Sterling and Wilson Renewable Energy Ltd (SWRE), an Indian multinational solar EPC and O&M solutions provider, has announced its financial results for the quarter ended 31st December 2023.
The quarter witnessed strong order inflow from domestic and global private-sector power producers in the last few weeks of December post successful completion of the Qualified Institutional Placement (QIP). Total order inflows amounted to over INR 2,400 crore resulting in further strengthening of the order book.
SWRE emerged as the lowest bidder for the single largest floating solar project in India for a government-owned company followed by finalizing four strategic projects from Plenitude Spain (part of ENI Group), Green Infra Wind Energy Ltd, a subsidiary of Singapore-headquartered Sembcorp Industries, and Cleantech.
SWREL raised INR 1,500 crore through its QIP in December 2023 that received a strong response from both domestic mutual funds and global investors. The company also received inflows from promoter indemnity payments and customer settlements, which have been used to bring down debt significantly during this quarter and all overdue debts have been repaid.
Despite tight working capital conditions which impacted operations in Q3FY24, SWRE has posted a standalone profit and a positive EBITDA on the consolidated level.
The company’s unexecuted order book stands at INR 8,750 crore currently.
“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 EPC markets in India and abroad…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.”
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Based in New Delhi, Uma Gupta has over 15 years of experience in reporting on subjects ranging from semiconductor chips to energy and automation. She has been associated with pv magazine since 2018, covering latest trends and updates from the Indian solar and energy storage market.
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