Sterling and Wilson Reports Consolidated Net Loss of Rs. 296.95 Cr in Q2 FY22-23

Sterling And Wilson Solar Limited has reported Consolidated financial results for the period ended June 30, 2022.

The company has reported total income of Rs. 410.80 crores during the period ended June 30, 2022 as compared to Rs. 1211.06 crores during the period ended June 30, 2022.

Net sales dropped by 78.3% YoY to Rs 312.69 crore during the quarter. Total expenditure declined by 60.6% to Rs 682.88 crore in Q2 FY23 over Q2 FY22, due to a 75.4% YoY fall in raw material costs and 55.3% YoY drop in other expenses.

The company recorded a pre-tax loss of Rs 308.22 crore in the second quarter as compared with a pre-tax loss of Rs 283.52 crore in the same period last year.

On the assets side, Sterling and Wilson Renewables other financial assets increased to Rs 1,064,22 crore as on 30 September 2022 from Rs 761.10 crore as on 31 March 2022. Among its non-current liabilities, the company reported borrowings of Rs 435 crore as on 30 September 2022 as against zero borrowings as on 31 March 2022.

Net cash flow from operating activities and investing activities was a negative balance of Rs 851.34 crore and Rs 8.61 crore, respectively.

Recently Sterling and Wilson Renewable Energy (SWRE) announced that it has won an order from NTPC Renewable Energy (NTPC REL) for its proposed 1,255 MWac / 1,568 MWdc solar PV project at Khavda RE Power Park, Rann of Kutch, Gujarat. SWRE has emerged as the L-1 (lowest) bidder in a competitive bidding against the tender invited by NTPC REL and has been awarded the contract with total value of Rs 2,212 crore (including taxes & duties and including O&M for 3 years). Contract agreement for the project has been signed between NTPC REL and SWRE.

The project scope of work includes design, engineering, supply, construction, erection, testing, and commissioning along with a 3-year operation & maintenance contract. Sterling and Wilson Renewable Energy is a global pure-play, end-to-end renewable engineering, procurement and construction (EPC) solutions provider. The company provides EPC services for utility-scale solar, floating solar and hybrid & energy storage solutions and has a total portfolio of 12.6 GWp (including projects commissioned and under various stages of construction). SWRE also manages an operation and maintenance (O&M) portfolio of around 7 GWp solar power projects, including for projects constructed by third parties.