Sterlite Power, a prominent player in the power transmission development and solutions sector in India and Brazil, has unveiled its financial performance for the fiscal year concluding on March 31, 2023. The company reported robust profitability growth in its Indian operations. Here is a summary of its standalone financials related to its Indian business for the fiscal year ending on March 31, 2023:
- Revenue up by 3.3% y-o-y at INR 3,923 Cr ·
- EBITDA up by 52.4% y-o-y at INR 558 Cr ·
- Profit After Tax (PAT) up by 30.3% y-o-y at INR 322 Cr
Speaking about the remarkable performance, Mr. Pratik Agarwal, Managing Director, Sterlite Power, said, “The results demonstrate our continuous focus on garnering new opportunities and operational efficiencies and underscores our commitment to be a key player in building nation’s energy landscape.” He also added, “Recently, a record ?75,408 crore worth of power transmission projects have been approved by the 14th NCT and are likely to be awarded this year through the bidding route. With our solid track record of executing complex projects, we are well positioned to capture a sizeable chunk of this opportunity.”
“The global focus on decarbonisation is increasing demand for our manufactured products and services, such as conductors, cables, and OPGW and the company is building a large order book for exports to developed markets. On the other hand, unprecedented growth in demand for data has put our Convergence business on a high-growth trajectory,” he noted.
Sterlite Power’s Business Highlights in FY 2023 include:
- In Q4, Sterlite Power secured the “Part G” Rajasthan Green Energy Corridor transmission project worth INR ~ 1,500 Cr.
- The company also successfully commissioned LVTPL, its largest green energy corridor project.
- Across the Products, MSI and Convergence business units, Sterlite Power won new orders worth INR 5200 Cr for the entire FY’23.
- In Brazil, Sterlite Power commissioned four projects, with two projects – Solaris II and Goyaz getting operational in the fourth quarter.