Sterling and Wilson Renewable Energy, an Indian multinational EPC and operation and maintenance solutions provider, announced that it received new orders totaling INR 2,800 crore in the latest quarter ending September 30, 2023. This included INR 2,640 crore in EPC orders (including letters of intent) from India. Key orders/LOIs in Q2 FY 2024 included NTPC (375 MW DC with modules), GIPCL (750 MW DC), and Engie (490 MW DC).
The company had secured EPC orders worth INR 466 crore in the previous quarter (Q1 FY 2024). With Q1 and Q2 combined, Sterling and Wilson Renewable Energy’s new EPC order inflows in H1 FY 2024 were worth INR 3,106 crore.
The cumulative unexecuted order book stood at INR 6,835 crore as of Oct. 21, 2023. It largely comprises domestic projects (98%), with Australia (1.4%) and the USA (0.6%) contributing the rest.
Consolidated revenue from operations in Q2 FY 2024 at INR 759 crore was 47% up from INR 515 crore in Q1 FY 2024, and 88% up from INR 403 crore for the same period a year ago. Domestic EPC margins continued to remain above 10% for a second straight quarter and higher than FY 2023 margin of 9.7%. O&M constituted 6.7% of revenue in Q2 FY 2024. O&M margin was 23%.
Sterling and Wilson Renewable Energy provides EPC and O&M services for utility-scale solar, floating solar, and hybrid & energy storage solutions. The company has offices in 27 countries and projects in 19 countries as of Sept. 30, 2023.
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