Sterlite Electric Limited - Unlisted Shares
Fundamentals
- Current Price
- ₹545
- Market Cap
- ₹7,028.87 Cr
- ISIN
- INE110V01015
- Face Value
- ₹2
- P/E Ratio
- 43.19
- EPS
- ₹ 12.62
- P/B Ratio
- 4.90
- Book Value
- ₹ 111.2
- Debt / Equity Ratio
- 0.23
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue from Continued Operations | 4,955.76 | 4,917.89 | 3278.65 |
| Operating Expenses | 4524.98 | 4448.202 | 2880.65 |
| Operating Profit | 430.78 | 469.69 | 398.00 |
| Other Income | 41.64 | 36.94 | 12.66 |
| Interest Expense | 154.81 | 141.922 | 123.29 |
| Depreciation | 56.97 | 45.9 | 47.10 |
| Impairment Expense | 0 | 0.00 | -0.01 |
| Exceptional Items | 0 | 0 | 0.00 |
| Profit Before Tax | 260.64 | 318.81 | 240.27 |
| Tax | 77.62 | 88.683 | 56.82 |
| Tax % | 29.78% | 27.82% | 23.65% |
| Profit After Tax From Continuing Operations | 183.03 | 230.127 | 183.44 |
| Loss for the year from discontinued operations | -339.37 | -447.00 | -216.18 |
| Profit After Tax | -156.34 | -216.88 | -32.73 |
| Growth % | -172.09% | -762.58% | - |
| PAT % | -3.15% | -4.41% | -1.00% |
| Diluted EPS From Continuing Operations | 12.62 | 17.79 | 14.96 |
| Diluted EPS From Discontinuing Operations | -26.48 | -36.52 | -17.67 |
Company Financials
| Metric | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Equity Capital | 25.15 | 24.486 | 24.47 |
| Reserves | 1,408.72 | 1,308.29 | 1484.80 |
| Total Equity | 1,433.87 | 1,332.78 | 1509.27 |
| Borrowings | 124.51 | 0 | 3554.35 |
| Other Non-Current Liabilities | 538.26 | 439.39 | 797.75 |
| Total NC Liabilities | 662.77 | 439.39 | 4352.10 |
| Borrowings | 202.72 | 770.53 | 1057.09 |
| Other Current Liabilities | 1,959.75 | 1,929.54 | 4117.81 |
| Total Current Liabilities | 2,162.47 | 2,700.07 | 5174.90 |
| Liabilities directly associated with assets classified as held for sale | 0.00 | 8,757.63 | 0.00 |
| Equity + Liabilities | 4,259.10 | 13,229.87 | 11036.27 |
| Fixed Assets (incl. WIP) | 625.409 | 455.605 | 672.46 |
| Other Non Current Assets | 400.47 | 438.22 | 5424.49 |
| Total NC Assets | 1,025.88 | 893.83 | 6096.95 |
| Trade Receivables | 1,082.38 | 1,260.98 | 1599.60 |
| Cash & Cash Equivalents | 1223.536 | 606.923 | 1437.81 |
| Other Current Assets | 927.31 | 1,054.60 | 1901.91 |
| Total Current Assets | 3,233.23 | 2,922.51 | 4939.32 |
| Assets classified as held for sale | 0.00 | 9,413.54 | 0.00 |
| Total Assets | 4,259.10 | 13,229.87 | 11036.27 |
Shareholding Pattern
- Twin Star Overseas Limited, Mauritius
- 69.46%%
- Others
- 30.54%%
Strengths & Weaknesses
Strengths
- Diversified Business Model: Post-demerger, SPTL focuses on products and MSI (Master System Integrations) businesses, with strong positions in power conductor and cable manufacturing and a ~40% market share in intra-state transmission upgrades. The company has also successfully developed and monetized 11 transmission assets in India and 5 in Brazil.
- Operational Expertise: SPTL has commissioned 12 transmission projects in India, with 8 more under development, and continues to hold a leadership position in domestic transmission projects based on levelized tariffs.
- Strong Financials: The company reported over ~₹5,000 crore in revenue in FY24 with an EBITDA margin of 10%. The solutions business provides stable margins, while the transmission business benefits from strong execution. SPTL maintains a comfortable financial risk profile with moderate gearing (0.7x) and an improving TOLTNW ratio (2x as of FY23).
- Strategic Growth Plans: Expansion in transmission infrastructure is supported by equity infusion from GIC, monetization of Brazilian assets, and local fundraising. The demerger into Sterlite Grid 5 Ltd (SGL 5) reflects a focused growth strategy.
Weaknesses
- Project Execution Risks: Building greenfield infrastructure in India and Brazil exposes SPTL to delays in approvals (e.g., RoW and forest clearances), potentially causing cost overruns and liquidity challenges. Currently, SPTL is executing nine transmission projects in India with a total cost of ₹15,000 crore.
About Sterlite Electric Limited
Sterlite Power Transmission Limited (SPTL) is a global leader in power transmission infrastructure, with a strong presence in India and Brazil. The company specializes in developing, operating, and maintaining power transmission systems, offering engineering, procurement, and construction (EPC) services, transmission products, and system integration solutions. In October 2023, SPTL announced a demerger to simplify its business structure and unlock growth potential. The infrastructure business, including EPC contracts and investments in transmission SPVs, will be transferred to Sterlite Grid 5 Ltd (SGL 5), while SPTL will retain its products and system integration businesses. You can read more in the credit risk rating report below.
Board of Directors
- Mr. Pravin Agarwal - Chairman
- Mr. A.R. Narayanaswamy - Independent Director
- Mr. Anoop Seth - Independent Director
- Mr. Pratik Pravin Agarwal - Managing Director
- Mr. Manish Agrawal - Whole Time Director
- Ms. Kamaljeet Kaur - Whole Time Director
Senior Management
- Mr. Pratik Pravin Agarwal - Managing Director
- Mr. Manish Agarwal - CEO, Global Products & Services
- Mr. Arun Sharma - CEO, India
- Mr. Amitabh Prasad - Country Manager, Brazil
- Ms. Neeti Wahi - CIO
- Mr. Ashok Ganesan - Company Secretary
- Ms. Shruti Jain - CLO
- Mr. Akshay Hiranandani - Executive Director, Corporate Finance
