Sterling & Wilson Solar incurred Rs 2.9 bn losses in FY21
POWER & RENEWABLE ENERGY

Sterling & Wilson Solar incurred Rs 2.9 bn losses in FY21

Shapoorji Pallonji Group Companies end-to-end solar engineering, procurement, and construction (EPC) solutions provider Sterling and Wilson Solar declared its financial results for the year ended March 31, 2021, reflecting record losses of Rs 2.9 billion.

The revenue of the company stood at Rs 13.64 billion in the fourth quarter (Q4) of the FY 2021, down 34% year-over-year (YoY) from Rs 20.60 billion in Q4 FY20 and up by 4% quarter-over-quarter (QoQ) from Rs 13.11 billion in Q3 2021.

The revenue from the operations for FY21 stood at Rs 50.8 billion, down by 8.8% compared to FY20, when the company earned Rs 55.75 billion. The company registered losses to the tune of Rs 3.44 billion in Q4 as compared to profits of Rs 224.5 million earned in Q3 FY21.

Sterling & Wilson had registered profits of Rs 1.28 billion in Q4 FY20. The overall loss for the company in FY 2021 stood at Rs 2.90 billion against a profit of Rs 3.04 billion in FY 2020.

The overall financial performance for FY21 was impacted due to one-off exceptional events in Q4 of FY21. In a BSE notification filed in May this year, the company said that it had to appoint alternate sub-contractors for the task. The Company claims to have robust order inflows of Rs 79.36 billion for FY21, up 72% compared to the restated order book of Rs 46.02 billion for FY20.

The company reduced its term debt from Rs 8.1 billion to Rs 740 million. The expenses of the company also declined from Rs 19.61 billion in FY20 to Rs 18.16 billion in FY 2021.

Image Source


Also read: Asia Pacific RE investments to be $1.3 trillion by 2030: Woodmac

Also read: Maharashtra electricity body rejects plea to offset renewable RPO

Shapoorji Pallonji Group Companies end-to-end solar engineering, procurement, and construction (EPC) solutions provider Sterling and Wilson Solar declared its financial results for the year ended March 31, 2021, reflecting record losses of Rs 2.9 billion. The revenue of the company stood at Rs 13.64 billion in the fourth quarter (Q4) of the FY 2021, down 34% year-over-year (YoY) from Rs 20.60 billion in Q4 FY20 and up by 4% quarter-over-quarter (QoQ) from Rs 13.11 billion in Q3 2021. The revenue from the operations for FY21 stood at Rs 50.8 billion, down by 8.8% compared to FY20, when the company earned Rs 55.75 billion. The company registered losses to the tune of Rs 3.44 billion in Q4 as compared to profits of Rs 224.5 million earned in Q3 FY21. Sterling & Wilson had registered profits of Rs 1.28 billion in Q4 FY20. The overall loss for the company in FY 2021 stood at Rs 2.90 billion against a profit of Rs 3.04 billion in FY 2020. The overall financial performance for FY21 was impacted due to one-off exceptional events in Q4 of FY21. In a BSE notification filed in May this year, the company said that it had to appoint alternate sub-contractors for the task. The Company claims to have robust order inflows of Rs 79.36 billion for FY21, up 72% compared to the restated order book of Rs 46.02 billion for FY20. The company reduced its term debt from Rs 8.1 billion to Rs 740 million. The expenses of the company also declined from Rs 19.61 billion in FY20 to Rs 18.16 billion in FY 2021. Image Source Also read: Asia Pacific RE investments to be $1.3 trillion by 2030: Woodmac Also read: Maharashtra electricity body rejects plea to offset renewable RPO

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Sabarmati Riverfront Two Plots Up for Auction at Rs2.24 bn Base Price

Two commercial plots on the western bank of the Sabarmati Riverfront will be auctioned with a base price of Rs 112 crore each, equivalent to Rs 1.12 bn apiece and Rs 2.24 billion in total. The parcels are located adjacent to the Metro Rail Bridge in Ahmedabad and form the first commercial offering after a prolonged pause. The Riverfront Development Corporation has framed the sale as part of a phased commercial release to revive development along the riverfront. The combined base valuation has been set by the corporation to reflect market rates along the riverfront. The corporation has fixed a ..

Next Story
Infrastructure Urban

Andhra Pradesh to Connect Over One Million Streetlights

Andhra Pradesh will undertake a statewide smart streetlighting programme across all 123 Urban Local Bodies (ULBs), bringing around 1.05 million (mn) streetlights under an AI enabled monitoring and management system. The programme will be implemented by Energy Efficiency Services Limited (EESL) with the Commissioner and Director of Municipal Administration under the state Municipal Administration and Urban Development Department. The project aims to convert conventional streetlighting into a digitally managed municipal service monitored and maintained remotely. The initial phase will cover abou..

Next Story
Infrastructure Urban

AMC To Procure Four Machines For Guard Rail Cleaning

Ahmedabad Municipal Corporation will introduce four specialised machines for cleaning guard railings along major roads and the central verges of BRTS and Metro corridors. The civic body plans to replace manual labour with mechanised cleaning to improve maintenance of road infrastructure and greenery. The purchase is estimated at Rs 82.8 million (mn), excluding GST. The proposal sets the base price of each machine at about Rs 20.7 million (mn) so four units total Rs 82.8 million (mn) before GST. 18 per cent GST will be applicable separately. During the warranty period each machine will operate ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement