Sterlite Power announces strong FY’23 Results

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Sterlite Power announces strong FY’23 Results

Sterlite Power announces strong FY’23 Results

Industry News
Sep 12,23

The company witnessed strong growth in profitability in India operations. India operations record 30% increase in PAT

Sterlite Power announces strong FY’23 Results

Sterlite Power, a leading power transmission developer and solutions provider in India and Brazil, announced its results for the year ending March 31, 2023. The company witnessed strong growth in profitability in India operations. The snapshot of its standalone financials pertaining to India business for the year ending is as follows:

• Revenue up by 3.3% y-o-y at Rs 3,923 Cr

• EBITDA up by 52.4% y-o-y at Rs 558 Cr

• Profit After Tax (PAT) up by 30.3% y-o-y at Rs 322 Cr

Commenting on the remarkable performance of its India operations, 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 added, “Recently, a record Rs 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 said.

Some of the noteworthy business highlights in fiscal year 2023 include the company securing ‘Part G’ Rajasthan Green Energy Corridor transmission project worth Rs 1,500 Cr in Q4. Another remarkable accomplishment was the successful commissioning of LVTPL, the company's largest green energy corridor project. Across the Products, MSI and Convergence business units, the company won new order worth Rs 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.