Buy & Sell Sterlite Power Transmission Unlisted Shares On Planify

Sterlite Power Transmission

₹1,180.00
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Available in Depository:
NSDL
CDSL

Available for Investment:
Primary
Secondary

RATING

RECOMMENDATION

Neutral

Investment Checklist

Management

Accounting Practice

Profitability

Solvency

Growth

Valuation

RATING

RECOMMENDATION

Neutral

Sterlite Power Transmission Unlisted Shares Essentials
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ISIN

INE110V01015

Face Value

₹2.00

Total Share

6,11,81,902

Total Income

₹3,816.96 Cr

Profit After Tax

₹870.12 Cr

EPS

₹142.22

P/E

8.30

P/B

12.47

Market Capitalisation

₹7,219.46 Cr

Enterprise Value

₹9,258.84 Cr

Book Value

₹94.64

Intrinsic Value

-₹226.48

Dividend Yield

0.45 %

Earnings Yield

12.05 %

Sector

Consumer Discretionary

Sub-sector

Power Transmission & Distribution

Sterlite Power Transmission Growth

About Sterlite Power Transmission

Sterlite Power is a leading integrated power transmission developer and solutions provider globally, focused on addressing complex challenges in the sector by tackling the key constraints of time, space and capital. Their business is divided broadly into Global Infrastructure, Solutions Business and Convergence Business.
In their Global Infrastructure Business, they bid, design, construct, own and operate power transmission assets across multiple geographies. They help meet the industry’s need for capital by implementing projects on a BOOM (Build Own Operate Maintain) basis and being at the forefront of financial innovation via IndiGrid, India’s first power sector Infrastructure Investment Trust (InvIT).
In their Solutions Business, they provide bespoke solutions to solve complex problems for power utilities, specializing in upgrading, uprating and strengthening power delivery networks. The company's Convergence Business operates at the confluence of the power and telecom sectors. They leverage their transmission infrastructure to roll out reliable communication networks, thereby advancing the Digital India mission.
As of March 31, 2021, the company had 715 employees in India, 68 employees in Brazil along with 912 temporary or contract workers.
Sterlite Power Transmission Limited is headquartered in Delhi and was incorporated on 5th May, 2015.

Sterlite Power Transmission IPO Details

According to the DRHP the IPO comprises a fresh issue of equity shares of the face value of ₹2 each, aggregating up to ₹1,250 crore. The company may consider a pre-IPO placement of Rs 220 crore. Sterlite Power Transmission has reserved 75% of the net issue for the Qualified Institutional Buyers (QIBs) and 15% to Non-Institutional Bidders (NIIs). While the remaining 10% has been reserved for retail investors.

Sterlite Power Transmission
Fresh Issue

₹ 1250.00 Cr

Sterlite Power Transmission
Total IPO Size

₹ 1250.00 Cr

Sterlite Power Transmission Funding

Funded By	Funding Amount	Date of Investment	Fund Name
Banco Votorantim	$ 250 M	04 Dec 2019	Debt Financing

Sterlite Power Transmission Merger & Acquisition

Merger

On 26 March 2021, Sterlite Power Transmission filed an application before the National Company Law Tribunal(NCLT), Mumbai praying for the amalgamation of the company and Sterlite Grid Limited 4(SGL 4) under sections 230 to 232 and other applicable provisions of the Companies ACT, 2013. The Board of Directors have approved the SGL4 Merger Scheme by way of their resolution dated March 22, 2021. This has been done for more efficient utilization of capital for enhanced development and growth of the consolidated business in one entity.
On 13 January 2021, Sterlite Power Transmission announced the completion of the merger of its wholly owned subsidiary Sterlite Power Grid Ventures Ltd. with the parent entity. The merger was completed under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, which was sanctioned by the National Company Law Tribunal, Mumbai Bench by way of its order dated May 22, 2020. With this merger, the company further strengthens its position in the marketplace by integrating operations and streamlining the corporate structure. Also, This was done for pooling of resources of SPGVL with the resources of the company resulting in stronger balance sheet to meet future investment requirements.
On 24 May 2016, Sterlite Power Transmission announced that it has successfully completed the demerger from Sterlite Technologies Limited. The demerger was completed under Sections 391 to 394 of the Companies Act, 2013 read with Sections 100 to 103 of the Companies Act, 1956 and section 52 of the Companies Act, 2013, which was sanctioned by the High Court of Bombay by way of its order dated April 22, 2016. This demerger was done in order to allow each business to create a strong and distinct platform which enables greater flexibility to pursue long-term objectives.

