Sterlite Power Transmission Investors Updates regarding 9MFY23 results

Sterlite Power Transmission Limited Investors Updates regarding 9MFY23 results and Future Outlook.

A) Business Highlights for Q3 and 9M-FY23

1. Acquired the Kishtwar Transmission Limited (Kishtwar) project SPV from Power Finance Corporation (PFC) to construct a 400/132kV GIS substation at Kishtwar and 400 KV LILO (Line in Line out) in Jammu & Kashmir in the next 30 months

2. Achieved completion for the 329 kms 765Kv Lakadia Vadodara Transmission Project – LVTPL (a Green Energy Transmission Corridor) in Q3; this project was commissioned subsequently in January 2023

3. Definitive documentation executed for sell down of the commissioned Khargone Transmission project to IndiGrid for Rs. 1,497 Crores as part of the Asset flip strategy

4. In Q1, two new Project wins of value BRL 1.2 Bn (2approx. Rs. 1,900 Crores) in Brazil. 5. Achieved full commissioning of Solaris I & II project & Borborema I project in Brazil

B) Order Deal wins

The overall value of new Order wins in Products, MSI and Convergence business units during the first 3 quarters of this financial year is Rs. 3,777 Crores.

C) Capital Raise

1. Secured the entire debt funding of Rs. 305 Crores from Aseem Infrastructure Finance Ltd. – a Non Banking Finance Company (NBFC) promoted by National Investment and Infrastructure Fund (NIIF) for the Kishtwar project in December 2022

2. Received fresh Working capital limits of Rs. 250 Crores from IndusInd bank

3. Efforts are underway to bring in private capital into the ‘Infra’ business unit in India

4. Closed second successful issuance of Green Debentures worth BRL 400 Mn (Rs. 600 Crores) by Sterlite Brazil Participações S.A., a subsidiary of Sterlite Power in Brazil

D) Financial Highlights for 9M-FY23

1. Revenue from Operations: 37% higher than Revenue for the corresponding 9 months period of FY22(Sequential Revenue growth over the last 4 quarters)

2. EBIDTA: 8% higher than EBIDTA for the corresponding 9 months period of FY22

3. Balance sheet size: 60% higher than the Balance sheet size for the corresponding 9 months period of FY22

E) Future Outlook

1. In December 2022, the Government of India unveiled a Rs. 2.44 trillion ($29.6 Billion) plan to build new power transmission lines to connect renewable generation, as it aims to nearly triple the clean-power capacity by 2030; this will result into a multi-year impact on the order Book pipeline for all the business lines of the company.

2. Approx. Rs. 520 billion transmission line bid pipeline was approved in last four meetings of National committee on Transmission (NCT), Govt. of India which may result into a heavy bid pipeline for the Infra business unit in coming 2-3 quarters.

3. According to Mr. Pratik Agarwal, MD of Sterlite Power - “The power transmission sector in India is witnessing an upward trajectory movement driven by an urgent need for robust transmission infrastructure to integrate ~500 GW of Renewable power by 2030. As announced by the Ministry of Power, Govt. of India, the ‘Inter-state transmission system’ (ISTS) segment alone requires an estimated investment of Rs. 2.44 trillion. This spells an enormous opportunity for our industry in the coming years.”

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