Sterling and Wilson Renewable Energy zooms 5% as loss narrows in Jan-Mar – EQ Mag Pro

NEW DELHI: Shares of Sterling and Wilson Renewable Energy jumped 4.6 per cent in early commerce Friday as traders took coronary heart from the truth that the vitality agency reported a narrower web loss in Jan-Mar than a yr in the past.

The firm posted a loss of Rs 126.61 crore for the quarter ended March 2022, which narrowed from a loss of Rs 344.80 crore reported in the identical interval final yr. However, income fell sharply to Rs 1,071 crore from Rs 1,364.5 crore throughout the identical interval.

Sterling and Wilson Renewable’s scrip climbed to a excessive of Rs 360.55 as in opposition to Rs 344.75 at earlier shut on the BSE. The inventory was final buying and selling 2.5 per cent larger.

The firm’s gross sales declined 21.51 per cent to Rs 1,071.03 crore in the quarter ended March 2022 as in opposition to Rs 1,364.54 crore in the course of the earlier quarter ended March 2021, studies mentioned.

For the yr as an entire, the agency reported a web loss of Rs 909.46 crore in the yr ended March 2022 as in opposition to web loss of Rs 285.38 crore in the course of the earlier yr ended March 2021.

Sales rose 2.33 per cent to Rs 5,198.94 crore in the yr ended March 2022 as in opposition to Rs 5,080.80 crore in the course of the earlier yr ended March 2021, studies mentioned.

Last month, Acuite Ratings and Research Limited upgraded its credit standing on industrial papers price Rs 200 crore of Sterling and Wilson Renewable Energy Limited to Acuite A1+.

According to analysts, Sterling and Wilson is strongly positioned for the rising thrust in direction of cleaner and renewable vitality. Reliance New Energy, a subsidiary of Reliance Industries, owns a 40 per cent stake in Sterling and Wilson.

Source: PTI