Sterling and Wilson Solar Q2 net up 36 pc at Rs 79 cr

Sterling and Wilson Solar on Friday posted a 36 per cent rise in consolidated net profit at Rs 79.40 crore for the second quarter of this fiscal.

The Shapoorji Pallonji Group firm had reported a consolidated net profit of Rs 58.36 crore in the September quarter of the previous fiscal, it said in a BSE filing.

Total income of the company stood at Rs 1,265.64 crore in the quarter under review, compared to Rs 2,540.29 crore earlier.

"We witnessed a strong increase in gross margin percentage due to efficient execution and procurement, both in India as well as international markets, in spite of a reduction in revenue as compared to the corresponding half year in FY 19... Currently, the Company has an order book of about Rs 12480 crore (previous comparable period approx. Rs 4500 crore)," said Bikesh Ogra, Director and Global CEO, Sterling and Wilson Solar Ltd.

"The company recently bagged orders in strategic markets like Australia and the US, that have conducive solar power policies coupled with high solar resources. The company will continue to make strong progress on its focused growth areas of Renewable Generation which includes Rooftop Solar and Floating Solar, along with strengthening its O&M portfolio, which is growing exponentially," he added.

The company has over 8.88 GWp of solar EPC projects as part of its portfolio in different stages of implementation (commissioned and under-construction).

It won orders amounting to Rs 828 crore in the six months ended September 30, 2019, and orders amounting to Rs 6,282 crore in October and November 2019.