Sterlite Electric Limited (Sterlite Electric) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
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Sterlite Electric Limited

Sterlite Power Transmission Limited Consolidated Balance Sheet (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Non-Current Assets
Property, plant and equipment	5,015.35	4,005.14
Capital work-in-progress	902.99	216.10
Intangible assets	335.75	334.81
Right of use assets	268.85	375.22
Intangible assets under development	1.69	2.76
Loans	100.00	-
Other financial assets	1,534.72	2,717.52
Income tax assets (net)	411.14	270.74
Deferred tax assets (net)	415.54	132.73
Other non-current assets	1,272.73	883.24
Current assets
Inventories	3,669.24	4,686.87
Trade receivables	10,823.80	12,609.81
Cash and cash equivalents	3,422.67	2,398.39
Other bank balances	8,812.69	3,670.84
Other financial assets	1,045.55	884.34
Other current assets	4,558.31	4,974.80
Assets classified as held for sale	-	94,135.39
Total Assets	42,591.02	1,32,298.70
Equity
Equity share capital	251.50	244.86
Instruments entirely equity in nature	153.17	-
Securities premium	8,485.50	4,482.02
Retained earnings	5,578.43	9,148.50
Money received against share warrants	142.00	-
Other	-13.97	-945.61
Non-controlling interest	-257.93	398.03
Non-current liabilities
Borrowings	1,245.06	-
Lease liabilities	134.81	263.16
Deferred tax liabilities (net)	170.94	116.32
Other non-current liabilities	5,076.85	4,014.45
Current liabilities
Borrowings	2,027.15	7,705.27
Lease liabilities	152.79	124.87
Acceptances	9,857.84	9,654.85
Trade payables
total outstanding dues of micro enterprises and small enterprises	795.93	606.34
total outstanding dues of creditors other than micro enterprises and small enterprises	4,012.15	3,201.12
Other financial liabilities	758.57	1,250.56
Employee benefit obligations	48.54	41.42
Other current liabilities	3,824.69	4,194.17
Current tax liabilities (net)	147.00	222.05
Liabilities directly associated with assets classified as held for sale	-	87,576.32
Total Equity and Liabilities	42,591.02	1,32,298.70

Sterlite Power Transmission Limited Consolidated Profit & Loss Statement (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Income
Revenue from operations	49,557.60	49,178.94
Other income	416.43	369.40
Total income	49,974.03	49,548.34
Expenses
Cost of raw material and components consumed	27,839.37	24,318.98
Purchase of traded goods	50.48	588.36
Construction material and contract expense	9,183.49	12,111.85
(Increase)/Decrease in inventories of finished goods, work-in-progress and traded goods	716.22	302.44
Employee benefits expense	1,699.70	1,259.23
Other expenses	5,760.53	5,901.16
Total expenses	45,249.79	44,482.02
Earnings before interest, tax, depreciation and amortization (EBITDA)	4,724.24	5,066.32
Depreciation and amortization expense	569.70	459.00
Finance costs	2,254.45	1,863.41
Finance income	-706.36	-444.19
Profit before tax	2,606.45	3,188.10
Current tax	895.54	860.63
Deferred tax charge	24.01	-11.31
Income tax for earlier years	-143.40	37.51
Profit/(loss) for the year from Continuing operations	1,830.30	2,301.27
Discontinuing operations
Loss before tax for the year from discontinuing operations	-3,924.24	-5,887.96
Tax (income)/expense of discontinuing operations	-530.59	-1417.94
Loss for the year from discontinuing operations	-3,393.65	-4470.02
Loss for the year	-1,563.35	-2168.75
Other comprehensive income from continuing operations
Items that will be reclassified to profit or loss in subsequent periods:
Net movement on effective portion of cash flow hedges	-964.44	787.04
Income tax effect on effective portion of cash flow hedges	73.32	-28.7
Items that will not be reclassified to profit or loss in subsequent periods:
Re-measurement loss on defined benefit plans	-54.96	0.65
Income tax effect on re-measurement of defined benefit plans	13.83	-0.16
Net gain/(loss) on equity instruments through other comprehensive income	-	-100.16
Other comprehensive income from discontinuing operations
Items that will be reclassified to profit or loss in subsequent periods:
Exchange differences on translating the financial statements of foreign operations	-48.56	145.65
Total comprehensive income/(loss) for the year	-2,544.16	-1364.43
Profit/(loss) for the year attribute to:	-1,563.35	-2168.75
Equity holders of the parent	-1,765.80	-2279.39
Non-controlling interest	202.45	110.64
Other comprehensive income/(loss) for the year attribute to:	-980.81	804.32
Equity holders of the parent	-980.81	804.32
Total comprehensive income for the year attribute to:	-2,544.16	-1364.43
Equity holders of the parent	-2,746.61	-1475.07
Non-controlling interest	202.45	110.64
Earnings per equity share
- for continuing operations
Basic	12.70	18.8
Diluted	12.62	18.69
- for discontinuing operations
Basic	-26.48	-36.52
Diluted	-26.48	-36.52
- for continuing and discontinuing operations
Basic	-13.78	-17.72
Diluted	-13.78	-17.72

Sterlite Power Transmission Limited Consolidated Cash Flow Statement (Rs in Millions)

Particulars	31-03-2025	31-03-2024
CASH FLOW FROM OPERATING ACTIVITIES
Profit from continuing operations	1,830.30	2,301.27
Loss from discontinued operations	-3,393.65	-4,470.02
Adjustment for taxation	-1,563.55	-531.11
Profit before tax	-1,317.79	-2,699.86
Non-cash adjustment to reconcile profit before tax to net cash flows
Depreciation and amortization expense	588.26	517.09
Loss on sale of property, plant and equipment (net)	3.65	0.11
Bad debts written o‰f	131.86	316.44
Impairment reversal for trade receivables	5.91	-281.24
Fair valuation gain on transfer of Infra EPC business	-	-1,034.75
Reversal of interest income accrued on Non-convertible debentures	-	1,027.26
Gain on sale of mutual funds	-0.43	-13.75
Share based payment expense	152.15	102.46
Reversal of provision for onerous contracts	456.56	-167.04
Share in loss of associates and joint ventures	1,820.25	1,282.28
Finance costs	5,791.41	9,120.44
Finance income	-1,384.26	-785.33
Net gain on sale of shares in joint ventures	-94.21	-
Net gain on sale of power transmission assets	-	-360.97
Operating profit before working capital changes	6,153.36	7,023.14
Movements in working capital:
Increase in trade payables & acceptances	-1,501.73	6,723.51
Decrease in employee benefits obligation	-47.84	-91.94
Increase in other liabilities	-298.48	351.98
Increase/(decrease) in other financial liabilities	-388.10	1,324.96
Increase in trade receivables	3,563.82	-5,400.09
Increase in inventories	-424.56	-964.06
Increase in other financial assets	-347.89	-1,709.35
Increase in other assets	-79.112	-26,880.56
Cash used in operations	6,629.47	-17,971.60
Direct taxes paid (net of refunds)	-1,354.67	-797.50
Net cash used in operating activities	5,274.80	-18,769.10
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment, including capital work-in-progress and capital advances	-2,345.09	-5,499.78
Proceeds from sale of property, plant and equipment	65.71	1.90
Redemption of mutual funds	3,400.43	818.75
Investment in mutual funds	-3,400.00	-
Proceeds from sale of investments	1,881.89
Consideration paid on acquisition of Maharashtra Transmission Communication Infrastructure Limited	-	-130.00
Proceeds from sale of power transmission assets	40.17	1,069.08
Payment for indemnification expenses as per share purchase agreement	-36.15	-28.42
Loans given	-350.00	-387.21
Loans repaid	198.90	1,710.00
Investment in equity shares of joint ventures	-40.00	-880.61
Consideration received for transfer of Infra EPC business	-	19.43
Finance income received	660.45	908.34
Proceeds from redemption of non-convertible debenture	7,082.04	698.45
Investment in compulsorily convertible debentures, compulsorily convertible preference shares and non-convertible debentures	-8,926.40	-2,966.25
Net cash flow from investing activities	-12,483.40	-7,329.18
CASH FLOW FROM FINANCING ACTIVITIES
Payment of dividend on equity shares	-123.39	-127.06
Proceeds from issue of equity shares	0.40	0.14
Proceed from issue of equity share to minority shareholders	-	88.05
Payment of dividend on redeemable preference shares	-	-11.89
Proceeds from issue of compulsorily convertible preference shares	7,249.90	-
Proceeds from issue of Share Warrant	142.00	-
Payment of expenses incurred on issuance of share capital	-124.73	-
Payment on account of capital reduction for noncontrolling interest	-735.02	-
Proceeds of long-term borrowings	12,249.98	35,982.39
Repayment of long term borrowings	-1,508.86	-7,329.66
Proceeds of short term borrowings (net)	-4,920.16	7,318.82
Repayment of principal lease liability	-136.44	-112.33
Payment of interest on lease liability	-39.14	-48.87
Finance costs paid	-4,924.75	-7,002.49
Net cash flow from financing activities	7,129.79	28,757.10
Net increase in cash and cash equivalents	-78.81	1,008.01
Cash and cash equivalents as at beginning of year	5,630.26	11,576.15
Decrease in cash and cash equivalents on account demerger	-1,949.20	-
Decrease of cash and cash equivalents on account of loss of control of subsidiaries	-	-7,162.24
Adjustments on account of foreign currency translation	-179.58	208.34
Cash and cash equivalents as at year end	-3,422.67	5,630.26

Summary of the Cash Flow Statement for the years 2025 and 2024:

Operating Activities

In FY 2025, Sterlite Power recorded a positive net cash flow from operations of ₹5,274.80 million, a sharp turnaround from the negative ₹18,769.10 million in FY 2024. This improvement was mainly driven by higher operating profit before working capital changes and favorable working capital movements, particularly from the release of trade receivables in FY 2025. However, the results also reflect continued pressures, as finance costs remain significant at ₹5,791.41 million, which absorbed much of the cash. Despite the heavy burden of discontinued operations and impairment-related adjustments, the company managed to generate operating cash, indicating stronger efficiency in working capital management compared to the previous year.

