Sterlite Power Reports Strong FY'23 Results

Financial Results - March 31, 2023:

Sterlite Power, a top developer and provider of power transmission systems in Brazil and India, released its financial results For the year ending March 31, 2023, The business's profitability in its activities in India increased significantly. The following is a summary of its standalone financials for the India company for the year ended March 31st, 23:

• 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

Mr. Pratik Agarwal, Managing Director of Sterlite Power, commented on the outstanding performance of its India operations, saying, "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."

Sterlite Power Business Highlights - FY 2023:

The 14th NCT recently authorized power transmission projects worth a record?75,408 crore, and they are expected to be granted this year under the bidding procedure, the speaker continued. We are in a good position to seize a sizable portion of this potential given our proven track record of successfully completing complicated projects.

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 INR ~ 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 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.