Sterlite Power completes merger of subsidiary and announces consolidated PAT of INR 942 Cr for FY 2020
Reiterates robust operating performance with profitable growth and increasing focus on transportation of renewable energy
New Delhi, 13 January 2021: Sterlite Power, a leading global power transmission player, has announced the completion of merger of its wholly owned subsidiary Sterlite Power Grid Ventures Ltd. with the parent entity. With this merger, the company further strengthens its position in the marketplace by integrating operations and streamlining the corporate structure. Post the merger, Sterlite Power has announced the audited annual results for Financial Year 2020 recording outstanding growth in revenue and profit.
Key Financial Highlights
- Consolidated Revenue up by 44% y-o-y at INR 5,158 Cr
- Consolidated EBITDA up by 434% y-o-y at INR 2,406 Cr
- Consolidated Profit After Tax up by 280% y-o-y at INR 942 Cr
- ROCE of 28%
Sterlite Power is increasingly focused on integrating renewable energy (RE) to the grid and has been awarded vital projects connecting the national grid to clean and green energy. The company has added several Inter-State Transmission System (ISTS) projects to its portfolio in FY20 including the Lakadia-Vadodara Transmission Project Ltd. (LVTPL) which is part of India’s Green Energy Corridor (GEC). The company also commissioned its first project in Brazil (Arcoverde) 28 months ahead of schedule, which was designed to evacuate renewable wind energy. Through its unique asset monetization strategy, the company has realized additional liquidity of INR 2450 Cr from the monetization of three projects in India (NRSS 29, OGPTL and ENICL)and three projects in Brazil (Pampa, Arcoverde and Nova Estado).
Apart from achieving significant milestones in terms of project wins, execution, and asset monetisation, it has been an exceptional year for the company in terms of prestigious global and national recognitions:
- Winner of ‘Construction Project of the Year’ at the S&P Global Platts Energy Awards 2019 for NRSS-29 project in Kashmir.
- Gold Winner in the mega-sized project category at the IPMA Global Project Excellence Awards 2019 for NRSS-29 project.
- Economic Times (ET) Innovation Awards for Skyrob™ – a semi-autonomous robot developed in-house to ensure safe OPGW stringing under live-line conditions.
- Featured as case studies by India’s premier management institutes: IIM Ahmedabad and ISB Hyderabad.
Commenting on company’s performance, Mr. Pratik Agarwal, Managing Director, Sterlite Power, said, “We are driven by our core purpose to enable access to reliable power while minimizing the impact on climate change. As the world makes rapid transition towards clean energy, and India targets 450GW of renewable energy by 2030, we will contribute towards this noble cause by creating the required transmission infrastructure so that green energy can reach the most underserved households.”
As humanity adapts to the new normal defined by the pandemic, access to uninterrupted power has become the lifeline for society and economy. With the added urgency to avert the bigger crisis of climate change, Governments across the globe have accelerated the transition from fossil fuel to clean energy. In this new era, Sterlite Power is playing a critical role by enabling access to reliable power with an increasing focus on integrating renewables to the grid.
With its unique asset monetization strategy and strong project execution capabilities, the company has delivered strong financial results. Sterlite Power’s Annual Report 2019-20 can be accessed here.
About Sterlite Power
Sterlite Power is a leading global developer of power transmission infrastructure with projects of over 13,700 circuit kms and 26,100 MVA in India and Brazil. With an industry-leading portfolio of power conductors, EHV cables and OPGW, Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks. The Company has set new benchmarks in the industry by use of cutting-edge technologies and innovative financing. Sterlite Power is the sponsor of IndiGrid, India’s first power sector Infrastructure Investment Trust (“InvIT”), listed on the BSE and NSE. Sterlite Power has been recognised with The Economic Times Innovation Awards 2020 and is a recipient of prestigious global awards from S&P Global Platts and International Project Management Association (IPMA).
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