on acquisition of Sterlite Interlinks Limited | -13.36 | – |
| Consideration paid on acquisition of Maharashtra Transmission Communication Infrastructure Limited | -100 | -200 |
| Proceeds from sale of power transmission assets | 3,787.05 | 6,097.72 |
| Proceeds from sale of units of India Grid Trust | – | 283.72 |
| Proceeds from sale of investment in Indi grid Investment Managers Limited | – | 359.95 |
| Investment in bank deposits (net) | -1,402.52 | 1,747.60 |
| Income on investment in India Grid Trust | – | 11.47 |
| Payment for indemnification expenses as per share purchase agreement | -39.43 | -225.16 |
| Loans given | -624.9 | -35 |
| Loans repaid | 4,000.42 | 302.02 |
| Investment in shares of joint ventures | -162.02 | -1,007.91 |
| Investment in non-convertible debentures of joint ventures | -836.41 | -2,453.00 |
| Investment in compulsorily convertible debentures of joint ventures | -919.69 | -99.13 |
| Proceed from sale of non-convertible debentures of joint ventures | – | 1,914.23 |
| Finance income received | 523.11 | 301.24 |
| Net cash flow from investing activities | 1492.94 | 491.91 |
| C. CASH FLOW FROM FINANCING ACTIVITIES | ||
| Payment of dividend on equity shares | – | -317.97 |
| Payment of dividend on redeemable preference shares | -13.21 | – |
| Proceeds of long-term borrowings | 22,404.63 | 16,788.29 |
| Repayment of long-term borrowings | -1,189.77 | -977.61 |
| Proceeds/(repayment) of short-term borrowings (net) | 225.21 | -2,015.56 |
| Repayment of lease liabilities | -149.21 | -86.31 |
| Finance costs paid | -5,633.23 | -4,603.51 |
| Net cash flow from financing activities | 15644.42 | 8,787.33 |
| Net increase in cash and cash equivalents | 713.72 | 6,400.79 |
| Cash and cash equivalents as at beginning of year | 11,475.58 | 6,711.19 |
| Cash and cash equivalents on dispoal/loss of control of subsidiaries in power transmission and infrastructure business | – | -657.76 |
| Cash and cash equivalents on conversion of Sterlite Interlinks Limited from associate to subsidiary | 21.3 | – |
| Cash and cash equivalents on addition of subsidiary (refer note 49) | – | 65.71 |
| Decrease of cash and cash equivalents classifed under assets held for sale (refer note 12) | -638.33 | -1,044.40 |
| Adjustments on account of foreign currency translation | 3.88 | 0.05 |
| Cash and cash equivalents as at year end | 11,576.15 | 11,475.58 |
Cash Flow Statement Analysis of Sterlite Power Transmission Limited for the FY 2022 and FY 2023:
A. Cash Flow from Operating Activities:
In 2023, the net profit as per the consolidated statement of profit and loss was a loss of -327.32, a significant decline from the profit of 4,401.42 in 2022. Adjustments for taxation amounted to 2,631.23 in 2023 and 2,168.55 in 2022. Operating profit before working capital changes was 11,138.24 in 2023, surpassing the 5,235.25 recorded in 2022. Movements in working capital witnessed a substantial decrease of -26,872.64 in 2023, compared to -6,732.36 in 2022. The cash used in operations increased to -15,734.39 in 2023 from -1,497.11 in 2022, primarily attributed to changes in working capital. Direct taxes paid (net of refunds) were -689.25 in 2023 and -1,381.35 in 2022. Consequently, the net cash used in operating activities increased to -16,423.64 in 2023 from -2,878.46 in 2022.
B. Cash Flow from Investing Activities:
The cash flow from investing activities in 2023 was 1,492.94, showing an increase from 491.91 in 2022. Noteworthy transactions include the purchase of property, plant, and equipment amounting to -1,992.34 in 2023, as opposed to -6,582.65 in 2022. Proceeds from the sale of power transmission assets saw a notable increase from 6,097.72 in 2022 to 3,787.05 in 2023. Investments in non-convertible debentures of joint ventures decreased to -836.41 in 2023 from -2,453.00 in 2022. The overall net cash flow from investing activities increased, reflecting a strategic approach to capital expenditure and divestment activities.
C. Cash Flow from Financing Activities:
The net cash flow from financing activities increased substantially from 8,787.33 in 2022 to 15,644.42 in 2023. This change is primarily attributed to an increase in the proceeds of long-term borrowings, rising from 16,788.29 in 2022 to 22,404.63 in 2023. Repayment of long-term borrowings increased slightly from -977.61 in 2022 to -1,189.77 in 2023. The company also witnessed a significant change in short-term borrowings, with net proceeds increasing from -2,015.56 in 2022 to 225.21 in 2023. Overall, the company demonstrated a robust financing strategy with a considerable increase in financing activities.
Overview:
In summary, the company experienced a notable shift in its financial performance from 2022 to 2023. The operating activities showed a substantial increase in the net cash used, largely influenced by changes in working capital. Investing activities witnessed a positive shift, with a strategic approach to capital expenditure and divestment. Financing activities demonstrated a robust increase in cash flow, primarily driven by an uptick in the proceeds of long-term borrowings. The overall cash and cash equivalents increased from 11,475.58 at the beginning of 2023 to 11,576.15 at the end of the year. The detailed analysis provides insights into the company ‘s financial decisions and their impact on cash flow during the specified periods.
Dividend history of Sterlite Power Transmission Limited (In Rs. Millions)
| Particulars | 2023 | 2022 |
| Dividend (In Rs.) | 1 | – |
| Retained Earnings (In Rs. Millions) | 11,321.15 | 8,638.98 |
