Sterling & Wilson Renewable Energy Ltd Share Price – NSE  /  BSE

Engineering, Small Cap

Revenue from operations in the fourth quarter surged to Rs 1,178 crore. The company’s revenue for the same period last year was Rs 88 crore.

Sterling and Wilson stated that the revenue had grown significantly both YoY and sequentially due to execution pace picking up in the domestic projects in Q4. Liquidity would continue to improve with closure of legacy projects and improved credit ratings.

For Q4 FY24, the company’s recurring overheads amounted to Rs 85 crore and non-recurring overheads aggregated to Rs 85 crore. Forex gains for the period under review was Rs 7 crore.

The company reported an EBITDA of Rs 59 crore, with an EBITDA margin of 5% for quarter ended on 31 March 2024.

The renewable EPC solutions provider recorded a pre-tax profit of Rs 34 crore in Q4 FY24 as against a pre-tax loss of Rs 417 crore in Q4 FY23. The company’s bottom-line for Q4 FY24 was affected by a non-cash deferred tax asset charge of Rs 32.41 crore.

Sterling and Wilson reported a net loss of Rs 211 crore for FY24 as against a net loss of Rs 1,175 crore for FY23. Revenue from operations increased by 51% to Rs 3,035 crore in FY24 over FY23.

The company has reported positive gross margins in all four quarters of FY24 and full year gross margins are at 10.3%. A growing contribution from the domestic EPC segment has aided the same. The firm’s unexecuted order book, which largely comprises domestic projects, is likely to help sustain gross margins going forward.

Sterling and Wilson’s net debt has declined significantly to Rs 116 crore as on 31 March 2024 from Rs 1,966 crore as on 31 March 2023, aided by inflows from the QIP, Promoter indemnity payments and customer settlements.

Amit Jain, Global CEO, Sterling and Wilson Renewable Energy, said: “We have overcome several challenges in FY24 and SWREL is in a much better place than earlier. The company delivered a robust financial performance which includes positive gross margins throughout the year and positive EBITDA for the year. Q4 results were also profitable.

Our future growth prospects look promising based on our strong unexecuted order book and business fundamentals continuing to improve. The company’s balance sheet has become more resilient through debt reduction, thereby solidifying our stakeholder’s confidence.

The market opportunity for renewable EPC players like ours is continuing to grow significantly both in India and internationally, and we are well aligned to capture the growth.

Sterling and Wilson Renewable Energy (SWREL) is a global pure-play, end-to-end renewable engineering, procurement, and construction (EPC) solutions provider. The company provides EPC services for utility-scale solar, floating solar and hybrid & energy storage solutions and has a total portfolio of over 18 GWp (including projects commissioned and under various stages of construction). SWREL also manages an operation and maintenance (O&M) portfolio of 7.6 GWp solar power projects, including for projects constructed by third parties.

The scrip rose 0.17% to currently trade at Rs 562 on the BSE.

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Net profit of Sterling & Wilson Renewable Energy reported to Rs 1.44 crore in the quarter ended March 2024 as against net loss of Rs 417.45 crore during the previous quarter ended March 2023. Sales rose 1232.14% to Rs 1178.01 crore in the quarter ended March 2024 as against Rs 88.43 crore during the previous quarter ended March 2023.

For the full year,net loss reported to Rs 211.92 crore in the year ended March 2024 as against net loss of Rs 1169.55 crore during the previous year ended March 2023. Sales rose 50.64% to Rs 3035.37 crore in the year ended March 2024 as against Rs 2015.01 crore during the previous year ended March 2023.

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Sterling & Wilson Renewable Energy has allotted 7,500 equity shares under ESOP on 19 April 2024. With this allotment, the paid up equity share capital has increased to Rs. 23,32,09,817/- consisting of 23,32,09,817 equity shares of Re. 1/- each.

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Sterling & Wilson Renewable Energy will hold a meeting of the Board of Directors of the Company on 20 April 2024.

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