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Sterling and Wilson Solar hits the roof on bagging Australian order

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Sterling and Wilson Solar was locked in an upper circuit limit of 5% at Rs 123.20 after the company said it signed its largest order in Australia with a value of about AUD 525 million.

Sterling and Wilson Solar (SWSL) on Sunday, 17 May 2020, announced that it has signed (along with its branch and Australian subsidiary) an Engineering, Procurement and Construction (EPC) contract worth approximately AUD 525 million (about Rs 2,600 crore) as well as the Operation and Maintenance (O&M) contract of approximately AUD 85 million (about Rs 415 crore), which is its largest order in Australia. The duration of the O&M contract is for a maximum period of 20 years, the press release stated.

With this award, SWSL has established its presence in Australia, within 15 months of setting up the operations. Including this deal, the company's cumulative order book in Australia adds up to approx. AUD 1 billion (or about Rs 4,900 crore), making it amongst the largest solar EPCs in the market.

Despite the ongoing pandemic, SWSL has also signed two projects in India with global Investment and Implementation Plans (IPPs) adding up to a value of Rs 620 crore, the firm said.

Commenting on the order win, Bikesh Ogra, the director and global chief exceutive officer (CEO) of Sterling and Wilson Solar, has stated that: "This is our largest order in Australia and is a culmination of efforts to break new ground in countries like Australia, the United States and South America, where SWSL has invested in a strong team that is completely aligned with the local requirements. Renewable sector plays a vital role in the world's journey towards clean energy and as a home-grown company we are continuously working together with several stakeholders in supporting this vision. India continues to be a steady and focused market for SWSL. Along with our exponential growth in the international market over the past decade, we continue to remain a dominant player in the domestic market as well."

On a consolidated basis, SWSL's net profit fell 73.9% to Rs 49.62 crore on a 34.5% decline in net sales to Rs 1,076.38 crore in Q3 December 2019 over Q3 December 2018.

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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 18 2020. 14:55 IST
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