You are here: Home » Companies » Results
Business Standard

Sterling and Wilson Solar reports Rs 284 cr loss for Sept quarter

The solar industry continued to face headwinds over the last year due to an unprecedented increase in the prices of modules and commodities along with the freight cost

Sterling and Wilson | Q2 results

Press Trust of India  |  New Delhi 

solar power, renewable energy, power, clean energy
Representative image

Solar (SWSL) on Saturday reported a consolidated net loss of Rs 284.35 crore for September quarter 2021-22.

The company had logged a consolidated net profit of Rs 15.09 crore in the year-ago period, a BSE filing stated.

Total income rose to Rs 1,469.74 crore in the quarter as against to Rs 1,375.94 crore in the same period a year ago.

"Our unexecuted order book as on November 13, 2021 (before adjusting for revenue post 30th September 2021) stands at Rs 6,730 crore. The company's revenue from operations for H1FY22 (April-September) stood at Rs 2,633 crore," the company said in a statement.

However, the profitability continues to remain impacted due to challenging environment across the entire solar industry value chain, it added.

Amit Jain, Global CEO, SWSL said,SWSL will immensely benefit from Reliance Group's integrated new energy vision which will further strengthen our position as a leading EPC and O&M player globally."

SWSL, with its engineering talent, deep domain knowledge, global presence, and experience of executing some of the most complex projects globally, will be a strategic partner in Reliance Group's solar value chain, he added.

The solar industry continued to face headwinds over the last year due to an unprecedented increase in the prices of modules and commodities along with the freight cost.

"Though these factors have impacted the short-term outlook, the long-term outlook continues to remain robust due to global thrust on clean energy and significant solar capacity additions planned by IPPs (independent power producers) globally," he added.

In October 2021, Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL) executed definitive agreements with the promoters of the company to acquire 40 per cent stake in SWSL via a combination of primary investment, secondary purchase and open offer.

This deal would entail a cash inflow of Rs 1,100 crore into SWSL from preferential issue to RNESL, thereby strengthening the balance sheet and further improving the financial profile of the company, the company stated.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, November 13 2021. 17:24 IST