Before its IPO , Sterlite Power Transmission Ltd to issue bonus shares

2 Sep 2022 , 07:09 AM

Sterlite Power Transmission (SPTL), which plans to list on the stock market, announced a bonus issue in the proportion of 1:1 when it disclosed its earnings for the fiscal year 2021—2022.

The electricity transmission company’s net profit for the fiscal year that ended on March 31, 2022, decreased by 50% to Rs440.14 crore from the prior year. In FY2020—21, it recorded a net profit of Rs869.77 crores.

The bottom line of the Vedanta NSE -2.61% Group arm suffered as costs more than doubled throughout the aforementioned time.

However, it saw a 150% increase in operating revenue to Rs5,197.48 crore in FY22 from Rs2,092.39 crore the year before.

Shares of Sterlite Power Transmission were trading at Rs 1,300 in the unlisted market after the results and bonus issue were announced, compared to Rs900—950 earlier.

The stock, whose approval for IPO will expire in December this year, has dropped from Rs1,600—1,650 as a result of the company’s inability to begin its initial public offering.

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