Sterling and Wilson Renewable Energy loss narrows to Rs 62.39 cr in Dec quarter – EQ
In Short : Sterling and Wilson Renewable Energy report a narrowed loss of Rs 62.39 crore in the December quarter. This improvement suggests potential financial recovery and operational efficiency measures within the renewable energy sector.
In Detail : In a separate statement, the company said the quarter witnessed strong order inflow from prestigious domestic and global independent power producers in the last few weeks of December post the successful completion of its QIP (qualified institutional placement) issue.
Sterling and Wilson Renewable Energy’s consolidated net loss narrowed to Rs 62.39 crore in December quarter, from Rs 99.15 crore in the same period year ago, mainly due to higher revenues.
The total income of the company in the quarter under review rose to Rs 610.31 crore, from Rs 417.65 crore in the same period a year ago, the company said in a regulatory filing.
In a separate statement, the company said the quarter witnessed strong order inflow from prestigious domestic and global independent power producers in the last few weeks of December post the successful completion of its QIP (qualified institutional placement) issue.
The total order inflows amounted to over Rs 2,400 crore resulting in further strengthening of the order book, it stated. It had raised Rs 1,500 crore through a QIP in December 2023.
“During Q3FY24, we have witnessed notable strides in advancing our renewable energy portfolio with four unique projects from India as well as our first significant overseas order in three years,” said Amit Jain, Global CEO, Sterling and Wilson Renewable Energy.
Post the successful QIP, our balance sheet has significantly strengthened, and fully geared to pursue the fast growing solar engineering, procurement, and construction (EPC) markets in India and abroad, he stated. The unexecuted order book of the company stood at Rs 8,750 crore, he added.
“We are confident to sustain our growth momentum as a lot of our marquee customers are approaching us once again as our balance sheet issues are resolved and the company is nearly net debt free,” he pointed out.
