SW Solar hits one-month high after promoters repay Rs 1k cr

Sterling and Wilson Solar said on Tuesday that its promoters - Shapoorji Pallonji and Company (SPCL) and Khurshed Daruvala - have repaid Rs 1,000 crore they owed to the firm.

The scrip was currently trading 0.59% higher at Rs 324.05. The scrip hit the day's high of Rs 338.25, its highest intraday level since 2 December 2019.

The scrip clocked volumes of 63,000 shares on the BSE, which was more than double it two week average trading volume of 24,000 shares.

The promoters now have to clear a balance of Rs 1,644 crore, which they intend to settle in a staggered manner by 30 September 2020.

The company highlighted that its external debt from the date of listing of the company's shares till 31 December 2019 has reduced by a net amount of Rs 1,340 crore. Over and above the company has also paid interest on such external debt of approximately Rs 68 crore during the said period.

Sterling & Wilson Solar's consolidated net profit soared 37.9% to Rs 80.03 crore on 51.7% drop in net sales to Rs 1,193.33 crore in Q2 September 2019 over Q2 September 2018.

Sterling & Wilson Solar (SWSL) is an end to end solar engineering, procurement and construction (EPC) solutions provider. The company also provides operations and maintenance (O&M) services, including for projects constructed by third-parties.

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