Sterling and Wilson Renewable Energy Limited (SWRE), a prominent solar Engineering, Procurement, and Construction (EPC) as well as Operations and Maintenance (O&M) solutions provider, has disclosed its financial outcomes for the quarter ending December 31, 2023.
The quarter showcased robust order inflows exceeding INR 2,400 crore, primarily attributed to substantial contracts secured from esteemed domestic and global Independent Power Producers (IPPs). Following the successful completion of the Qualified Institutional Placement (QIP), SWRE emerged as the lowest bidder (L-1) for India’s largest floating solar project for a Public Sector Undertaking (PSU). Additionally, the company finalized strategic projects with Plenitude Spain (ENI Group subsidiary), Green Infra Wind Energy Limited (a subsidiary of Sembcorp Industries), and Cleantech.
SWRE successfully raised INR 1,500 crore through the QIP in December 2023, garnering positive responses from domestic mutual funds and global Foreign Institutional Investors (FIIs). The funds received from promoter indemnity payments and customer settlements were instrumental in substantially reducing debt during the quarter, with all overdue debts being repaid.
Despite facing challenges in working capital conditions impacting Q3FY24 operations, SWRE reported standalone profits and a positive Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) at the consolidated level.
Commenting on the quarterly results, Mr. Amit Jain, Global CEO of Sterling and Wilson Renewable Energy, highlighted notable progress in advancing the renewable energy portfolio with significant project wins in both India and abroad. Post the successful QIP, the company’s strengthened balance sheet positions it well to capitalize on the burgeoning solar EPC markets globally. The unexecuted order book currently stands at INR 8,750 crore, reflecting optimism for sustained growth.
Mr. Jain expressed confidence in sustaining growth momentum, emphasizing the resolution of balance sheet issues and the company’s near net debt-free status. He conveyed appreciation to stakeholders, employees, and partners for their continued support and patience, crucial in laying the foundation for an exciting future focused on environmental responsibility, technology investments, and infrastructure development. The upcoming quarters are anticipated to be promising for SWRE.
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