Sterling & Wilson Solar said it posted a consolidated net loss of Rs 76.02 crore for the first quarter of the current financial year ended June 30, 2021.
Sterling & Wilson Solar is primarily engaged in the business of complete Turnkey solution for Engineering, Procurement, Construction, Operation and maintenance of Solar Power projects.
The company had made a net profit of Rs 17.22 crore in the corresponding quarter of the previous financial year. According to regulatory information given by the company, the company’s total income increased to Rs 1,227.20 crore in the quarter under review from Rs 1,099.38 crore in the same period a year ago.
“Other expenses during the quarter ended 30 June 2021 include forward contract cancellation charges aggregating to Rs 80.46 crores. A few of these contracts, with a corresponding cost of Rs 49.15 crores, have been re-booked during the quarter, as the corresponding revenue against such forward contracts is to be accrued in subsequent periods.”
Commenting on the results, Mr. Amit Jain, Global CEO, said, “The solar power industry is currently facing headwinds on account of increase in prices of solar modules, commodity prices and rise in freight costs. This has also led to major developers postponing the finalisation of their utility scale solar power projects. We expect the awarding of contracts to pick-up in Q3FY22. Most of our clients are looking at significant capacity additions and we remain confident of the opportunities going ahead. Our global presence enables us a lot of flexibility in selecting projects globally. Our unexecuted Order Book as on 14th August 2021 stands at Rs. 8,731 crore, which is executable over the period of next 12 to 15 months.