Sterling and Wilson jumps on paring debt

Sterling and Wilson Solar (SWSL) jumped 6.88% to Rs 306 after the company said Sterling and Wilson Private Limited (SWPL) and its subsidiary have repaid outstanding inter-corporate loans.

Sterling and Wilson Pvt Ltd (SWPL), a Shapoorji Pallonji Group company, and its subsidiary have repaid Rs 402 crore of outstanding inter-corporate loans, reducing the balance payable to Rs 790 crore as on date.

SWPL and its subsidiary had an outstanding loan of Rs 1,160 crore as on 13 February 2021.

The dues were repaid by SWPL and its subsidiary Sterling and Wilson International FZE to SWSL and its subsidiary Sterling and Wilson International Solar FZCO.

SWSL and FZCO's outstanding term debt stood at Rs 332 crore as on 13 February 2021. SWSL's balance term debt has fallen to Rs 94 crore, following repayment of Rs 278 crore till date.

SWSL, a Shapoorji Pallonji group company, is a global pure-play, end-to-end solar engineering, procurement and construction (EPC) solutions provider. The company's consolidated net profit slumped 55.4% to Rs 22.45 crore in Q3 FY21 from Rs 50.28 crore in Q3 FY20. Net sales during the quarter increased by 21.9% year-on-year (Y-o-Y) to Rs 1,311.73 crore in Q3 FY21.

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