Sterlite Power completes merger of subsidiary; Records consolidated PAT of Rs942cr for FY20

The company reiterates robust operating performance with profitable growth and increasing focus on transportation of renewable energy.

Jan 13, 2021 10:01 IST India Infoline News Service

Sterlite Power
Sterlite Power, a leading global power transmission player, has announced the completion of merger of its wholly owned subsidiary Sterlite Power Grid Ventures Ltd. with the parent entity.

The company said in a press release on Wednesday that with this merger, the company further strengthens its position in the marketplace by integrating operations and streamlining the corporate structure.

Post the merger, Sterlite Power has announced the audited annual results for Financial Year 2020 recording outstanding growth in revenue and profit.

The consolidated revenue increased by 44% yoy at Rs5,158cr. Consolidated EBITDA grew by 434% yoy at Rs2,406cr. Consolidated Profit After Tax was up by 280% yoy at Rs942cr. Return on Capital Employed was of 28%.

“Sterlite Power is increasingly focused on integrating renewable energy (RE) to the grid and has been awarded vital projects connecting the national grid to clean and green energy. The company has added several Inter-State Transmission System (ISTS) projects to its portfolio in FY20 including the Lakadia-Vadodara Transmission Project Ltd. (LVTPL) which is part of India’s Green Energy Corridor (GEC).

The company also commissioned its first project in Brazil (Arcoverde) 28 months ahead of schedule, which was designed to evacuate renewable wind energy. Through its unique asset monetization strategy, the company has realized additional liquidity of INR Rs 2450 Cr from the monetization of three projects in India (NRSS 29, OGPTL and ENICL) and three projects in Brazil (Pampa, Arcoverde and Nova Estado),” company said.

Apart from achieving significant milestones in terms of project wins, execution, and asset monetisation, it has been an exceptional year for the company in terms of prestigious global and national recognitions.

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