Sterling & Wilson Renewable Energy reports Rs 1.40 crore net profit in Q4

Sterling & Wilson Renewable Energy Limited (SWREL) has posted a net profit of Rs 1.40 crore during the quarter ended March 2024 on account of increased income.

It had reported a net loss of Rs 421.11 crore in the January-March period of preceding 2022-23 financial year, the company said in an exchange filing on Saturday.

For the whole FY24, the company reported narrowing of its net loss to Rs 210.79 crore from Rs 1,174.96 crore net loss recorded in FY23.

During the fourth quarter of FY24, the company's total income increased to Rs 1,211.40 crore from Rs 86.36 crore in the year ago. While the income rose to Rs 3,120.79 crore during the full fiscal from Rs 2,125.87 crore in the preceding fiscal.

The expenses in the reporting quarter was at Rs 1,177.66 crore, up from Rs 503.88 crore registered in the same period last fiscal. The expenses were at Rs 3,293.11 crore in FY24 as against Rs 2,304.61 crore in the previous fiscal.

In an investor presentation, the company said it had unexecuted orders worth Rs 8,084 crore as of March 2024 compared to orders worth Rs 4,913 crore as of March 2023.

The company has received new orders worth Rs 488 crore during the quarter. The figure was arrived after the company was declared the lowest bidder for a second floating solar module project in the country.

The company also received its second international order in Q4 from Enfinity for a balance of system project in Italy, amounting to 20 million euros.

"We have received total orders/LOI (letter of intent) in 13 projects worth Rs 6,023 crore in FY24 compared to new order inflow of Rs 4,387 crore in FY23," the company said.

Total net debt stood at Rs 116 crore in FY24 as against Rs 1,966 crore a year ago.

The company further said its net working capital continues to remain in negative at Rs 585 crore compared to Rs 445 crore in 2022-23 financial year.