Sterling & Wilson Renewable Energy Sees 5% Share Surge as Losses Narrow in Q2

Sterling & Wilson Renewable Energy Sees 5% Share Surge as Losses Narrow in Q2
Sterling & Wilson Renewable Energy Sees 5% Share Surge as Losses Narrow in Q2
Sterling & Wilson Renewable Energy Sees 5% Share Surge as Losses Narrow in Q2
Sterling & Wilson Renewable Energy Sees 5% Share Surge as Losses Narrow in Q2

Sterling & Wilson Renewable Energy Sees 5% Share Surge as Losses Narrow in Q2

Sterling & Wilson Renewable Energy Sees 5% Share Surge as Losses Narrow in Q2

Sterling & Wilson Renewable Energy Sees 5% Share Surge as Losses Narrow in Q2: Positive Q2 Results and Market Response

In early trading on Monday, Sterling & Wilson Renewable Energy witnessed a 5% surge in its shares, reaching ₹289.85. At 10:00 AM, the stock was still trading with a notable gain of 2.15% at ₹282 apiece. This upward movement can be attributed to the company’s improved financial performance in the September quarter.

Narrowed Losses and Revenue Surge

Sterling & Wilson Renewable Energy reported a consolidated net loss of ₹54.51 crore in the latest quarter, representing a significant improvement from the ₹299 crore loss in Q2FY23 and the ₹95 crore loss in Q1FY24. This reduction in losses is driven by a substantial surge in revenue, which marked a remarkable 149% year-on-year increase to ₹760 crore in the September quarter. To provide context, in the same quarter of the previous year, the company reported revenue of ₹313 crore, and in the preceding June quarter, it recorded revenue of ₹515 crore.

Company Overview and Services

Sterling & Wilson Renewable Energy is a global pure-play, end-to-end solar engineering, procurement, and construction (“EPC”) solutions provider. The company specializes in providing EPC services, primarily for utility-scale solar power projects, with a strong emphasis on project design and engineering. It manages all aspects of project execution, from initial concept to commissioning. Additionally, the company offers operations and maintenance (“O&M”) services, including for projects constructed by third parties.

Recent Orders and Project Expansion

The company has been successful in securing multiple orders over the past two months, including a significant ₹1,535 crore order from NTPC Renewable Energy Limited. In September, Sterling & Wilson Renewable Energy announced that it had received a notification of award for the EPC project of 300 MWac from NTPC Renewable Energy Limited at Khavda RE Power Park, Rann of Kutch, Gujarat. This marks the third order for the company from NTPC REL in just over a year, and the 300 MWac project is strategically located between the first two projects. The formal contract signing is expected to take place in due course.

In August, the company also received a Letter of Intent (LoI) from Gujarat Industries Power Company Limited (GIPCL) for its proposed 600 MWac (equivalent to 750 MWdc) solar PV project at Khavda. The total bid value, including O&M for three years, amounted to ₹1,130 crore.

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