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.