Investing Activities

The company witnessed a large outflow of ₹12,483.40 million in FY 2025, compared to an outflow of ₹7,329.18 million in FY 2024. This was mainly due to heavy investments in compulsorily convertible debentures, preference shares, and other securities amounting to ₹8,926.40 million, alongside capital expenditure of ₹2,345.09 million. On the positive side, Sterlite Power redeemed non-convertible debentures worth ₹7,082.04 million and liquidated mutual funds worth ₹3,400.43 million, which partially cushioned the outflows. The higher investment activity shows the company is actively reinvesting in its projects and financial instruments, but it also reflects a substantial drain on liquidity compared to last year.

Financing Activities

Cash flows from financing activities remained positive at ₹7,129.79 million in FY 2025, although this is much lower than the ₹28,757.10 million generated in FY 2024. The inflows were supported by fresh borrowings (₹12,249.98 million), the issue of compulsorily convertible preference shares (₹7,249.90 million), and share warrants (₹142 million). However, these were offset by repayment of borrowings, dividend payouts, lease liabilities, and significant finance costs paid (₹4,924.75 million). The reduced financing inflows suggest that the company relied less on external funding in FY 2025 compared to FY 2024, possibly reflecting moderation in expansion funding or more reliance on internal accruals.

Net Cash Flow Position

After consolidating all activities, Sterlite Power reported a net decrease of ₹78.81 million in cash and cash equivalents for FY 2025, compared to an increase of ₹1,008.01 million in FY 2024. Further, due to the demerger impact and foreign currency translation losses, the company’s year-end cash and cash equivalents stood at a negative balance of ₹3,422.67 million versus a positive ₹5,630.26 million at the end of FY 2024. This deterioration indicates liquidity stress, as heavy investing outflows outweighed the operational recovery and moderate financing inflows. The negative closing balance highlights the need for careful cash management to ensure stability in upcoming years.

Financial Ratios of Sterlite Power Transmission Limited

Particulars	2025	2024
Current ratio	1.42	1.00
Debt equity ratio	0.18	0.34
Debt service coverage ratio	1.19	0.94
Return on equity ratio	16%	15%
Inventory turnover ratio	9.12	6.32
Trade receivables turnover ratio	4.30	3.41
Trade payables turnover ratio	2.64	2.39
Net profit ratio	4%	4%
Return on capital employed	21%	16%
Return on Investment	6%	4%

Summary of the financial ratios of Sterlite Power Transmission Limited for the year 2025 and 2024:

Current Ratio

The current ratio improved to 1.42 in 2025 from 1.00 in 2024, showing that the company’s liquidity position has strengthened. This indicates that Sterlite Power now has a more comfortable buffer of current assets over current liabilities, which means it is better positioned to meet its short-term obligations compared to the previous year.

Debt-Equity Ratio

The debt-equity ratio fell significantly from 0.34 in 2024 to 0.18 in 2025, suggesting the company reduced its dependence on external borrowings. This lower leverage reflects a healthier balance sheet, greater financial stability, and more room for raising debt in the future if required.

Debt Service Coverage Ratio (DSCR)

The DSCR improved to 1.19 in 2025 from 0.94 in 2024, crossing the critical threshold of 1.00. This means the company now generates enough operating cash flow to comfortably cover its debt servicing obligations, a positive shift from the slightly weak position last year.

Return on Equity (ROE)

ROE rose marginally to 16% in 2025 from 15% in 2024. This indicates that shareholders earned a slightly higher return on their equity investment, reflecting efficient utilization of equity capital and steady profitability.

Inventory Turnover Ratio

The inventory turnover increased from 6.32 times in 2024 to 9.12 times in 2025, showing that the company is managing its stock more efficiently. Faster movement of inventory implies better sales performance and lower holding costs, which is a positive sign for operational efficiency.

Trade Receivables Turnover Ratio

The receivables turnover ratio improved to 4.30 in 2025 from 3.41 in 2024, which means the company collected payments from its customers more quickly. Improved credit management has strengthened liquidity and reduced the risk of bad debts.

Trade Payables Turnover Ratio

The payables turnover ratio increased slightly from 2.39 in 2024 to 2.64 in 2025. This shows the company is paying its suppliers more quickly compared to last year. While this reduces the reliance on supplier credit, it may also put some pressure on short-term cash flow.

Net Profit Ratio

The net profit ratio remained steady at 4% in both 2025 and 2024. This stability shows that the company maintained consistent profitability levels despite changes in revenue, cost structure, or financing. However, the margin remains modest, leaving scope for improvement.

Return on Capital Employed (ROCE)

ROCE improved from 16% in 2024 to 21% in 2025, indicating that the company is generating higher returns from the capital employed. This reflects stronger profitability and more effective utilization of both debt and equity capital in the business.

Return on Investment (ROI)

The ROI rose from 4% in 2024 to 6% in 2025, showing that the company’s investments are yielding better returns than before. This signals improved efficiency in deploying funds into profitable opportunities.