15 Days Price Change
Market Cap ₹ 6730Cr.
Current Price ₹ 550
Lot Size 25
52W High ₹ 690
EPS 35.97
P/B 4
Face Value 2
Debt to Equity 1.26
Stock P/E 15.3
Book Value ₹ 138.8
Company
52W Low ₹ 525
Demat Account Both
ISIN INE110V01015
Valuation
No. of Shares 12.24Cr.
Company Overview:
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 also the sponsor of IndiGrid, India's first power sector Infrastructure Investment Trust (InvIT), listed on the BSE and NSE.
It is a leading global power transmission developer and solutions provider who is solving problems at the intersection of time, space and capital. In this transformative landscape, Sterlite Power's strategy is focused on addressing complex challenges in the sector by tackling the key constraints of time, space and capital. The rapid shift towards renewable energy requires transmission projects to be commissioned in a fraction of the conventional time frame, creating a time constraint.
Growth Story:
Addition of three Inter-State Transmission System (ISTS) projects worth ` ~3,600 crores, (US$488 million) Western Region Strengthening Scheme - XIX (WRSS-XIX), North Eastern Region Strengthening Scheme - IX (NERSS-IX) and Western Region Strengthening Scheme - XXI (WRSS-XXI) to our portfolio.
Achieved 3 million safe person hours (April 2019 to March 2020) at MSI projects with zero harm.
Pioneers in Live-Line Reconductoring Technology in India and Robotic technology for OPGW stringing through SkyRob..
Transforming long-span river-crossings with Aluminum Conductor Composite Core – Ultra Low Sag (ACCC ULS) Ganga innovation and design.
Successfully charged our first project in Brazil - Arcoverde, 28 months ahead of schedule.
Successfully launched a Helicopter LIDAR survey on the Raigarh-Tamnar line of GTTPL project.
Awarded with ‘Safety in Electricity’ in Gold category at the Protection Brazil Awards 2019 for the use of drones and other technologies in crossing energised transmission lines.
Declared ‘Gold winner’ in the Earth & Environment Foundation (EEF) Global Sustainability Award 2021 for outstanding achievements in sustainability management.
Concluded sale of three Brazilian assets: Arcoverde, Novo Estado and Pampa.
Won IPMA Project Excellence Awards 2021 for NER project.
Declared winner of the Asian Power Awards 2021 in the CSR Initiative of the Year category for Sterlite EdIndia Campaign.
Mission & Vision:
We aim to ensure complete alignment with our core purpose of “Empowering Humanity by Addressing the Toughest Challenges of Energy Delivery”, and with our core values of Innovation, Respect, Social Impact and Fun.
Business Segments:
Global Infrastructure:
The year 2020 saw an outbreak and spread of the COVID-19 pandemic, which was an unprecedented time for society and the economy at large, as well as the infrastructure sector. The Power Transmission segment was no different, and our teams faced multiple operational and logistical challenges on ground. Despite a negative outlook and a weak market, we successfully executed one of the toughest and challenging projects – North East Region System Strengthening Scheme-II (NERSS) project or NER-II. This mega project is delivering more than 3000 MW power to the north east region of India. Besides strengthening the grid, this project is playing an important role in enabling access to reliable power for 5.3 crore people in the region. This inter-state transmission system project spanning across Assam, Arunachal Pradesh and Tripura, is made up of 11 elements including two substations of 1,260 MVA capacity and four transmission lines extending over ~830 circuit kilometers.The project is also a carrier of clean energy as it connects various hydro and gas-based sources of power to the national grid. With gas acting as a natural balancer for renewables, the evacuation of gas power through 400 kV/132kV substation at PK Bari in Tripura and its associated interconnections will play a vital role in reducing the intermittency of renewables. Sterlite Power bids, designs, constructs, owns and operates Power Transmission assets across multiple geographies. We are operational in India and Brazil with a portfolio of 28 projects now, spanning close to 13,700 ckm of transmission lines.
MSI and Products Business:
India is home to some of the world’s fastest growing cities. Urbanisation and development are triggering exponential demand for power, resulting in transmission congestion challenges. There is an urgent need to strengthen, upgrade and uprate corridor intensity of ageing transmission infrastructure with imaginative, innovative and cost-effective solutions. Our custom-built solutions, top of the line technological prowess, engineering expertise, system design and specialised EPC services are clear value differentiators. We are India's first and largest integrated manufacturers of OPGW. Creative problem-solving, strategic investments and industry-leading research and development are inextricably tied to our long-standing commitment to customers. We strive constantly to refine operations and deliver best-in-class customer service. We are innovating on multiple fronts to build the future of energy and address customer challenges swiftly and efficiently through the unwavering prism of time, space and capital. A full service operation, our MSI business delivers multi-fold increase in throughput, upgrades to existing infrastructure, uprate of overhead conductors and OPGW-based communication systems in the shortest possible time.
Convergence:
With 5G technology around the corner and IoT devices ready to connect and interact with one another – Machine to Machine (M2M), reliable optical fibre infrastructure is the need of the hour. The omnipresent utilities network located across the length and breadth of the country is poised to address the above need. Fibre network riding on utilities’ existing network can provide unparalleled coverage, along with robust and secured infrastructure. Our Convergence business is the leading best-in-class dark fibre solution providers in the country, utilising the highly reliable OPGW network.
