Sterling and Wilson Solar reports 18% drop in Q2 net profit at Rs 15 cr

Sterling and Wilson Solar on Thursday reported an 81 per cent drop in consolidated net profit to Rs 15.09 crore for the quarter ended September.

The company's consolidated net profit stood at Rs 79.41 crore in the corresponding period of the previous fiscal, it said in a BSE filing.

Total income rose to Rs 1,375.94 crore in the quarter from Rs 1,265.65 crore in the year-ago period.

The company is primarily engaged in the business of complete turnkey solutions for engineering, procurement, construction, operation and maintenance of solar power projects.

It had order inflows of Rs 5,696 crore in H1 FY21, which is 124 per cent of the restated order book for FY20, despite the testing times on account of COVID-19, it said.

Sterling and Wilson Solar's Director and Global CEO Bikesh Ogra said, "Execution has picked up significantly across all geographies and we have also commenced construction at the project sites which we had recently won."

The firm's current operational efficiency is more than 90 per cent and is poised to reach pre-COVID levels in Q4 FY21, subject to no lockdowns in geographies where projects are under execution, he added.

"Post entering the major solar markets of Australia and Americas a few years ago, we have today established ourselves as one of the leading solar EPC players, executing projects for some of the leading global Independent Power Producers (IPPs).

"Our strategy to expand our operations in these markets continues to bear fruits, as in Q2FY21 we have booked additional order inflows for adding capacity of 415 MWp worth Rs 2,063 crores," Ogra said.