Investments

Disinvestment in Sterlite Investment Managers Limited The company had entered into Share Subscription and Purchase Agreements with Electron IM Pte. Ltd. Pursuant to the said agreement the Company had diluted 60.0% of its stake in Sterlite Investment Managers Limited (“SIML”) in the following manner: i. SIML had issued and allotted 12,49,000 equity shares representing 19.9% of the share capital of SIML to Electron IM Pte. Ltd. (“Electron”), an affiliate of KKR & Co. ii. Further, the Company has sold 24,99,875 equity shares representing 40.0% of the share capital of SIML to Electron. With the consummation of the above transaction the company now holds 40.0% stake in SIML as compared to 100.0% stake on March 31, 2019.
Disinvestment in Sterlite Grid 2 Limited, Sterlite Grid 3 Limited and East-North Interconnection Company Limited Sterlite Power entered into a marquee deal with India Grid Trust for sale of its commissioned projects thereby transferring Sterlite Grid 2 Limited along with its subsidiary and Sterlite Grid 3 Limited along with its subsidiary. In addition, the Company also entered into a framework agreement with India Grid Trust to monetize under construction projects in phased manner post commissioning.
Disinvestment in Pampa Transmissao de Energia S.A., Arcoverde Transmissao De Energia S.A., and Sterlite Novo Estado Energia S.A. (Brazil Entities) During the year, the group has sold its equity stake in Pampa Transmissao de Energia S.A. (Formerly known as Sterlite Brazil Projetos de Transmissao de Energia S.A), Arcoverde Transmissao De Energia S.A., Brazil & Sterlite Novo Estado Energia S.A, Brazil. Consequent to this, the Group has de-recognized these Power Transmission Assets and gain of INR 408 Cr. has been recognized on this sale

Sterlite Power Transmission Subsidiaries

Sterlite Grid 4 Limited;
Sterlite Grid 5 Limited;
Sterlite Grid 6 Limited;
Sterlite Grid 7 Limited;
Sterlite Grid 8 Limited;
Sterlite Grid 9 Limited;
Sterlite Grid 10 Limited;
Sterlite Grid 11 Limited;
Sterlite Grid 12 Limited;
Sterlite Grid 15 Limited;
Sterlite Grid 16 Limited;
Sterlite Grid 17 Limited;
Sterlite Grid 19 Limited;
Sterlite Grid 20 Limited;
Sterlite Grid 21 Limited;
Sterlite Grid 22 Limited;
Sterlite Grid 23 Limited;
Sterlite Grid 24 Limited;
Sterlite Grid 25 Limited;
Sterlite Grid 26 Limited;
Sterlite Grid 27 Limited;
Sterlite Grid 28 Limited;
Sterlite Grid 30 Limited;
Sterlite EdIndia Foundation;
Sterlite Convergence Limited;
Onegrid Limited;
Khargone Transmission Limited;
Sterlite Brazil Participações S.A.;
Vineyards Participações S.A.;
São Francisco Transmissão de Energia S.A.;
SE Vineyards Transmissão de Energia S.A.;
Borborema Transmissão de Energia S.A.;
Goyaz Transmissão de Energia S.A.;
Marituba Transmissão de Energia S.A.;
Solaris Transmissão de Energia S.A.
Borborema Participações S.A.

Sterlite Power Transmission Business Model

Sterlite Grid 4 Limited is engaged in the business of manufacturing, designing, planning, building, developing, engineering, erecting, marketing, importing and exporting, purchasing, selling, transferring, leasing, assembling, installing, commissioning, maintaining, repairing, operating, trading, transmission, investment, investigation, research, consultancy management of power transmission towers, antennae, transmitters, insulators, conductors and all kinds of equipment’s required in generation, transmission and storage of power and undertake turn-key contracts for erecting power distribution network.
Sterlite Grid 5 Limited is engaged in the business of amongst others, (i) manufacturing, designing, planning and building of all kinds of equipment required in generation, transmission and storage of power; (ii) undertaking turn-key contracts for erecting power distribution network and energy conversation projects; (iii) generation, transmission, distribution, supply and storage of power.
Sterlite Grid 6 Limited is engaged in the business of manufacturing, designing, planning, building, developing, engineering, erecting,marketing, importing and exporting, purchasing, selling, transferring, leasing, assembling, installing, commissioning, maintaining, repairing, operating, trading, transmission, investment, investigation, research, consultancy management of power transmission towers, antennae, transmitters, insulators, conductors and all kinds of equipment’s required in generation, transmission and storage of power and undertake turn-key contracts for erecting power distribution network.
Sterlite Grid 7 Limited is engaged in the business of amongst others, (i) manufacturing, designing, planning and building of all kinds of equipment required in generation, transmission and storage of power; (ii) undertaking turn-key contracts for erecting power distribution network and energy conversation projects; (iii) generation, transmission, distribution, supply and storage of power.
Sterlite Grid 8 Limited is engaged in the business of manufacturing, designing, planning, building, developing, engineering, erecting, marketing, importing and exporting, purchasing, selling, transferring, leasing, assembling, installing, commissioning, maintaining, repairing, operating, trading, transmission, investment, investigation, research, consultancy management of power transmission towers, antennae, transmitters, insulators, conductors and all kinds of equipment’s required ingeneration, transmission and storage of power and undertake turn-key contracts for erecting power distribution network.

