Magazine

Last edition
november-december 2024

Home › Business ›Sterlite Power Announces FY’23 Results, Records 30 Percent Increase in PAT

Sterlite Power Announces FY’23 Results, Records 30 Percent Increase in PAT

As of FY’23, the data indicates that revenue increased by 3.3 percent year-over-year to INR 3,923 Crores. EBITDA increased by 52.4 percent y-o-y to INR 558 Crores according to the financial figures. Profit After Tax (PAT) for the company has increased 30.3 percent year over year to INR 322 Crores.

September 12, 2023. By EI News Network

Sterlite Power released its financial results, for the year ending March 31, 2023. The company’s profitability in its activities in India increased significantly.

As of FY’23, the data indicates that revenue increased by 3.3 percent year-over-year to INR 3,923 Crores. EBITDA increased by 52.4 percent y-o-y to INR 558 Crores according to the financial figures. Profit After Tax (PAT) for the company has increased 30.3 percent year over year to INR 322 Crores.

Pratik Agarwal, Managing Director of Sterlite Power, stated, “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 said, “Recently, a record INR 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.”

He further added, “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.”

Some of the noteworthy business highlights in the fiscal year 2023 comprise the company procuring ‘Part G’ Rajasthan Green Energy Corridor transmission project worth INR ~ 1,500 Cr in Q4. There is another remarkable accomplishment was the successful commissioning of LVTPL, the company's largest green energy corridor project. And, across the Products, MSI and Convergence business units, the company bagged new orders worth INR 5200 Crores for the whole FY’23. In Brazil, Sterlite Power commissioned four projects, with two projects – Solaris II and Goyaz getting functional in Q4.

Sterlite Power is a private-sector power transmission infrastructure developer and solutions provider with a robust portfolio of 31 (completed, sold, and under construction) projects covering approximately 15,000 circuit km of transmission lines across India and Brazil.

The company has a portfolio of high-performance power conductors, extra-high voltage (EHV) cables and optical ground wires (OPGW). The firm is advancing the carriage toward a green energy-efficient future, Sterlite Power has an increasing focus on integrating renewable energy into the grid. It is the sponsor of India’s first power sector InvIT, listed on the BSE Limited and the National Stock Exchange of India Limited.

Tags:

Extra-high voltage cables

High-performance power conductors