Sterlite Power wins new orders worth INR 2,500 crores in Q4 FY24
Records a 35% year-on-year (YoY) increase in order booking from FY23
Sterlite Power, a leading power transmission developer as well as products & services provider, capped off a successful fiscal year (FY24) with new orders worth INR 2,500 crores for its Global Products and Services (GPS) business unit in Q4. This takes the company's cumulative order wins in FY24 to a significant INR 7,000 crores, representing a 35% year-on-year (YoY) increase as compared to FY23. This growth underscores the growing global and domestic demand for robust power transmission infrastructure, particularly to support the integration of renewable energy sources critical for a net-zero future.
Commenting on the new order wins, Pratik Agarwal, Managing Director, Sterlite Power, said, “Our GPS business is experiencing significant growth, underscored by a robust order book that highlights our commitment to delivering premium, high-quality products. These products are essential in driving the sector's expansion over multiple decades, spurred by the global shift towards energy transition and decarbonisation. We are seeing a substantial increase in demand for our specialised high-performance conductors and underground cables as nations invest in stronger, higher-capacity transmission grids.”
Key order highlights are as follows:
High-Performance Conductors & OPGW: In Q4, the company secured a substantial set of orders to supply conductors to green energy power transmission projects in Rajasthan including the Fatehgarh-Bhadla Transmission line project. Together, these projects will enable evacuation of 20 GW of renewable energy from Rajasthan to the National power Grid. In addition, the company is also exporting high-performance green products to customers across Americas, European Union, Africa, and Middle East. Further, the company's OPGW segment also witnessed significant traction from Power Grid Corporation of India and state utilities like Uttar Pradesh Power Transmission Company Ltd. and Jharkhand Urja Sancharan Nigam Limited (JUSNL). Further, the company has successfully bagged export orders for OPGW in Africa and CIS markets.
Power Cables: The demand for Power Cables mirrored the growth in renewable energy integration, urbanisation, and grid expansion. Sterlite Power has secured multiple orders to supply Extra High Voltage (EHV) & High Voltage (HV) cables for large-scale infrastructure projects that are underway in the states of Madhya Pradesh, West Bengal, Karnataka, Odisha, and Gujarat. Securing such projects shows GPS’s capability to deliver end-to-end solutions on turnkey basis and be a dependable partner in infrastructure development of the nation.
Specialised EPC services: The company's specialised EPC services unit signed a turnkey project contract with Odisha state transmission utility to uprate its existing 132 kV Pratapsasan-Kesura-Ransinghpur transmission line using high-performance conductors (HPC). Odisha state utility is focused on upgrading and modernising its transmission network. The uprate project will offer a cost-effective solution to increase transmission capacity of the transmission line without requiring additional right-of-way, enabling the state to modernize its power network to meet future load growth.
About Sterlite Power
Sterlite Power is a leading private sector power transmission infrastructure developer and Global Products and Services provider. We have a robust portfolio of thirty-three completed, sold and under construction power transmission projects covering approximately 16,529 circuit kms of transmission lines across India and Brazil. In India, Sterlite Power has about USD 2 billion worth of projects under management. It has won a third (by tariff) of all inter-state private transmission projects awarded in India under competitive bidding since 2011.
Our Global Products & Services business manufactures and supplies high-performance power conductors, extra-high voltage (EHV), high voltage (HV) and medium voltage (MV) cables and optical ground wires (OPGW), to over seventy countries. We have proven ourselves a leading cable solution provider with four state-of-the-art manufacturing facilities. We also offer EPC turnkey capabilities to provide end-to-end integrated cable solutions to our customers. Our specialised EPC vertical provides bespoke solutions for the upgrade, uprate, and fiberisation of existing transmission infrastructure projects. Advancing the carriage toward a green energy-efficient future, Sterlite Power has an increasing focus on integrating renewable energy into the grid. It is the first transmission player to launch InvIT in the power sector, listed on the BSE Limited and the National Stock Exchange of India Limited. The Company has been recognised as the ‘Power Transmission Company of the Year’ at The Economic Times Energy Leadership Summit 2023 and is a recipient of international awards from S&P Platts as well as International Project Management Association (IPMA).
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