Sterling and Wilson Solar Announces INR 5575cr Revenue In FY20; Up by 12.8%

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Sterling and Wilson Solar Limited (SWSL), global solar engineering, procurement, and construction (EPC) solutions provider. announced its maiden audited results for the financial year ended 31st March 2020. The Company’s revenue from operations for FY20 is Rs. 5,575 crores, EBITDA (Earnings Before Interest, Taxes, Depreciation, And Amortization) which excludes interest income, stood at Rs. 383 crores, and PAT ( Profit After Tax) stood at Rs. 304 crores. 

The revenue for the quarter stood at Rs. 2,061 crores, whereas EBITDA and PAT stood at Rs. 146 crores and Rs. 129 crores respectively. Inter-Company Deposit amounting to Rs 1,512 crores has been repaid from the date of listing till 31st March 2020 which has been utilized for repayment of external term debt. 

Inter-Company Deposit (net) balance as at 31st March 2020 is Rs. 1,217 crores. The order inflows for FY20 increased by 15% y-o-y to Rs 9,048 crores despite the challenging fourth quarter of the financial year. The Company’s focus and efforts in Australia over the last couple of years helped win three orders aggregating to 804 MWp.

Commenting on the results and the business outlook, Bikesh Ogra, Director and Global CEO, Sterling and Wilson Solar Limited said, “The recent months have been a difficult phase, both for the global economy and the company, due to the COVID pandemic. Despite this, we managed to win some prestigious projects internationally, entered new markets, and strengthened our presence in existing markets.”

He added that “Our teams have shown great resilience, and we continue to make concentrated efforts towards ensuring we win projects across the globe. With the COVID situation relatively stabilizing globally and our existing order book pipeline, along with the foreseeable future business, we expect that the turnover and profitability in the current year

will be better than last fiscal. This is provided the COVID situation does not escalate in our target markets.”

SWSL is a solar EPC and O&M solutions provider in the world, with a project portfolio of 10.6 GWp which is completed and under various stages of construction. It has an O & M portfolio of 7.5 GWp.

In a press statement, the company said that it has resumed execution at our international projects in countries like the US, Australia, Chile, and Oman. Their Operations & Maintenance (O&M) services largely remain unaffected but the project execution in India, Kenya, and Jordan were impacted due to logistical challenges during the lockdown. 

The company stated that “Now there has been partial easing out of restriction in various countries leading to a gradual increase in the pace of project execution. As a de-risking strategy, alternative sources of solar PV module suppliers are being developed which will reduce the dependency on any one country.”

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