Sterlite Power Transmission Revenue Segmentation

Revenue from sale of conductors and power cables
Revenue from engineering, procurement and construction (EPC) contract

Revenue from power transmission services
Revenue from construction of concession assets

Remuneration of concession assets
Revenue from operation & maintenance of concession assets

Revenue from sale of traded goods
Revenue from project consultancy services

Revenue from network infrastructure
Other

Sterlite Power Transmission Product & Services

Power transmission infrastructure development
Power transmission solutions provider
Power conductors
Optical ground wire
Extra-high voltage cables
Master System Integration
Building optical fiber infrastructure

Sterlite Power Transmission Assets

The company's assets as at 31 March 2021:

Plant and Machinery- INR 214.48 Cr
Buildings- INR 39.37 Cr
Transmission Lines- INR 16.60 Cr
Data Processing Equipment- INR 10.51 Cr

Sterlite Power Transmission Industry Overview

Industry Statistics

Electric power transmission industry consists of businesses involved in the bulk movement of electrical energy from a generating site, such as a power plant, to an electrical substation. The interconnected lines laid out to facilitate this movement are known as a transmission network.
Power cable market size has grown by 7% from Rs 157 Bn to reach Rs 203 Bn between 2016-2020. In FY'21, the power cable market size is estimated to continue decline further by 11% over FY'20. The domestic power conductor market declined sharply to Rs 23 Bn in FY'20.
The growth factors of power transmission industry include rising gap between power demand and supply, upgradation of existing lines, strong renewable energy capacity additions, cross border power trading, increasing demand for electric vehicles(EVs).
The key trends in the power transmission industry includes the movement towards renewable energy, for which Government has planned to integrate renewable energy into the National grid by setting up inter-state and intrastate schemes for evacuation of power from wind and solar projects termed as ‘Green energy Corridors’. In terms of technological trends, the focus is shifting towards smart technologies like evolved grid system, smart metering, digital asset management which will help transform a manpower heavy industry into a smarter and more efficient one.
The total installed generation capacity, which is another factor in determining growth in the sector, at the end of March 2021 was 382 GW, of which approximately 80 GW of capacity was added over 2016-21. Total installed conventional capacity (excluding renewables) in India increased to 287,717 MW(Mega watt) at the end of FY'21 from 195,801 MW at the end of FY'13. The Electricity Act, 2003, coupled with competitive bidding for power procurement, implemented in 2006, encouraged the participation of private players, who announced large capacity additions.

Per capita consumption is another factor that determines the growth in the sector. For India, it is estimated to have dipped to 1,100-1,130 kWh in fiscal 2021 as power demand slid, particularly from high-consuming industrial and commercial categories, on account of weak economic activity caused by COVID-19 outbreak. It is expected to improve in the future, as power demand picks up due to improvement in access to electricity in terms of quality and reliability on account of intensive rural electrification and reduction in cost of power supply.
The company faces competition from companies like Kalpataru Power Transmission, Adani Power, KEC International, Power Grid Corporation of India etc.

Future Prospects

CRISIL Research expects the size of the cable industry to expand by 18-19% CAGR to Rs 350-360 billion over fiscal 2021-25.
The overall power conductor market size is expected to increase by 21-23% over fiscals 2021 to 2025, to reach Rs.100-110 billion in fiscal 2025.

Government Initiatives

In April 2021, the Ministry of Power (MoP) released the draft National Electricity Policy (NEP) 2021. The MoP has created an expert committee including members from state governments, the Ministry of New and Renewable Energy (MNRE), NITI Aayog and the Central Electricity Authority (CEA).
Under the Atmanirbhar Bharat relief the government decided to provide Rs 90,000 Cr liquidity infusion for discoms via Power Finance Corporation/Rural Electrification Corporation (PFC/REC) against receivables.

As per the Central Electricity Authority (CEA) estimates, by 2029-30 the share of renewable energy generation would increase from 18.0% to 44.0%, while that of thermal is expected to reduce from 78.0% to 52.0%.