The business is in expansion mode and planning to replicate the similar PPP models in other states as well. Our co-location services provide a flexible rental rack space in a highly secured location with uninterrupted power supply and multiple back-up power. The tower infrastructure services include lease of the huge network of transmission towers for telecommunication and IoT services. The business also undertakes end-to-end fibre EPC to support telecom service providers build their network. We are the first in the Indian telecom industry to introduce edge computing containerised data centres (CDC) to host telecom equipment. CDC solution reduces the turnaround time and provides superior customer experience. Sterlite Power’s CDC solution has been recognised at the 12th edition of the Aegis Graham Bell Awards for wining in the category of “Innovation in Telecom Infra”.
Competitive Strength:
Areal Technology for project execution:
Planning and automated inspection services by unmanned aerial vehicles (UAVs).
First use of helicopter stringing in India.
Heli-crane based tower erections in tough terrains.
Investor in global tech start-up SharperShape.
Big Data Algorithm/Simulative Adaption:
Route planning, elevation models and resource optimisation using an in-house smart algorithm platform TransAnalyst.
Improving predictability of soil characteristics through data analytics for foundation design (Subsurface Terrain Model or STeM).
Pan-India power system studies.
Tower test simulations for design validation.
Robotics for safe stringing and technology products:
Skyrob– safe and efficient optical ground wire stringing through robotics.
Largest manufacturer of high-performance conductors in India.
Low-loss high-ampacity cable, fibre integrated power cable.
Largest OPGW player in India.
SmartValveTM – modular power flow control solutions.
Smart Project for Modern Grid:
India’s first vertical GIS Substation with smaller footprint leading to reduced CO2 emissions.
Re-conductoring of 66 kV transmission line in ‘Live-Line Condition’ to achieve a 2x increase in power transfer capacity in Electronic City, Bengaluru.
Technology for Greener Ecosystem:
Translocating bigger and mature living trees.
Green co-location from Convergence.
Promoters and ShareHolding Pattern:
Peer Comparison:
Financials:
Source: Company Filing Form AOC-4
Source: Company Filing Form AOC-4
Source: Company Filing Form AOC-4
Valuations:
The company's cash flow from operations has increased in FY'22 and has become positive at INR 428 Cr. This is a massive increase for the company since the company's cash flow from operations was negative since the past two years. This increase can be attributed to the company selling off its other assets as well as an increase in the contract liabilities for EPC contracts including advances from customers by INR 300 Cr approximately. As a result we have a positive cash flow from operations.
The company has seen a positive total debt to equity ratio since the total equity had been negative for years preceding 2021 due to loss for the year being included in the other equity. The company has massively reduced its total debt and has seen a decrease in loan from banks, INR 1200 Cr approx in loans from financial institutions. Additionally, the company had received advance from Sterlite Interlinks Ltd worth INR 620 Cr approx in 2020, which they have cleared off in 2021 and now at 2022 it has no debt from interlinks. Despite the company reducing its debt, the debt to equity ratio is still very high.
The company's current ratio has shown a growth of 0.3% in FY'22 over FY'21. The current assets of the company have decreased by 5% approx due to decrease in inventory and bank balance in FY'22 over FY'21. The current liabilities, on the other hand, have decreased by 32% FY'22 over FY'21. This has resulted in the current ratio rising.
The interest coverage ratio of the company has increased and in FY'22. This is because the company's total debt has decreased in FY'22, as a result of which the company's finance cost has decreased by INR 200 Cr approx due to which the company's interest coverage has increased. The ROE of the company has become positive in FY'22 which is due to the company having a positive equity balance in the current and previous financial year.
The ROA of the company has shown a growth in FY'22 over FY'21. The company's net income has decreased by 14% in FY'22 over FY'21, which is due to a decline in revenue from operations as a result of which the company had to liquidate its assets. The total assets of the company have decreased by 34% in FY'22 over FY'21 since the company has sold off its transmission line assets worth INR 400 Cr.
News:
Sterlite power to enter India’s Renewable business.
https://economictimes.indiatimes.com/industry/renewables/sterlite-power-to-enter-the-indias-renewables-sector/articleshow/94091326.cms?from=mdr
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Over the years the minimum ticket size for investment has dropped as more and more people have started investing in the Unlisted market. Currently, the minimum ticket size for Sterlite Power Transmission Limited is between 30K to 50K.
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The taxation on the Sterlite Power Transmission Limited shares may vary depending on 2 Factors:
Short-term capital
Unlisted shares - In unlisted shares, the taxation of short-term capital gain i.e. less than 24 months is taxable according to the investor's income tax slab.
Listed Shares - In listed shares, the taxation for short-term capital gains i.e. less than 12 months is at 15%
Long-term capital
Unlisted shares - The taxation for long-term capital gain i.e. more than 24 months is taxable at 20% with indexation benefits.
Listed Shares - The taxation for long-term capital gains i.e. more than 12 months is at 10% after an exemption of 1 lakh. There are no indexation benefits in listed shares.
According to the current rule issued by SEBI last year in August 2021, the lock-in period is brought down from 1 year to 6 months. This was done to entice more investors to invest their money in pre-IPO companies and startups. The lock-in period of Sterlite Power Transmission Limited varies depending on which type of investor you are:
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