On November 17, 2020, Energy Efficiency Services Limited (EESL), a joint venture of PSUs under the Ministry of Power and Department of New & Renewable Energy (DNRE), Goa, signed a memorandum of understanding to discuss roll-out of India’s first Convergence Project in the state.

In October 2020, the government announced a plan to set up an inter-ministerial committee under NITI Aayog to forefront research and study on energy modelling. This, along with a steering committee, will serve the India Energy Modelling Forum (IEMF) jointly launched by NITI Aayog and the United States Agency for International Development (USAID)

The Government of India has allocated Rs. 111 lakh Cr. under the National Infrastructure Pipeline for FY 2019-25. The energy sector is likely to account for 24.0% capital expenditure over FY 2019-25.

Sterlite Power Transmission Awards & Achievements

'Construction Project of the Year' at the S&P Global Platts Global Energy Awards 2019

Gold Winner in the IPMA Global Project Excellence Award 2019 for the mega-sized projects category

ET Innovation Award 2020 for innovative product Skyrob

Occupational Health Safety Awards at the Golden Peacock Awards 2020

Dual honor of ‘Utility M&A Deal of the Year’ and ‘Utility Deal of the Year’ in Best Deals category at The Asset Triple A Asia Infrastructure Awards 2020

Our innovative financial model featured as a case study by India’s premier management institute– IIM Ahmedabad

'Safety in Electricity Award' in Gold category at the Protection Brazil Awards 2019 for the use of drones and other technologies in crossing energized transmission lines

Platinum Winner in the Earth & Environment Foundation (EEF) Global Sustainability Award 2019 for outstanding achievements in sustainability management

Sterlite Power Transmission Strengths

According to CRISIL Research, they are the largest private player in terms of project portfolio under the inter-state Tariff based competitive bidding(TBCB) route, with a market share of 26% of transmission projects awarded through the Tariff based competitive bidding(TBCB) route. For a company that commenced operations in 2015 post their demerger, it is a big achievement and shows that the company has much better operational efficiency than its peers.
The company also has an international presence and is currently running 25 projects spanning combined 13,700 circuit kms in India and Brazil. Additionally, according to data from the Brazilian Electricity Regulatory Authority ("ANEEL"), they have a 13% market share of the transmission projects auctioned by ANEEL in the period January 2017-June 2021. This is highly beneficial for the company in the long run since they can expect to have a global presence in the future.

Sterlite Power Transmission Shortcomings

The company is deriving majority of its revenue through sale of it power transmission assets, which is not a beneficial position for any company since the company is liquidating its assets to generate income and not generating it through the sale of its products and services. This is extremely harmful for the company in the long run.
Despite repayment of a large portion of its debt, the company still has a very high debt and along with it faces high finance cost over its total debt. Thus the company's solvency position is very poor.

Sterlite Power Transmission Opportunities

India has committed to increase the share of renewable energy to its total energy generation to 40% by Fiscal 2030, as part of the Paris climate deal. This means that there is enormous potential for growth in the production of renewable energy in the coming years. Hence the company should focus and try to reposition itself towards the production of renewable energy.

Sterlite Power Transmission Threats

The company faces a huge threat from the big players in the market like NTPC, TATA Power, Adani Power etc and has to improve a lot in order to match up with these industry leaders in power transmission.
According to Indian Electrical & Electronics Manufacturers’ Association (IEEMA), the prices of industrial raw materials have increased massively in 2021 over 2020. This also brings the massive jump of 85% in the price of aluminum which is the raw material used in the production of power transmission goods produced by the company. This can hamper the profits and growth of the company in the long run.

Sterlite Power Transmission Rating

RECOMMENDATION

Neutral

Sterlite Power Transmission Detail Info

Industry Statistics

PUBLIC LIMITED

Registered In

India

last Updated

15/01/2021

Registered Date

05/05/2015

Planify Ticker

STEPOWER

Reg Office: 4th Floor, Godrej Millennium, 9 Koregaon Road, Pune-411001, Maharashtra

Visit Website

Frequently Ask Questions

The company has filed DRHP and is planning to raise around 1250 crores

The face value of the company is 2

Yes we can expect good profit from the company in future

Dadra Eximp Pvt Ltd, Twin Star overseas limited, Vedanta Limited & Grow fast Securities and Credit Limited are the major shareholders of the company

Pratik Aggarwal is the Managing Director of the company

The company also has an international presence and is currently running 25 projects spanning combined 13,700 circuit kms in India and Brazil

We recommend Neutral stand on this company

Total Profit for the company is 870.12 Crores

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